Getting us started. This should be quite a week.

.382 at 1308.59.

Well, we'll see what it does from here, but that fast two point drop off the area is already more than I expected.

It keeps surprising me. Rolling off the first area, and looking ready to take all those lows out any second. Why, I'm pleasantly surprised. Tired, but surprised, and too engrossed to call it quits just yet.

There it is!!!!

Now, all I expect is that huge stop sweep, right to a SL and key Fib area. I fully expect 3.75 to be either the session low, or a low for awhile tonight. Maybe they 'test' it once or twice later. I expect straight up now. But, the sellers have surprised me a bit, so maybe it keeps going. I can't imagine it, though. I think that was just an irresistible stop run.

Up 3.75 already off the low, right back to price flow. 'Too easy'.

Cool.........

abcd

abcd in both directions

This chart probably looks ridiculous, but I dont think I have ever seen so many nested ABCDs ie AB=CDs in my life! Whew!

Al Kamego

rat, I'm not sure if I defined them in here or not, but the terms I use are in the AFTC book. I follow Miner's convention. I don't use 'extension' as a term at all. We all know what retracements are. 'Internal' means less than 100%, 'external' means greater than 100%. A price projection uses three points, like A, B, and C of an ABCD. It takes the move from points 1 and 2 and multiplies that by a Fib ratio and adds it to point 3, to get point 4. I also use expansion, which is a two point tool, and starts out like a price projection, using points 1 and 2, but after doing the ratio it adds it to point 2 instead of point 3. This is clearly explained in AFTC, with diagrams, so I refer you back to that book.

Originally posted by rat89

Jim, you once clarified the difference between projection and extension here....I can't find it, and I get mixed up in terms....could you point me to it again?