The river has been on an up and downs spiral of water levels this past week and through it all the Madison River has consistently fished will. When the water was on its way up the streamer bite was out of hand and on its way down the dry fly bite is good. As a general rule when the Whizard of Oz water Gods at the Dam raise the water level it knocks loose all the sculpins from the bottom and we have a few days of good bunny fur fishing. This is exactly what happened on the week long rise of the Madison. Now they are lowering it on a daily basis.
The guys trowing fur this last week made the most of it and caught some really larger fish. The dry fly guys are loving the receding water now. The spruce moth bite has been really good in the mornings and the hopper/attractor bit in the afternoons has been good. Trail both of these with a may fly and your good to go. Best dry fly fishing has been in the morning from about 9 am till about 1 pm. Think the middle of the river and you will be more successful with bigger dry fly eating fish.
Nymph guys have been getting their fair share with tiny and shiny nymphs. The rainbow warrior and flash prince have been ruling the day. The worm has taken its fair share of fish as well. Keep them small and shiney and you will be rewarded.
What this week will bring on water level is anyones guess. Right now it looks like Ennis Lake is full so they are dropping the water in the upper. A few hot days and the need to pulse the Bear Trap and we will see rising water again.