 The following is a presentation of TFNN The Trader's Edge with Steve Rhodes Toll free at 1-877-927-6648 or internationally at 727-873-7618 The Trader's Edge Now Steve Rhodes Good morning folks. Welcome to the October 11th. The terrific Tuesday edition of today's Trader's Edge show. I'm your host DV Perseverance Rhodes who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past. Hope everyone out there's having a great day. Hey, let's make sure we have an extraordinary one and the easiest way to do that Well, it's to always remember that everything in life is happening for us not to us That's right When you now make that one little two-by-four shift means we can find the gift in every set of circumstance that life is gonna toss at us Now today you and I we're gonna go check on the circumstance of these markets We'll go figure out what those bulls and bears what those buyers and sellers are communicating to you and I at just past 11 o'clock in the morning. I do want you to know I'm absolutely grateful for your presence here But more important than that and that's this during this next 53 minutes. I'm here to serve you So feel free to pick up that phone would love to hear from you You can dial on in at 877-927-6648 now if you can't call in we've got you covered there, too You can let those fingers do the walking that means go ahead Send me an email send it early and send it to Steve at tfnn.com And if you would be kind enough to put radio show question in that subject heading of course You're inside our Tigers then well any ping will do so let's go ahead and get this show started on terrific Tuesday Of course, this is Tiger financial news network. I'm Steve Rhodes Welcome to the show right now a bit of a mixed bag out there the Dallas up a hundred points The other indices are trading lower S&P's off 15 Nasdaq 195 Brussels down four some eyes off 64 Trinity's down 24 golds up three bucks Silvers off 22 cents lights recruit is back about 50 Natural gas is basically flat the 30 Treasury trading out a 120 501 That's up 27 ticks now leave the charge dollar wise to the upside You've got amgen up 16 bucks 7% behind that dice therapeutics up nearly 15 or 58 percent O'Reilly automotive up 13 About 2% regener on pharmaceuticals up about 10 bucks 1 3 10 percent to the downside is Mercado Libre off 38 bucks 4% as mill holdings up 18 bucks 4% black rock down 14 15 bucks off nearly 33% Kelly Corp is down 14 bucks nearly 5% lamb research off 14 4% certainly a stinger inside the semis But it is a doll that is trading to the upside so I'll really start there intraday wise will change over will switch over to our White background charts get a feel for what the Dow equity future contract charts are communicating to you and I We look and we begin by the left-hand chart the upper left-hand chart That's a daily time frame the daily time frame has a sell or buy the d-point pattern that confirmed last Monday with that big Old bullish engulfing candle price is pulled back It's testing and rejecting so far the bottom of its daily profile that profile levels out at the 29 128 area We can also see that today's price action has triggered a road's momentum indicator signal now What that means is that prices are stretched the market is stretched the downside even the Dow on its daily time frame And if we were to see a bullish reversal candle that would signal that we should see a rally The second thing that you need to see inside the Dow equity future contract is a close above that red oscillator and change line She's printed at 29 338 now that may change by a few points during the day In fact not might it will change but watch that level a close above the oscillator and change line Would suggest a further rally not further rally might just be back to its highs around the 3500 level We'll have to take things one step at a time as I take a look at the Five-hour time frame chart out here. What do we have inside the Dow equity future contract? Really not much other than getting back and testing a swing point out here Yeah, that's really what it appears to have been trying to do But it's the entity to get down to the swing point on the five-hour time frame chart So not much there what we do have though that we would pay attention to on the five-hour time frame chart It's also its oscillator and change line and the center of its profile So we'll make 29 412 the real key level that price would need to close above to be signaling to you and I that the market is Ready for a relief rally and I say relief because conditions are oversold if we take a look at the Advanced decline oscillator inside the New York Stock Exchange. We're not looking at that chart right now I just throw that out there as food for thought the four-hour time frame chart I've looked down in the four-hour time frame chart There's a clear a to b equal CD pattern to the downside this generated more than a 1 to 1 a to b equal CD It was confirmed with a bullish reversal candle at 10 o'clock this morning prices above its oscillator and change line It has a new profile that is one So that's very cool for each of you because that new profile has resistance where the sellers are at the top That profile is up at 29 420. So now we were talking about 29 412 before the five-hour chart Let's make that 29 420 as a key level for you to observe the two-hour time frame chart Has confirmed a roadsman to indicator bottom price right now is trading above the top of its profile, which is 29 2 13 So the two-hour chart is saying I want to make a move now that move could just be back to its prior highs Not much further from where we're at right now. That's up at the 29 539 level But a price gets above that then it's going to signal move up to 30 111 the 60-minute time frame chart is taking on TD 9 count breakdown resistance. That is at 29 328 It price closes above that at 12 noon doesn't matter where it's at 11 12 in the morning But a price closes above that that's another indication of a further rally to come The 30-minute time frame chart is doing the same thing and it's TD 9 count breakdown level is also at the same price point That's at 29 328 so at 11 30. That's 18 minutes from now If price closes above that that's going to suggest to move back to right now I just called about 29 500 from the chart Yeah, about 29 500 area that we are looking at maybe but a bit above that So that's the 30-minute time frame chart no topping signal or pattern that is present here on the 15 or the 10-minute chart So the Dow is saying I want to rally and that confirmation now will come with a close above 29 for 20 And obviously you're watching that 29 328 level on the shorter term time frame charts the 30 and the 60 minute time frame now The question is do the other indices show that? Do they show that same set of patterns out here or where are the problems? So let's do this here and for some reason folks in my apology It is taking just a little bit of time for these charts here to update I don't know what is I've got running in the background, but it is something that is taking just a tad of time So in the meantime what we're gonna do is when I switch over to a different screen We'll just take a look at a couple of different things so the markets are definitely in an oversold condition So let's take a look at that. That was a New York Stock Exchange Advanced Klein oscillator. I had mentioned that during that Previous a review of what the Dow was doing here. We go. It was it's it's no longer It's still down towards oversold and the breeding I'm looking at is panel number two from the top The reading was minus 114 it was below the minus 150 area Probably at about 10 minutes to 11 But nonetheless conditions are still oversold If we take a look at the NQ charts, they've now populated They're in a process of finishing that population here So again, you can see this is taking longer than it has that it does typically on a daily basis But back to the daily timeframe the daily timeframe for the NQ much different than the a Dow if price closes below last Monday's low that low out there is at the 11 I'm sorry 10 890 75 level or 10 890 right now But if price closing below that that by the deep pattern goes away Price should be below the bottom of its profile to red oscillator change line and that would say the NQ Continues to head lower Steve Rhodes with TF and I will be right back. We'll finish looking at the NQ Inflation we are purchasing powers eroded. 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All our newsletters come with a 30 day money back guarantee So you have absolutely nothing to worry about visit tfnn.com and try mastering probability 30 days risk free today tfnn educating investors At 1-877-927-6648 internationally at 727-873-7618 Back up folks. So we'll take a look at the enqueue charts. You know before we go on and take a look at each of those time frames out Let's take a look at the uh Tas market breadth for these four time frames the hourly the four hour the daily in the weekly you can see they're all in the Red zone out here So if we look at the 60 minute time frame and we'll look at a 30 minute chart here momentarily Uh, so we take a look at the 60 minute time frame what we're going to see is there are 16 only 16 Of the ndx 100 stocks that are trading above profile top of the profile folks That is where sellers reside that is your resistance level if you're trading above the top of a profile That's bullish. Well, there are 72 instruments where price is trading below the bottom of the profile The bottom of profile is where the buyers are lined up. Well, the buyers have been overrun basically And uh, you have negative market breadth. So what that tells us what that tells you and i is the nasdaq 100 Does not have an all clear sign and any rally Should see some selling go with it hand in hand now not that this Can't get changed out here throughout the day. These tas market breadth numbers But right now as we speak at 11 19 in the morning, they're all set to the bearish side I don't have this for the dow 30, but we do for the s and p 500. You'll see that all of it Die time frames the four the two the one the four the daily and the weekly They are also in the bearish zone out here on the s and p 500 It's 83 instruments trading above the top and 285 below the bottom So again market conditions even though we're going to take a look at charts out here And intraday time frames are telling us that a bounce is being attempted out here Remember you're still dealing with negative market breadth and that negative market breadth Is going to create or should create, you know selling cycles out here now The difference is here is the ndx 100 for its 30 minute time frame And so if we're going to see changes in trends or anything you're going to happen on the shorter term time frame 30 should bleed into 60 60 should bleed into 240 240 in the daily Well right now the 30 minute time frame for the ndx has 44 instruments where price is trading above the top of that profile And 20 below the bottom. Let's just take a look what's going on inside the s and p 500 And for the s and p 500 the numbers go like this as soon as it gets populated 262 above the top 41 below the bottom So that helps us out. We take a look at the 30 minute time frame charts out here. Yeah, let's shut that down I'm wondering if that is Possibly taking up some of my I'm going to turn off the other one as well I'll for the moment. So now back to the nq which we know for a 30 minute time frame has positive market Let's just simply go take a good 30 minute chart out here. Let's see what is communicating to you and I so on a 30 minute basis This has a rogment dominicator signal, but it does not have the bullish reversal candle that steve likes to see to confirm a bottom Right now what price is doing is dealing with resistance As I said though the bottom of profile is support. What happens when you close below support? Well oftentimes old support can become new resistance So that's a level to be watching on a 30 minute basis Where this candle here that we're in right now will close in a little bit less than nine minutes If price can close above the top of the bottom of that profile 10 8 98 or 10 8 98 basically right now Then that should signal to us that price will try to make it to where there's fair value with inside this profile And that is at the 10 9 37 level 10 9 37. You have both buyers and sellers now because that line 10 9 37 Is a little bit closer in proximity to the top than it is to the bottom This has a slightly bearish structure to it And so the sellers reside in the zone. Well, first they're right now at the 10 8 98 level You know that but a close above that will then take on a whole new batch of sellers And that would be the secondary and our defense now be at the 10 9 37 level in the safeties They're sitting at a 10 9 64 in the goal line on any move higher for the nq would be 11 0 29 25 If you close above that then obviously it was a two-pointer that they went for and not the Mark of the point after now. Let's go back to the Daily time frame again if price closes below the low of Monday That's going to negate that by the d-point pattern on a five-hour time frame chart I don't have any kind of a bottoming signal on the four-hour chart What we do have is a TD 9 count bottom now that pattern is going to complete here at 2 p.m It actually confirmed as we came to the 10 o'clock time frame So you've got a TD 9 count bottom no matter what for the four-hour time frame So if the nq on a 30 minute basis is able to get above the profile levels that you and I took a look at Then what you would be watching for Is in addition to that at 2 o'clock So let's say that happens between now and when a polar bear comes on the air What you would be looking for is a close above its oscillator and change line for the four-hour time frame That is currently printed at 10 9 64. I would change that I'm not sure to where I call it 10 9 75 80 something around there If price is trading above that it's not as if it's out of the woods It would appear that starting to get out of the woods It's using its pool land to cut down some timber out there But it still has a bout of sellers to deal with in a countertrend rally inside the nq Would run out of steam at either 11 o 43, but more likely than not at 11 101 And even if price gets above that there's a TD 9 count breakdown resistance level And that's at the 11 136 50 that is a price point that the four-hour time frame chart for the nq must close above To suggest an even further rally a further rally with another round of sellers And those sellers at this point in time reside at 11 3 33 So no way is the nq out of the woods, but you take this stuff one step at a time It's that 30 minute chart that you're first watching if that tends to get above Resistance levels you can then look at the hourly time frame chart the hourly time frame chart Shows a rogment of indicator signal again here. No bottom signal now price is taking on the center of its Fuller structured 60 minute profile if this is only a counter trend move the 60 minute chart says price will find resistance at 10 9 28 So that in essence is a two-hour chart You've got a potential rogment of indicator bottom this candle here closes at 12 noon So you've got about 36 more minutes before that unfolds If you do get that bottoming signal then its real level resistance is going to be the 10 9 60 area out there So hopefully you were taking notes you wrote some of those figures down on your pad of paper I'm not asking you to trade the nq what I'm asking you to do is to be aware of the patterns that exist on it You are going to get much better signals by looking at the equity future contracts for your trading decisions So if you're trading the s&p You know looking at the spy That's nice and that's good But really you should be looking at the es many in the case the nq Obviously might be trading the q's the qld qid all those q products out there But it's really the intraday charts here on the nq's that you want to be paying attention to they'll provide you With the best amount of information out there. So we've got about a minute before we go to the break We do have requests out here. This will come in from jim p Jim writes in it says I am very long tbt. So let's get over here to these Our three daily weekly monthly charts out here the tbt. I am very long tbt. Good for you. Congratulations there jim Which is a two time the inverse of the tlt action 20. Do you have a target for the tlt? so You got it for the targets really so the same so even though you're trading tbt at two times And you're looking at tlt a one times That's a long position of the 30 year treasury and i've got the tbt up on our screen It's just like I had said just prior to that jim which is if you're trading the spy You really want the underline instrument for the pattern standpoint if you're not a pattern trader Then you really don't need access to it But that's if you're listening to this show this hour You know it's really all about the patterns that the market continues to make on an ongoing basis It doesn't matter about time frames. That's why you use the same tools here It doesn't matter if it's daily weekly two minute five minute ten minute or what have you the upside target for the tbt Which is not the question that you asked you asked about the tlt But the tbt would be its td nine count breakdown area and that is up at the 39 68th level now you are in bar number nine This could form a td nine count top between this weekend next when we get back for this breakout here jim We're going to go take a look at that 30 year treasury for you steve roads with tfn. 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Watch online at tfnn.com or on tfnn's youtube channel And become the investor you were born to be tfnn educating investors This segment is brought to you by thinkorswim For more information just click the thinkorswim banner on the front page of tfnn.com Welcome back up folks. So we've got the 30 year treasury up on our screen out here And jim was asking he's very long as he says the tbt. So he is short the 30 year treasury So jim on a monthly basis out here the level that you're going to be watching this month But you're really pulling for as long as you remain in that tbt position You would love to see a close below last month's low Last month's low was 123 30 right now. We're trading at 125 oh one And the reason why I say that jim is because you've got a td9 count bottom low occurring on the bar following bar number nine That's its key support level 124 10. You've got a td9 count breakout area And that's in essence what price has tested and so far is held So certainly close below that but really it's a close below last week's last month's low If you get a close below that then you're most certainly that's a 126 30 you most certainly want to stick with that position out here So the monthly chart right now because that td9 count bottom says it wants to bounce that bounce would be up in the 142 area I'm not saying that's what it's going to unfold. In fact, you'd look at Other patterns on the weekly and daily time frame chart before you would make such a call But we do know a close below last month's low. That is what you're really looking for now The weekly time frame chart Shows a couple of different patterns one of the patterns out here and this is the pattern that was identified by sarah toga bob Used to be an x denner out there is wave number seven. That's letter g at the bottom of my screen And that's one of the wave patterns that is out there now that needs on a weekly time frame a higher low in order to confirm So that's one pattern Another pattern that is out here is bar number nine is likely to complete this week for the weekly time frame All price needs to do is close below the close of bar number five That seems like a likely outcome So you should get at the end of this week on friday td9 count bottom now Remember just like the monthly chart td9 count pattern bottomed on the bar following bar number nine That could occur as well this time around so that says a bottom on a monthly basis may occur between this week and next week Now that bottom should then take price up to its red oscillator and chains line currently printing In the 128 ish area. There is also Arrogment to indicator signal has been triggered what that needs jim is a bullish reversal candle to confirm a bottom So the weekly chart has got potential bottoming signals out here So you want to keep an eye on that and of course then we come back to the daily time frame and on the daily time frame There is a buy the d-point pattern that buy the d-point pattern Took place out here on the trading day of you can see the nice big old bullish engulfing candle or bull sash candle out here On september 28 they closed below that low, which is 123 30. We're back to that low again 123 30 so you've written that down to your pad of paper You know how important that is on a daily base now We have looked at a monthly close below that for the monthly time frame But a daily close below that is going to negate. It's buy the d-point pattern We can see that and yesterday was not a close below that level We can also see roads meant to indicator signal has been triggered. So a bullish reversal candle today It's just an inside day a bullish reversal candle We'll generate a roads meant to indicator bottom That would suggest a rally and that rally taking us up to about the 129 level Now now those patterns at this stage here have really come to fruition other than the monthly time frame chart But the weekly is likely to generate its outcome if we take a look at short term Time frame charts out or just looking for any significant pattern that we see it's really the 60 minute Well, it's the 60 and the 30 minute time frame. Let's just go to the 30 minute time frame chart out here So on a very short term basis 30 minute time frame chart what it did form was a td9 cowl bottom It did it last night at 2 o'clock in the morning That's when it finally confirmed that led to a very nice rally an a to b equal cd pattern That created a sell the d-point when we got that bear sash candle at 9 o'clock this morning Now what that did was it took price back to basically support Support being the bottom of its bullish structured profile for a 30 minute basis There was a close below it at 10 and price closed just back above it at 10 30 So right now what you've got going on under 30 or treasury for a 30 minute time frame You've got a bottom out here and you've got a consolidation with inside its profile The top of that profile is your resistance level out there. That's at 125 Call 126. Uh, no call 125. So, huh, I figured that out. Uh, call it 12509 and a price close above 120 509 Then you'd see a run to the 125 26 level out there now That's really the short term time frame stuff that we're looking at What I want you to also pay attention to we we took a look at that monthly time frame chart So let me show you what else is going on there was switch over take a look at the black background charts for you Now what you also see here is prices trading below all profile levels Now there is an a to b equal cd pattern that's in place out there So a close below last month's low is going to then trigger or a failed td nine count bottom That's going to suggest lower price. We take a look at the a to b equal cd patterns out here These are for price projection levels at a monthly basis if in fact last month's low fails Then that's going to suggest to move down in the 118 ish area and below that 104 105 So I think you're in a good trade market conditions suggest that price may um I might might try to bounce out there. There are patterns that suggest that but I'd still stick with that position I'd still stick with that long position out there If we take a look at let me see if I've got that page still set up here We look at this Yesterday when I did this segment with tom. Is that it? No, that's not it. It's this right here. So here is the year to date Um, uh, oh, this is through yesterday. I haven't done it through today, but this is the year to date uh The year to date chart the the annual chart the yearly chart for the primary core Instruments that would kind of make up a balanced portfolio so to speak or at least in the old days You've got the ui you had currencies So for that we're using a us dollar index. Look at that wide-ranging bar on a yearly basis That actually has generated an a to b equal cd to the upside You don't see that on a yearly chart 2 fm, but that's what it has the spies You're already below last year's low out there And I'll go back and do the studies on this uh in the study that I would be looking for is if you close below the prior year's low Does that typically then lead to at least a second year? Those of you that are long-time listeners know that the markets move in these chunks of two and three oftentimes To create these what we'll refer to as knee jerk reaction highs or lows out there And so that's why I'll be looking for that second bar the emerging markets That's in your upper right-hand side. That's down 25 for the year That's headed lower especially with the us dollar index headed higher So you don't want to have any of your portfolio exposed to emerging markets So I certainly would suggest that you do not want that Out there, but it's really the 30-year treasury. That's on your right-hand side We're well below last year's lows. In fact, let's the 30-year treasury is back below the lows of 2013 Yeah, so very likely staying along the tbt is really what you want to do out there Now, maybe you're going to trade around that gym, but I do like the trade Uh, congratulations to you on that and I hope that the information I provided to you is of assistance out there Next question coming in from uh, oops, what the heck happened there coming in from Raymond Raymond writes in let's see here Raymond writes in I took a position in yang at the end of august Am I expecting too much for this etf to reach? Question mark the etf shorts for the chance to reach what? Get any input to reach question mark out there So ray, um, that didn't help stevie out here, but that doesn't matter We're going to go take a look at yang now. What I want to do is first I'm going to fire those up on my white background chart. So just give me a moment to get over there I so I'm doing that. I should kind of multitask and get back to our three time frames out here Take a look at where is it right here? So let's get yang up on our screen y and g There we go. Now. Let's go back to my white background charts I think you're still looking at the black background charts or at least I hope that you are And we'll get yang cued up there and that will both be between both sets of charts That'll provide us with the information that I believe ray is looking for so we take a look at yang This is the three time bear china etf out there And so your next level of resistance if we just took a look at this which is all I've got to take a look at I don't know which stocks make up Yang you might want to take a look at that and do some actual Analysis on maybe the top 10 stocks out there. They probably represent close to 50 percent of this etf I don't know that to be the case, but you certainly want to take a look at that But you're above the top of the daily and weekly profile So your next level resistance ray on yang is 26 19 If price can clear that then you're off to the races Where would the races be the racer would be 43 dollars and 87 cents But we get back for this break. We'll finish looking at yang for ray She wrote with tf&m You might think that if you want to be successful at trading in the stock market You're going to need a crystal ball after all it's impossible to predict the future, right? Like any endeavor in life before you decide it's impossible get some advice from the experts You might find that it's not so impossible after all for daily market overviews that give you direction on the key indices Selective stocks and commodities subscribe to the opening call newsletter at tf&m.com The opening call newsletter is written by basal chapman creator of the trading methodology known as the chapman wave The chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys and stock prices Get the opening call newsletter by basal chapman in your inbox every day First time subscribers also get a 30 day money back guarantee If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up tf&m.com educating investors The technology around us is changing every day with so much happening it can seem impossible to keep up with all the information david white's investment newsletter the technology insider Is designed to give you all the information you need to understand the technology that shapes today's markets and tomorrow's future David white has made his living staying on the cutting edge of technology His weekly newsletter will give you specific recommendations for value tech stocks As well as entry prices target prices and stops to set for each trade Dave delivers his weekly newsletters every friday with updates throughout the week You can get the technology insider at tf&m.com for only 37 in 50 cents Sign up for david's newsletter the technology insider and get an inside look at everything the technology sector has to offer Try at risk-free today with our 30 day money back guarantee tf&m educating investors Are china a shares hot or not? If you trade china a shares now may be time to take a closer look trade chAU or chAD Directions daily csi 300 china a share bull and bear ETFs china a shares in either direction Visit direction investments.com today an investor should consider the investment objectives Risks charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this and other information about direction shares To obtain a prospectus or summary prospectus, please contact direction shares at 866-476-7523 The prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk Including the possible loss of principal the funds are designed to be utilized only by sophisticated investors such as traders and active investors Distributor four side fund services llc This program is brought to you by vista gold traded on the nyse american and tsx under the symbol vgz Back up folks or take a look at yang out here yang this is for uh For jim i believe uh who had uh written in about it and so as we take a look at yang i'd mentioned 43 87 As a likely price target eventually that is Assuming that the first level that's got to fail and this is their next area resistance to the top of that monthly profile That's a 26 19 so close above that no problem We don't have any kind of bullish reversal signal any kind of signals out here in the daily The weekly is only in bar number seven. It's above profile levels out there So everything here in yang looks pretty good meaning that the china market or the 25 whatever instruments are in That etf for yang look like they want to continue to head lower. So i do hope that helps you out Thanks much for the quest. Let's go to our Let's go to our next request the next request coming in by phone and it's michael michael in poland. Is that true? Yeah Yeah, i was gonna talk about the china large cap the fxi Okay, well let's put the let's put the fxi. So tell me what you're doing and what information you need how i can best help you okay, well, there's a big party congress on the weekend And this president they have to get reelected and I was looking at very unusual option activity and i'm thinking that well maybe just maybe Taiwan is opening up in two days Hong Kong's about to open michael has already opened Japan is open So many of the asian nations they're they're reopening. So i'm thinking maybe just maybe he gets nice and He they they announced, you know the party congress announces that they're going to reopen the economy in china. Okay, okay? So you're looking to take a long position Yeah, perfect. Perfect. Okay, excellent. So what we can do here is we're gonna go take a look at the patterns That would suggest taking a long position makes sense. So when we take a look at fxi on a daily basis What we can see here is there's these black diagonal if you're watching us on tiger tv There's these black diagonal lines that form on my charts When a road's meant to indicator signal is present and one is present right now That is a market that gets stretched to the downside in this case here fxi stretched to the downside now What this needs is a bullish reversal candle to confirm that bottom Today's candle could end up being a bullish hammer candle. Michael, but it is also a gap hammer. Yeah Yeah, but it's also a gap to the downside So the question becomes which and the reason why it's a gap to the downside most likely is because of the changes in currency out there So when you are trading fxi, you're not just trading the entities that are inside there You're also trading the currency conversion out there and that makes it a little bit more complicated At least it makes it a little bit more complicated for me. So I don't know whether that's a Truly a hammer candle because of the gap to the downside In fact, I would say it's not and the reason I would say it's not michael's what I like to do in instances like this is fill in The blank so to speak is to fill in that gap and if we fill that in with a body of a candle Then I say that's the candle formation and it's neither a gap to the downside nor a hammer candle What does that candle actually represent? However, let's say that all of that is just minutia nonsense You get that bullish reversal candle today and that gets you into a trade out there Your first level of resistance is going to be at the out what's referred to as the oscillator and change line That is currently printed at 25 82 If price we're able to take that over then your real resistance levels your counter trend move Would take you or should take it at 26 32 to the 26 65 level. Now, that's a daily time frame chart If we look at the weekly time frame chart That also has a rose mint indicator signal So on a weekly basis you need a bullish reversal candle on that and then Price would need to overcome 26 70 now that number is going to change slightly But it needs to overcome the weekly oscillator and change line in order to suggest that it's going to get some traction out there That's what the weekly chart says. So the weekly says potential But I would wait for that bullish reversal candle on the monthly chart here This is where things could go really south And what I mean by that is last month the month of september very much like when we took a look at the 30 year treasury This completed a td nine count bottom That says that last month's low is really critical michael that low as 25 72 now If price closed below 25 72 odds favor that china is going to continue to go down that at least would be the message now It's only the 11th. So we're pretty early in the month to make that choice out there So what you're really watching for? daily basis looking for some type of bullish reversal candle weekly some type of bullish reversal candle both of those you want to see closes above their oscillator and change lines 25 80 or so on the daily 26 70 on the weekly The next thing I would do before I would take a trade an early trade on the daily What I would go to a short term time frame chart and we take a look at the fxi I have the 30 minute chart up here and as I'm looking for some type of bottom patterns out there I just don't have it what we do have though is right now prices taking on a oscillator and change line And that's a 2505 if at 11 if at 12 noon 13 minutes from now price closed over 2505 michael you should expect or anticipate what will happen with the fxi is a further rally And that likely rally would take us up to there's new profiles that formed above price In essence that says overhead supply That means kind of a bearish message out here That does not mean that price won't get up there or that price can't take it out It's just that is the message being delivered to us at 11 48 in the morning But a close above 2505 michael that would signal move up to 25 46 or 25 56 or 25 65 and if you get that Um, you know, maybe maybe this is giving you the information you need to take a long position in china Does that help the orders? There's some yeah on the monthly chart go back to the monthly. Is that the 20? On the monthly you're you're average you're moving you're moving average It is not it's the it's the oscillator and change line the oscillator and change line is the difference between the 19 and the 39 month Okay, because we're there's a monthly charter. So the the 19 and 39 period uh Price oscillator and that's what that is doing when when when when price is below a red oscillator and change line The message to you. It's very clear. It tells us number one We have a falling price oscillator and the price oscillator is below zero Those are bearish conditions It's not going to that tool is not going to tell us whether a bottom is being made It tells us what the current conditions are then you and I look to the pattern. So for example On fxi on a monthly basis the last td nine count bottom that formed out here I'm going back that took hold was back in february 2016 and that led to one nice healthy rally out there There's a td nine count bottom that formed out here most previously in december of 2021 That pattern lasted for a month and then it just simply took a move south and now you've got the next one that is out here So it closed again below last month's lower prices trading below that 25 72 That's really going to suggest that the fxi wants to continue to move lower. Okay. Okay, great. Thank you very much You bet. Thanks so much for calling Let's go to our next request out here The next request is coming in from hector and hector wanted to take a look at xon mobile One of his and patty's favorites. So let's go to hector's question It goes like this happy taco tamale turn around time tuesday out there So he got hector if the market turns around it's hector that made that call out there Last night reviewing your archive seminar abc Section the hair on the back of his neck stood on edge. Wow When looking at the xm weekly has it all Has it all the strong side of the c2d leg About a 40 pull back in the b2c wide-ranging bars on the way back to the b-point xo m abc Weekly is looking wucho strong. Do you concur? Well, we're gonna go take a look at the weekly chart for xon mobile We'll take a look at those a to b equal cds out there and we'll do that as soon as we get back from this break Steve rhodes with tfm Vista gold owns and operates the largest undeveloped gold project in australia the mount Todd gold project Vista gold just completed their feasibility study resulting in a seven million ounce gold reserve Vista gold has all major permits approved and has retained civc capital market assistance in evaluating alternatives and in completing an accreted Transaction. Vista gold trades on the nyse american and tsx under the ticker symbol vgz Vista gold executing a strategy to create shareholder value You might think that if you want to be successful at trading in the stock market You're going to need a crystal ball after all it's impossible to predict the future, right? Like any endeavor in life before you decide it's impossible get some advice from the experts You might find that it's not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities Subscribe to the opening call newsletter at tfnn.com The opening call newsletter is written by basal chapman creator of the trading methodology known as the chapman wave The chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys and stock prices Get the opening call newsletter by basal chapman in your inbox every day First time subscribers also get a 30 day money back guarantee If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up tfnn.com educating investors Everything in the universe is governed by the fibonacci sequence This mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market To stay on top of stock patterns You can take advantage of sign up for the fibonacci 24 7 newsletter at tfnn.com When you subscribe you'll get a weekly report from veteran day trader larry pesavento on stocks You need to pay attention to and you can trust larry's analysis after all He's got 45 years experience as a day trader larry will also provide daily charts Videos and data on the key markets that he's tracking expect notifications from larry on market movement You need to act on at any time first time subscribers also get a 30 day money back guarantee If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up Subscribe to the fibonacci 24 7 newsletter today tfnn.com educating investors tfnn has launched the tiger's den hosted at discord tfnn has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours the tiger's den Available to all tigers and tygruses for just one dollar for the year There's no catch or added costs when you join our community of traders sign up today and become a part of this educational community of traders Just visit the front page of tfnn.com Folks so we're taking an x on mobiles for hector and patty and hector was looking at this a to b equal cd pattern that i've got drawn in here from the weekly time frame and Absolutely hector that is an a to b equal cd pattern here Just on the daily time frame price didn't pull back today tested and rejected the bottom of its profile That's where the buyers are lined up. That's at 96 84 Hector The a to b equal cd pattern for x on mobile. I think you'll like is the yearly one That's the one on the right hand side of my screen out there on a yearly basis just to give you a feel The swing point is at 104 76 and that was in 2014. There were 2.9 billion shares that traded This year alone we're at 5.4 billion shares out there And so a close above 104 76 hector is going to suggest that x on mobile is going to go target the 133 30 level Maybe even 161 30 So I think that's the one that will let your whistle out there and prices above its yearly Profile level and that's at 95 bucks even steven. So hope that helps you out Thanks much for writing in and hopefully you get your turnaround Tuesday out there the last chart that we're going to take a look at is for for This is for dentists inside the tiger's den Now dentists four generated a td nine count bottom It did that on october the third that went ahead and took price right up to the where the sellers resided the top of the profile He did get a close above it on october 5th steve. He likes to see two closes above resistance He didn't get that the very next day back inside the profile price found support yesterday at the bottom of profile same today What you have going on right now inside of forward dentists is a good old consolidation with inside his profiles That's between 11 34 and 12 40 out there price can close above 12 40 Then it may be trying to make his way up to 14 23 on a weekly chart You've got wave number seven. That's courtesy of basal Chapman. It's just a very small portion of that Out there. That's what created the bottom back in july on a monthly time frame I don't have any kind of a bottom signal out here In fact, you would get an a to b equal cd to the downside if forward were to close on a monthly basis Below the level of 10 61 So those are the areas to be watching out if we take a quick peek here. What's the nq doing since we last spoke about it? Really not much. I take that back if c on the 240 price is dealing with that oslater and change line That is certainly a level that you want to be looking for price closes above that That suggests a further rally like 11 0 43 11 101 or even 11 136 Folks stay tuned for the great program that's lined up today and I will see you tomorrow on wonderful wednesday Please have a terrific tuesday. Be safe out there