 The following is a presentation of TFNN. The Trader's Edge with Steve Rhodes. Toll free at 1-877-927-6648. Or internationally at 727-445-1044. The Trader's Edge. Now, Steve Rhodes. Good afternoon from TFNN. Welcome to the May 29th. The wonderful Wednesday edition of today's Trader's Edge show. I'm your host, Steve. 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 is having a great day. How about we have an extraordinary one? Yep, an extraordinary day. And the easiest way to do that is to always remember that life is happening for us. Not to us. That's right. When you and I make that one little two-by-four shift, it means we can find the gift in every set of circumstance that life is going to toss at us. Today, you and I, we're going to go check on the circumstance of these markets. We're going to go figure out what the bulls and the bears, what the buyers and the sellers are communicating to you and I just passed one o'clock in the afternoon. I want you to know that I'm absolutely grateful for your presence here, but more importantly, during this next hour, I'm here to serve you. So feel free to pick up that phone. That's right. You can dial in 877-927-6648. If you can't dial in, we've got you covered. Let those fingers do the walking. Yes, you can send me an email, Steve at tfnn.com inside the subject heading. Please put radio show question, of course, and the Tigers, then like Peter, any ping will do. So let's go ahead and get this show started on a wonderful Wednesday. Of course, this is Tiger Financial News Network. I'm Steve Rhodes. Welcome to less show right now. The Dow off 308 points. It's down one and a quarter percent. S&P off a little under 1% at 25 points. She's printing out at 2776. NASDAQ 100 off 72 points or 1%. All the indices in the red. Well, the exception being spot volatility index that's up 4% or 72 pennies. And the semiconductor index up about five bucks. So basically flat, but really four tenths of a percent to the upside. Gold's up three bucks. Silver down 23 cents. Lights recruit off 78 pennies. Lead the charge. The upside Heiko Corp up 10%, 10 bucks. Beyond meetup, six bucks. Salai ton ink. Yeah. S-O-L-Y ticker symbol. Five bucks 35%. Oh, that's a move. To the downside, auto zone off 25. Google down 24. Mercado Libre 23. Amazon 21. So plenty to look at. But Peter wants to look at the ESPini and gold. So if we look at the ESPini, Peter, let's just start with this chart here. Here's what we know. Here we go. So we know Peter that right now at this point in time, price is trading below a prior swing point. That prior swing point being back here on the trading day of May the 14th out there. Let's not use the volumes that I've got in this contract here. But instead when you trade below a swing point, volume or not, what it does is it sets up that possibility for an A to B equal CD to the downside. We say confirmed if it does with volume, we won't have the volume to the end of the day really to make that decision. If we look at the spies right now, it's kind of 50-50 whether or not it'll have the volume. But Peter, right now what we know is that there is a one to one A to B equal CD to the downside unless the ESPini gets back on 2799.75, one to one level, 2732. Let's pull this chart back a little further here on the left to actually get everything on the screen. There we go. And if we just take a look at a retracement, Peter, the retracement I'm referring to is the one back from the low on the 26 up to the high out here on May Day, May the first for the ESPini, you can see that price has not even made it down to the 0.382 retracement, which would be 2716. Now, it doesn't mean that price won't get down there, but if it does, what it generates or what it could generate is a Gartley by pattern. So that's something that you'll want to be on the lookout. Of course, what you're looking out for is some type of bullish reversal candle as price gets down towards that area. We're not down towards that area. So what's this mean? Well, a couple of things. One, as Peter knows, I want you to know, here we take a look at the ESPini, you're going to see that you are below the daily profile as well at 2813, it's below the weekly. Also, so at this stage here, there's no support that Stevie can go find for you. That doesn't mean that support doesn't form. At 111 the afternoon, I don't have it. If we look at the horizontal trading ranges inside the ESPini, what we're going to see is price is now down below 2810. 2810 is the monthly horizontal trading range. That's the red line that is out there. If price doesn't get back above that, then the price target for your horizontal trading range are down around 2728. Between 2715 and 2728, really large conglomeration, meaning daily, weekly, and monthly happen to line up at that price area. So Peter, I would say that over the next coming days, unless we see some type of reversal out here, that's where price appears to be headed, 2728. Not that far away from 2732, the 1 to 1A to B equals CD pattern out there. So that's what I would be looking at inside the ESPini. On a 30-minute chart out here, Peter, we can see a little bit of a countertrend rally. What we don't have is any kind of bottom pattern down there. Bottom pattern being a TD setup account, a Chapman wave count, price moving lower doing less relative energy. We don't have any profiles. We know that the last time that we saw the little countertrend rally, what looked like a bottom was right here at about 1030. And what price did Peter, is it found resistance at the top of that profile? That's 2792. I would watch 2792 if price gets above that. Then you're looking at a run up to about 2806. But the 30-minute chart, really no signals there of any type of bottom. Is there any time frame? Any time frame at all that shows some type of bottom in the ESPini. And the answer, Peter, is no. I don't have that. So I don't have anything else to go on for the ESPini. However, what you didn't ask about was the NQ. And in the NQ, well, there are some bottoming signals out here. So maybe, Peter, what's best for you and I and everybody else out there to try to identify what the market is going to do is pay attention to the NQ. Now, if we come back out here and we just take a look at, in essence, a blank chart, we're going to see the NQ is below a B point. That is the trading day of May 14th out there. The low of that session is 7290. Now, Peter, right now, and there's an A to B equal CD to the downside that we can draw on here. We should do that for you, for everybody else. Here's what the pattern looks like, which gives us a one-to-one price project in 7058. That'd be your one-to-one, 1.272.6900. So that's a downside target. But as price is moving lower, here's the NQ, here's the daily timeframe. What we can see is it's doing so with less relative energy out there. So that says you always should be on guard. What do you mean you should always be on guard? Now, that's the NQ. When we get back from this breakout here, why don't we go take a look at the NASDAQ itself? Just a daily chart brought in the last 10 years, 15 years. See the pattern that's in play right now, our potential pattern. See if it means that we should be paying attention to it. Steve Rhodes with TFNM. We'll be right back. The Taz Profile Scanner is the most revolutionary piece of trading software that you will ever try. 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So we're going to take a look at the NASDAQ composite. We're taking a look at the NQ. By the way, in the NQ, I think I gave it out, but I gave out the A to B Equal CD price projection, $70.58, $6,900. The $70.58 was the 1 to 1 A to B Equal CD to the downside retracement-wise as well from the lows out here back in December to the high. Looks like back on May 3rd, not even down to the .382 level, but just like the ESMini, at about that .382 level, which is $70.98, you've got the potential completion of the 1 to 1 A to B Equal CD or a Gartley buy pattern. We're not there yet. We can't get there until the market gives us some type of bullish reversal candle. There's no guarantee that will happen, but there's a secondary pattern that's also in play, price moving lower due to less relative energy. And here we take a look at the NQ. What I just want you to do, I don't have a way to turn off my tool set, so it just shows the bottoming technique, but you can see that in the NASDAQ composite, we've got that same pattern that's in play. No bullish reversal candle, but if we start going back to the left, let me just drag this here. We'll stop at the next one that we see. This was not one of those patterns that was out there when the bottom was forming. I teach clients this pattern so they know exactly what to look for and when to take action. And so if you'd like to learn about this pattern, just to become a mastering probability subscriber, it's on your member's page. Now back here, back here at the bottoms, back in the February of 2016, you had that Rhodes Momentum Indicator pattern form identified that bottom. We also had it back here in September of 2015 when that pattern formed. Again, we're just looking at the ones that call the bottoms out here. Will it call every single bottom? No. What we're looking for is when the pattern forms, do we pay attention to it? That's really all that I'm trying to share and show you. Back in June of 2012, but identified the bottom out here. We come back further back in October of 2011. It called the bottom. If we take a look at the pattern back in July of 2010, it identified the bottom. Now look, every single one of these does not work, but the majority of them do, especially when you apply some additional tools. I don't have all the tools on the screen right now, just so I don't cloud things up. But if you take a look back in November of 2008, that identified a bottom. A bottom enough for you to understand what the market was doing doesn't mean the market didn't go lower. In March of 2009, but you ought to be able to anticipate what the market is doing. Same thing back here in July of 2008 out here. Again, we keep going back and back and back here. Now I'm all the way back into what, 1992. In 1992, this pattern working called the bottom. You're kind of getting the message out here. I don't want to bore you. So the question is, and Peter, you've got that pattern that's present right now. You specifically, I believe, know the five rules that are involved with identifying tops and bottoms. Right now we're just taking a look at bottoms. So you'll be able to use this pattern. I think it's really incumbent upon you and I to be paying attention to the NQ, the NASDAQ 100, the NASDAQ composite out here. In anticipation or not being surprised if we see those signals that at bottom will have formed out here. So that should take care of, hopefully takes care of your ES part or the equity part of the message. You're asking about gold. With regard to gold for me, it boils down to one simple thing out here. One simple thing and that simple thing, let me get that chart up for you. We have rolled over to the August contract. So now what I'm going to be showing you is the August contract, August contract, by the way, trade out it, 1286. 1286. Here's the daily timeframe chart. Believe it or not, that was not the chart I wanted to show you. Let's grab the correct chart, the weekly timeframe chart. Now what you'll want to pay attention to, what everybody will want to pay attention to come Friday, the close on Friday. The question is, I didn't mean to scream in your ear, but the question is, will gold close above Stevie's green line? That number is 1291. You're trading at 1286, only five bucks. A really important $5. Peter, not until gold closes over that level, does it really have my attention? I'm not saying that we haven't formed some type of bottom. We got the TD set up, nine count. That bottom formed on the bar following nine. That's the low so far. If it is a bottom, price is going to close over. It has to close over Stevie's green line, that oscillator unchanged line. If it doesn't, it's resistance, which is what it has been for quite a while. I think you just sit back, you take an app, you keep your hands in your pocket, unless you're day trading or something, or intraday trading out here, and just recognize that 1291 is a really critical area for gold. To me, it's as simple as that, and it's one number, and it will be on Friday, that we want to pay attention to that. Hope that helps you out. With regard to the New York Stock Exchange, I wanted to take a look at that. What do we know about the New York Stock Exchange? New York Stock Exchange has made a lower low. Lower low referring back to the swing point from May 13th out here. But if you take a look at the advanced decline, Oslo Arena May 13th versus where it is today, we have a higher low. I don't know what happened to my red line out there, but here's the red line, or as it says, red line, red line. Now you got two divergences inside the New York Stock Exchange. Because if this is important to us or not, what are the divergent patterns? What are the two divergent patterns? The first one is the advanced decline oscillator. Between the 1939 day, expansion will be an average of the advanced decline data. You've got a higher low. As we speak right now, 124. The daily chart. I don't know what the end of the day reading is on this, but if this was the end of the day, we'd say, well, we have a lower high in the spot volatility index. So now you've got two divergences, two divergences. Now these divergences can go away. The advanced decline oscillator can get moving to the downside. Take out that low. The VIX index can take out the high from that May 13th or May 14th. It looks like May 13th on a closing level. And then those divergences go away. But right now they're here, folks. Right now they're here. And each time they have arrived, each time they confirm, not confirmed yet, they've led to a good rally or a good bottom out here. And you can see those different signals on this chart. And so what Peter, what this says to me at 125 is, hey, come back to it at four o'clock. See what the end of the day reading is out there. And even if the end of the day reading shows this, what the market needs, what the New York Stock Exchange needs is something more than that. Now, speaking of the New York Stock Exchange, interestingly enough, well, I'm not sure if it's interestingly enough. If we go back to the NASDAQ, I'm kind of curious out here. I don't know. With inside the NASDAQ, how's the New York Stock Exchange Top 100 companies doing? I don't know that was a question for somebody. I don't know the answer. Let's go find out. Nothing there. So nothing there on the Top 100. I was looking for that similar pattern. I was looking for the Top 100 international companies out there. Well, now that's kind of interesting because we'd say international companies are a little bit weaker than the U.S. company, but we can see that that pattern is in play here as we speak right now. So Peter, that's the New York Stock Exchange. Those are the patterns to be watching there. Got the ES mini, got the NQ. I think it's more about the NQ than it is about the ES mini to provide you and I with signal information. So let's keep our eye on that. Steve Roach with TF and NQ. Be right. I'm certain you are or strive to be one of the best of the best at everything you do in life. It's the most common trait that we Tigers and Tigers share. If you're looking to become the best of the best when it comes to managing your money, let me teach you to do what most wealth managers tell you can't be done, and I'm Steve Roach. 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Let's go to our questions out here. First question coming in from Max. Max M writes in and says his question is word of like this for 401k is this a short term correction or a market top in my opinion. So Max the easiest way for me to answer that question is to provide you with the following pieces of information out here. Just because I you know I don't know if you've given me enough information but let me explain to you from a chart pattern standpoint what I think is going on here. And Max where we first begin with is the seasonal cycle that the market is in. If you're watching us on Tiger TV you're looking at the annual seasonal cycle for the Dow over the course of the last 86 years what you'll notice typically in mid-May to be specific May 19 but we don't worry so much about the actual date but typically in mid-May is when we see the first sell-off and what you can see here that first leg usually last into towards the end of May towards the end of May well today's May 29th out here not exactly but you can see you've got that first leg down and then you get a bounce you typically get a bounce up into the early part of June. So let's talk about our dates let's just worry about the patterns that are in play out here. So Max I'm assuming that you were watching that first segment out here so we know that this is the pattern around this time of the year the sell in May and go away now by the way we are the sell in May and go away which hasn't always worked it's working now and how do we know that well we know that because April Lowe's out here if you go back and take a look at all the other May time periods take a look at last year you'll see this in either a rectangle or a square out here the bottom of those rectangles or square are showing you where the April Lowe's are this is the first time in a while where we are below those Lowe's so that unfavorable seasonal cycle is where we're at it's where we're at and you're going to see we're going to have highs and lows we're going to have Bible bottoms and sellable tops out here and we should really up and through the end of July with the final move down into the October type time frame assuming that the market follows this typical pattern well if we fast forward to where are we right now in the Dow itself remember that seasonal cycle identifies some type of bottom towards the end of May well price has been moving lower doing less relative energy out here so it suggests to you and I it's not a guarantee yet but if this pattern holds if we see some type of bullish reversal signal you're asking about your 401k you should anticipate a really good bounce could even get all the way back to the all-time highs could even take out the all-time highs out there we got to take things one step at a time one moment at a time so everything lines up here everything lines up with this pattern everything lines up with the seasonal it ends up with the fact that we should see lower prices well specifically in the Dow what we're talking about here's the four indices on a monthly basis Dow Nasdaq S&P and the Russell 2000 it's really the Dow that's the easiest to make out the pattern behavior pattern behavior max is a consolidation you can see how the top of that consolidation has been tested on a monthly basis one two three four times been tested four times hasn't been able to be taken out during this unfavorable seasonal cycle between now and October we could easily see the bottom of that consolidation somewhere around 23 360 give or take for price to pull all the way back there that would not be unusual use that information to try to answer your question with regard to as a short term or not I believe that the cycle of the consolidation that we're in is going to continue for a while they're hard to trade easy to trade if you just sell the top and buy the bottom and have your stops above and below you know some valid a level out there but the markets are in a consolidation so let me summarize it like this right now as of today at 1.30 in the afternoon we have a pattern associated with a bottom has not confirmed if it does it's going to follow along in essence with the analog of the way that the seasonal cycle typically unfolds and if we do get that bottom you can easily go back to the all-time highs or some type of retracement thereof and then we should see another move to the downside out here and we'll probably see even another move to the upside and perhaps one final move to the downside maybe it hits the bottom of consolidation maybe it doesn't because of some other pattern that's out there but that's what I see when we take a look at what's going on inside the market as we speak right now so hope that helps you out and answers your question and if not just simply write back and we'll try to answer the unanswered question out there let's write in and go to the next question is coming in from Earl Earl says hey Steve I sold TQQQ on May 3rd after hours and you did a buy today at you did a buy today are you saying that price is a good entry price well you're asking me do I think that the queues have bottom right because if you bought TQQQ TQQQ is the long portion of that so let me go back to the charts I did not say that here's what I said I said of the indices we were taking look at the ES mini Peter was specifically asking about that and what I said was I don't show any type of real bottom signals on any intraday charts for the ES mini that's a little different inside the NQ inside the NQ now I'm not saying that it wasn't a good entry price I'm saying you've got to watch you've got to be careful the 30 minute chart we didn't get to that I don't believe we did unlike the ES mini didn't have a bottoming signal here in the NQ it does price moving lower doing less relative energy you get the bullish reversal signal that happens if we get my crosshair out here that happens right here at 12 30 no follow through the next session but we do at 130 going into 130 that candle we're into a new session here's what you need to see your own my opinion there's two things the first is the top of the daily box at 72 42 you need to see a close above that but the NQ had already done that it did that earlier did that at about 10 30 this morning but then price gave it up price gave it up moved to lower lows out here so now you need to see price get above that level that level is 72 62 and a quarter out there if you see that things are starting to look up for you with regard to this 30 minute bottom then your next level that you're going to be watching this is perhaps the most critical level inside that trade that you're looking at you're using an ETF and that ETF you need to see the NQ itself not the ETF that signal would come with a close above 72 96 72 96 is the number that you're looking for it could be that that's where the NQ runs out of gas it's a 30 minute chart how are you going to trade this because the NQ you could trade it overnight and have your stop in place the TQQQ I don't think so so your question was was I saying that you had a good entry right now the answer is yes you've got to watch these other levels of resistance see how price handles that but on a 30 minute basis yeah sure 60 minute basis no bottoming signal there for us to deal with how about the two hour train two hour chart does show one of Stevie's roads momentum indicator signals and right now if it closes at two o'clock you do have a bull sash candle we'll be right back if you're in the CD market and looking for a secure investment the Tiger First mortgage program may work for you the security for these first mortgages are building lots in the tax opportunity zone in St. Petersburg Florida the tax act of 2018 set up tax free zones across the country where you can build and hold for 10 years and pay no tax on the profits which makes these lots valuable the investment is anywhere from 30,000 the interest paid is 7% yearly paid on a monthly basis according to bankrate.com the best rate for a four year CD in the country as of February 20 is 3.1% a $50,000 investment at a normal four year CD rate of 3.1% would give you income of $1,550 per year or $6,200 over the four year period that same $50,000 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going to TFNN.com and click the newsletters button near the top of the page TFNN.com educating investors Hello tech, today welcome back let's go to our next question that's coming in from Hector Hector Wraith-In it says hey Stevo NBEV that is a new age brand it says hey Stevo NBEV that is a new age brand it says hey Stevo it says hey Stevo it says hey Stevo it says hey Stevo NBEV that is a new age beverage corp candlesticks are looking like a solid bottom what's my take and happy wacky Wednesday well same to you Hector so here's what we know about NBEV let's just do this Hector let's take a look at it the way we would take a look at any other you know equity or anything quite frankly and that is here we get to look at NBEV and look at the daily and the monthly time frames we get to understand is price trading above resistance below support or with inside support and resistance the daily basis what we can see is prices trading has been trading for quite a while below the bottom of its box it had one day where it traded above that level which was by the way is 551 and then back below it so from a daily perspective and I don't know if those are the candlesticks you're looking at if it's daily weekly monthly but from a day the candlesticks aren't really telling us a ton out here at least not right now when I take a look at this other than price below resistance now on a weekly basis doesn't mean you have to sell solid bottom I think was what you referred to maybe there's a you know look here's what NBEV did most certainly is at least price came back to a breakout or right this thing broke out with wide price spread accelerated volume on April the 8th out there it's pulled back into this level with lightest volume looks like maybe there's accumulation going on out here the preference would have been for it to have closed the gap meaning price got down to 488 it didn't do that doesn't have to necessarily but is this an indication that we're going to see an acceleration to the upside you know not necessarily if you look at last week's candle session center chart out there you're going to see the price ran to support which was the bottom of its box that was 563 now the actual high last week 565 but nonetheless price closed below that in order for this to look like a solid bottom for me I would need to see a close on a weekly base above 563 if I pull over my other charts out here Hector I don't show I do show a sign of a bottom and that was that wide price spread accelerated breakout that rising window price moving lower doing with less relative energy excuse me sorry about that price is trading above Stevie's red line 530 you're at 534 so that's a slight positive out here I mean I see the bullish candles a couple bullish engulfing candles out here solid bottom I don't know I see resistance that needs to get taken out if you're in the trade I'm not saying get out of the trade instead I providing you with the information of the price points where you need to see a close above in order to say okay that was a good buy versus it's saying goodbye and going down and testing those lows out there so I hope that helps out with regard to some additional information to consider when trading ticker symbol N B E V let's go take a look at Sean Sean says he went bottom fishing for fire I F E Y E is the ticker symbol so let's go see if oh look at that that's a heck of a move today so now we need to see is there a bottom pattern when I say heck of move today you can see this this was a key reversal bullish engulfing as we speak key reversal price exceeded the high and low of yesterday's session it's coming in an extended condition we can just visually see that and you've got price we don't know if it's going to close but right now it looks like it'll close in the opposite direction so now the question is given that Sean is there any other bottom signal daily timeframe chart says yes there is there's your roads momentum indicator pattern so at this stage here I think you've done an excellent job bottom fishing your stop obviously on this trade here is going to be below today's low out here where is price targeting let's come back to fire I let's take a look at the next price target is the bottom of its daily profile 1508 you'd love to see a close in there then the next price becomes 1543 about 1543 1594 becomes the end number you're trading below the weekly that's 1588 so if you're going to get to 1588 you're going to get to the top of the daily profile nothing is there yet just know where those resistance areas reside and the monthly happens to have found support at the bottom of that monthly profile 1484 or close to it you're at 1477 as we speak right now so in summary Sean nice trade Stevie sees a bottom Stevie even sees a bottom on the weekly chart and that weekly chart shows that price came back to the breakout area the breakout area is that red solid line that breakout area was established by that Tom DeMarc set up nine count so price came back to support it's held on the weekly timeframe you certainly want to see a price about 1566 that would be another positive for you so yeah Stevie's got to say with regard to FireEye you've done a good job bottom fishing best of luck to you with FireEye F-E-Y-E is the ticker symbol so that takes care of all of the request out there thanks to everybody for sending those in I always love to get your request that way we're specifically looking at instruments that are important to you so now without any other questions that I see what is it that we should go look at Ruby wants to look at Berkshire Hathaway BRK.B let's go pull that up and see what we see Steve can you look at Berkshire Hathaway for possible fail today fail what do you mean what do you mean fail before you go away Ruby what do you mean fail what she means by fail and she'll be right back back back you asked about Berkshire and you're leaving well we're just going to have to continue below the daily not good below the weekly which is 200.30 that of course ends tomorrow close below that well close below that not good with inside the monthly profile say you can get down to 188.68 okay that's what those charts are saying right now let's go look at the daily time frame let's go take a look at the daily time frame look for signals out here so on a daily time frame we can see the prices come back has come back to its breakout area again the breakout area being defined as where that TD set up the low of the TD set up account took place because the prices pulled back right there it could be at support I don't know oh you're looking for the Brazilian real not Berkshire BRB what my apology but okay it's the Brazilian real alright so let me let me pull that up let me finish out Berkshire Hathaway let me just leave it like this folks prices pulled back to a breakout area no guarantee that it's going to hold we see some type of bullish reversal signal you should get about 203.05 so my apology Ruby we're going to pull up the Brazilian real we'll do that and take a look at that as we do the two minute wrap out here right now as we speak the Dow trading down 350 points S&P 18 we'll be right back since 1984 Basil Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion well originally hand drawing charts from the late 1970s into the 1980s Basil noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply later Basil found the computer software which included the standard market technical indicators enhanced the degree of accuracy and calling price turns as well as market trend calls thus was born the Chapman wave sequence using the Chapman wave methodology along with other indicators Basil Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter right now you can get a two week free trial to the opening call Basil's daily 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Welcome back folks so the chart we're looking at on the screen is the correct chart now which what ruby was asking about which is the Brazilian real US dollar cross bear and here's what we know right now ruby here's what I would be watching if I were you I don't know if you're short or you're looking to to buy this but what's on my screen right now are the daily profiles the reason I turned off the weekly is because I think the daily will release is going to be a little bit of a little bit of a variation to you and what I mean by that is if we go back just to the early February time frame we can see that price as come back in a couple of occasions to test the bottom of that profile for example on March the 20th it's a daily time frame it did it again back on April 1st in essence it pretty much did it on May 8th and now what I would say is if we go back to about the bottom to at least the bottom of that profile 3.948 if your question is is the break real is the break real in the Brazilian real I don't really think you and I will know that until we see what happens at about 3.94 what we could say is that if you see a close below that level it would indicate to you and I that there's a change in trend the weeklies back on because the weeklies would say hey where's the bottom of the weekly profile well the point of control is at 396 so the bottom of the daily 394 you'll be below that so a close below 3.9488 then what we would say is you've broken the daily trend and price should pull back to the weekly trend at 3.877 that's what I see when we take a look at the Brazilian we simply use our tool the TAS market profiles so that's where we're at folks thanks much for being here stay tuned for another great show I know David is on vacation I believe it's on vacation so they'll be replaying something wonderful then you've got Tom from 3 to 5 I'll be back with you on thirsty Thursday so have a great Wednesday thanks for being take care