 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 afternoon, folks. Welcome to the November 20th. Yeah, November 20th, 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, listen to this, pioneers of our future versus prisoners of our past. So many people become prisoners of their past. That's what stops folks from taking action. Of course, Stevie likes to say massive action. And then even thanks so much for being here, pulling yourself away from all the riveting testimony in those impeachment hearings. Look, I'd absolutely love to hear from you. This show is really, it's all about you during this next 60 minutes. So feel free to give us a call at 877-927-6648 if you can't call in. Well, we've got you covered there, too, as long as you act early. Early means like now, which is send me an email. Steve at TFNN.com inside the subject heading. Please put radio show question. I'll be happy to get to whatever it is that you'd like me to take a look at and assist you. We'll figure out where support and resistance is or whether something is bottomed or topped or whatever it is that we can find for you. In any event, let's go ahead and get this show kicked off here. We've had a little bit of movement to the downside in the last 15, 20 minutes out there. So you've got the Dow off 219 points, trading at 27, 715, S&Ps off 22, NASDAQ 100 is off 1% or 85 points. The Semiconductor Index down 1-310% 22 points. So all the indices are in the red. You've got the Spot Bottle of Tilted X perking up a bit. It's up 69 pennies. That's a little about all over 5%. Gold's off 2 bucks. Silver's down a penny. Lightspeed crewed a big move today. So far up a buck 54. Trade out at 56.87 out there. Natural gas up 3 cents. So plenty to look at. I'll leave the charge, by the way, dollar-wise to the upside. Target TGT is the ticker symbol up 13 bucks, 12%. Paycom Software 13 bucks and 6%. Rietta Pharmaceuticals 1.5%. Mercado Libre up nearly half a percent, a little over 2 bucks. To the downside, it is Pinduoduo. Pinduoduo. PDD is the ticker symbol out there up 22.5%, $9. MassTech is off nearly 6 bucks, or 8% all to beauty, 6 in change. That's about 2.75%. Google down 17 buckaroonies out there. Let's go to, we do have some questions that have come in. Should we do that or should we go take a look at the markets out here? Let's take some of these questions. Let's get to the questions out here, because if you spend time, well, we were going to do questions, but we have call ahead seating here. And when we have calls ahead seating, that means if you call, you go right to the head of the line. So let's go speak with Brent in Martinez, California. Brent, thanks for calling. Thanks for holding. How are you this morning? I'm doing quite well. How about yourself? Very good. Thanks so much for asking. And we're going to talk about canopy growth. Something we looked at yesterday. I believe CGC, is that the ticker symbol? It is. I sent you that email yesterday, and you caught it kind of towards the end of your program. Yes. Again, yesterday, and I'm actually already sold out of the thing. I don't really mess around when I get something. I don't care how quickly it happens. If I kind of get the result that I was shooting for and it happens quicker, that's actually better for me. Sure, sure. I'm generally using options is what I do. And so I bought the $15 calls, January 2020 calls on that. And then, you know, at $1 and they already went up to, I got a $3.20 today. So no reason to hang around. But I was going to have you take a look at it. Yeah, no problem. So nice trade there. When we took a look at it going into the close yesterday, what I was showing, I had drawn the three drives. Let me do that again here. The three drive to a bottom pattern. You were the one that had picked out that yesterday was a key reversal session. And a key reversal session, folks, is where you have the prior days high and low exceeded and accomplished that yesterday. The market must be in an extended condition. There's no question that canopy growth is in an extended condition to the downside. And then you just simply need price to close up one tick, if you will, in the opposite trend direction. Well, this did more than that yesterday. It created a nice big old bullish and golfing candle confirming this three drive to a bottom pattern out there. And then you get the second bullish reversal candle today. And that is a gap to the upside. So both of those being bullish prices above Steeve's red line that 16 to 40. And that would suggest to us Brent that this should have more upside potential. But let's go take a look at it and figure out where that upside potential is. And it's really going to be the weekly chart. I believe we looked at the weekly chart yesterday on the show. And the weekly chart first shows the bottom of its weekly profile is $18.99. That's called $19 bucks out there. So that may be a resistance level, $19. Or Steeve's red line on the weekly timeframe, which price has been below for what looks like a year or more, actually began trading below it back in May of, well, this is a weekly chart. I apologize, folks, since May of 2019 out here. So 1975 is a potential resistance area. But it looks like it has further upside potential in it when I see it. And it was a beautiful call yesterday on your part with regard to that key reversal session. And it's responding like that was a three drive to a bottom pattern. That doesn't mean that it's a total full-out breakout, but it's a good start, that's for sure. Thank you very much, Stephen. Good luck to anybody else who's still in it. I wish them well. Have a great day. I don't mess around. When I've made money like that, I just take it and I'll even trade the thing again. Who knows? I might somewhere down the road, but I did what I wanted, did it fast and happy with it. It was a total gift and kind of move on. Thank you very much for your help. Have a wonderful day and I'll talk to you soon. Okay. Take care, Brent. So we were going to, I know we were going to go to emails out here. And so let me start with the first one. We'll kind of move back and forth in between emails and the markets. They may in fact just simply have us cover the markets, right? So LC writes, and he says, hey Steve, volatility seems to be dead at present. Yeah, maybe not so today, but let's continue reading. While the market makes all-time highs, I think we could be in for a correction in the short term. Well, look at how savant we have, LC, and could we be in a correction? Oh, I think we could be in a correction in the short term. Do you see any bottoming signal for the UVXY? If so, what price projection would seem valid? So I'm just going to tell you, LC, I am not a trader of those triple volatility ETFs out here. And so my suggestion is if you are, that you really become a day-ish type trader versus a long-term type of program. I always love showing you this chart out here. Here is all of the reverse splits that have taken place. You can't see them all. But if you went ahead and you took a look at the vehicle UVXY, this would be the most expensive per share. I would think ever sold out there, there are so many zeros out here. I can't even tell you if it's 24 billion or trillion. Let me see if we can, well, how do I do that out here? Well, you can look at it on my left-hand panel. I'll read it to you like this. Somebody tell me it's 244-800-3 more zeros. I think that's $244 million per share for UVXY. UVXY, it's trading at 1730 right now. It's because it's a horrible vehicle. The TAS Profile Scanner is a standalone piece of software that instantly filters over 2,500 global financial markets such as stocks, ETFs, commodity futures and forex. Heated by Steve Dahl, TAS understands that in today's technological world, the use of top-flight software applications and technical analysis expertise is essential to successful trading in today's market. You also gain access to the webinar that Steve Dahl and Tom O'Brien just hosted, the best way to use the TAS Profile Scanner to profit. This webinar archive is available for all subscribers immediately upon signing up. All new subscriptions also come with a 30-day money-back guarantee so you have nothing to risk. Start your subscription by visiting the front page of TFNN.com today and you'll find the TAS Profile Scanner under the Services tab. Sign up today. Are you in the market for buying or selling real estate in the Bay Area including the surrounding St. Petersburg, Tampa and Clearwater markets? Tiger Real Estate LLC is a firm that has extensive experience in the Tampa Bay Area. Whether you're looking to sell your current property for maximum value or you're in the market for a second home or investment property, Tiger Realty has the experience across all areas of real estate in the Tampa Bay Area to help buyers and sellers make the most informed decisions across all price levels. From the price you should be paying per square foot in certain up and coming areas to the type of cash flow investment properties are capable of creating, Tiger Real Estate can help you make the best decision when it comes to all areas of the market. Before you make one of the biggest decisions of your financial future, call Tiger Real Estate LLC today at 727-329-8322 or email us at tiger at TFNN.com. That's 727-329-8322. Call us today. Many of our new listeners have heard about the Tiger's Den. The Tiger's Den is a lively community where professional traders and investors can meet, exchange ideas and information in a comfortable moderated atmosphere. Hear all of the TFNN shows plus see all of the charts as they happen live and have access to archives of all of those charts. You can test drive the Tiger's Den absolutely free for 30 days and greatly enrich your knowledge of these markets and how to make your money work for you. Details on the Tiger's Den are on the front page of TFNN.com. Come now and experience all the upgrades TFNN.com educating investors. Call now toll free at 1-877-927-6648 internationally at 727-873-7618. Good back up folks. So we're trying to take a question here from Leo. And it's with regard to UVXY and I just simply preface it. It's not a vehicle that I trade. I don't recommend anyone trading it. If you do trade it make sure you are paying attention to the futures contract which are the items that are contained in that basket out there. What I can do is comment LC on you make mention that it's the volatility seems to be dead at present. So here's what I know. Here's what you know as well which is that on October the 11th where the spot volatility and it's closed below the 50 day exponential moving average out there. And we have seen the S&P 500 continually march higher with today in essence being an exception at this stage out here. But the key is that the spot volatility has been below that 50 day expansion moving average in the markets S&P specifically will do one of two things. It will trade higher to sideways. That is until we see the spot volatility makes a bottom. If you ask me has it made a bottom. I don't know. I think what you should just simply focus on at this stage of the game is where is a spot volatility trading in relationship to that 50 day. So we can see it up here on my screen. You can see that right now the spot volatility is 14 08. It's up about 22. That's equivalent of 9.64%. But it is still below the 50 day level which is 14 29. So only 19 pennies. Now those 19 pennies would probably if you did see a close above that or at that level. That would probably send or not probably it would go ahead and said the one day rate of change above 10%. And when we see that inside the spot volatility you typically see a bouncer bottom at least an overnight action until the early morning inside the ES mini usually moves over to the S&P 500 as well. So then in that case you would expect the UVXY to to back off at that stage. So what now we just may see a test of resistance. That's the 50 day at this stage year and things pull back. But it is a level for you and I to be watching all of us to be watching. If you're long if you're short look if you're short you're praying for the spot volatility to close over the 50 day. But really quite frankly you don't want it to do it today. Well you don't want to do it. You don't want spot volatility extending much beyond 14 probably 13 or 14 as a closing price. Otherwise you get that one day rate of change. By the way that one day rate of change referring back to this chart out here in the blue arrows and what we typically see occur. I say typically because it doesn't always have to. But the the percentages the probability it's like over 80 80% 80 90% it's a huge factor out there. So consider that and in your trading investing. I wish I could be a further help to you LC on that. It's just one of those vehicles where where I can't. And I really would shy away from providing you know providing feedback on that. So it is what it is as they say. So we've got another question here coming in from PA. Oh I apologize. We have we do have a caller on the line I believe. Let's go to Ron and Denver. Ron do we have you. Hi Steve. Good morning. Thank you for taking my call. You bet. Sorry I almost forgot that you're on the line. But that's OK. We've got to see looking to do a call spread on going out a few weeks on Google. And I just wondered I was thinking doing it now or should you wait until to see what this. Well if I had the crystal ball I'd look at it. Yeah. Here's here's what I can share with you that can assist you with maybe that decision making. And so if we do take a look at Google right now trade out $1,295 and trading back inside its daily profile. So the top of that Ron is $1,309. The bottom of that box is $1,280 and the center is where it's trading right now. I think ideally for you the better place to put on that trade might be with price pulling back to support that $1,280 level of the bottom of the profile. Now there's no guarantee that price will get down there. So I can say yeah I can understand you stepping in now while price is at the center of the box. It's a slightly bullishly structured profile meaning the center line at $1,294 is closer to the bottom but just slightly so versus the top. So I'm going to consider this more of an equally weighted TAS market profile. And so support in this is really at $1,280 but look you're at a spot right now where buyers and sellers are conferring among themselves to figure out who's in control here because they both believe between the $1,280 and $1,309 that they are the ones that are in control. And I don't know which one is actually correct. One other quick question if I may. I was in Amer on AMRN and I got out last week at $24 and they got a bad comment yesterday and it got hit hard. I'd like to get back into some of it on AMRN. What price would you say would be a good one to get back in? So here the daily structured profile is actually bearish in structure. Here $22.23 which is the center of the box and price is trading below right now is much closer to the top which was $24.67 so there was your resistance and support is $1,734. My experiences in these profiles especially if they're bullish or bearish in structure that once you break through the, I won't use, I'll use the Sonlin terminology log jam which we were just really talking about the center line of that box where both buyers and sellers are that once you break that area and let's say break it to a downside in a bearish structured profile, odds faith that you're going to go down and test the support level or the bottom of the box. So to answer your question where is it you would entertain getting back into right now the price level would be $1734. I don't have any other pattern that I could share with you or show you that would assist with that trade. It does, I guess I would say it actually more this way. So $1734. But here's your caution signal. Your caution signal is at the end of this week what AMRN could do is generate a significant topping signal. That's if it forms a bearish reversal candle. It's only Wednesday so I don't know how this is going to trade but right now it does as long as it's halfway inside of last week's bar which it is, it is a bearish dark cloud cover candle. Now in that case the real key level to be watching would be 1816, Stevie's green line. So we've already suggested hey you stay out of this thing until price gets down to $1734. But what you're going to want to really watch this week is does it get down towards that level? Does it close below $1816 this week? And if it does then you are set up with the potential that this thing really wants to pull back. When I say really wants to pull back I mean $3.52 pull back. Yeah. You know so. Yeah when I always suggested it was going to fall to $7. Okay. That's it really made it so off. Well. Yeah. If I were the analyst. They're going to have to get approval which takes them from 4 million customers to over 40 million you know with high tiglycerite. Yeah. They're approved 16 and 0. 16 and 0. And the stock ran up. Sure. And some of the top and I came out and said in a few years they're going to have competition and he thinks it's going back to 7. That's why it felt so off. Yeah. Yeah. Well I don't know what to. I appreciate your numbers though. Yeah. Thank you very very much. Just a pattern person and where support and resistance and is there anything that would give you pause. Thanks for talking to us. No problem. Okay. Yeah. Thanks for that. So we're back and it's that weekly chart. So I think you've really got to pay in attention to both of those out there. Okay Ron. Thank you sir. Appreciate that. You bet. Have a great. Have a great day. That was Ron and Denver Colorado. Dows off 222. We'll be right back. 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 shares. what most wealth managers tell you can't be done, which is how to time the markets. I'm Steve Rhodes, author of Mastering Probability, and for the last 12 months, Timer Digest has been tracking my newsletter signals, which have earned me the ranking as their number one market timer in the nation for the S&P 500 for the last 12, 6, and 3 months. Timer Digest also ranks me as the number one market timer for gold as well. The fact is, markets can be timed, and I'll teach you the exact set of tools that I use that has transformed me into one of the best at what I do. Sign up for Mastering Probability today by clicking on the newsletter tab on the homepage of TFNN.com and get immediate access to workshops where I take you step by step how to use an extraordinary set of tools as well as provide great market calls too. Sign up today. The path of least resistance is David White's daily trading newsletter, and if you're looking for active trading ideas, then now's a perfect time for a 30-day free trial to this powerful daily trading advisory service. 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Get your copy of the Art of Timing the Trade Charts today by visiting TFNN.com. This segment is brought to you by Think or Swim. For more information, just click the Think or Swim banner on the front page of TFNN.com. Welcome back, folks. So, Sylvia had written in, wanted us to take a look at Generic Holdings. That's ticker symbol GNRC. And Sylvia wants to know, is it still worthwhile to go long, or should there be a pullback? Now, when we take a look at this chart out here, price Sylvia is above daily, weekly, monthly profile levels out there. So, no real resistance. The long term, if I take a look at the monthly chart out here, you're going to see that this week price has attained the 1 to 1.272 A to B equals CD, taking us all the way back to their IPO back in the 2010 timeframe. Now, the mere fact that it's achieved the 1 to 1.272 expansion does not mean that it won't make its way up to the 1.618 area. And this is a monthly chart out here. And that price point is 114.63. So, right now, it appears that that's where it's targeting. The problem is you would like to buy this on a pullback. And if you did buy this on a pullback, well, the first levels of support look like they're in the 83, that's at the top of the weekly box, 83.28. So, about $11 below where it's trading right now, 89.39. Actually, that could be the first area. That's the top of its daily box out there, and the bottom is at 86.70. So, I don't have any topping patterns for you out here, Sylvia. If I take a look at the daily timeframe chart, well, let me do a wave count, just see what the wave count was off of this. I can't tell. Looks like this was the low out there. But I don't have anything. I just don't know. Price is now starting to find resistance in Stevie's green line. But no topping pattern that I could definitively share with you and say to you that, yeah, this is going to pull back. All I can do is say, hey, here's where support is at this stage. Do the A to B equal CD pattern as we looked at on the larger term scale. And I would say, just suggest, stay away from the Sylvia. If you get a pullback, support holds. Ideally, there would be some kind of bottoming pattern between 86.70 and 83.28 or 89.39, somewhere in that range out there. Then you could go ahead and consider doing it. But as a momentum play, that's a tough one for me to call for you. So, hopefully, just simply that analysis will assist you with that. Justin writes in and he says, that was very nice compliment. But I will thank you very much for your compliment, Justin. I just won't, probably not as appropriate to share with the folks out there. But nothing bad. Nothing bad, folks. Very nice. So, yes, if we can take a look at gold today, has it bottomed, or is there still another leg down, thanks in advance? So let's go take a look at Goldilocks. Let's just simply come out here, see what gold, it's up $1.30 right now. $14.75 is what it's trading at. Is that $14.75 number important? Well, yeah. What's really important out here, Justin, is the top of its daily profile. The top of that daily profile is $14.70 or $14.75 out here. And if price did close above that, you're going to see a little descending price channel out there. Only if price gets above that, would there be more of a countertrend rally or more of a rally is what I could say? And that rally would or could take you up to the $15.20 level. $15.20 has been a real good cap on price since the September area. Happens to be the center of its weekly profile out there. But is there another leg to the downside? I anticipate that there is. When that's going to get started, well, it could start anytime, quite frankly. But price is up at a resistance area. And if it does close above $14.74.60, I would say one would prepare for more of a counter trend rally. And what we can do is Justin has combined that along with Stevie's other chart out here where we can see that price is beginning to trade above Stevie's red line level. And that would also say more countertrend rally. Is it a bottom? I can't call it a bottom, not because I don't want to call it a bottom. I can't call it a bottom just simply because I don't have a bottoming pattern or signal that is in place out here. And what I should do, just give me a second to actually do this, because it is really important for Justin, for everybody else out there to see the bigger picture perhaps inside of Goldilocks. And the reason why I would say to you, hey, I can't call a bottom inside of Gold, not because I don't want to, but because the charts are saying not so fast. Now, right now, I'm just kind of delaying here, a tactic waiting for the chart to populate. There we go. Okay. So hold on a second here. Stevie, Stevie could be wrong. Well, how about that? That happens basically all the time. Now, what I meant by that is actually in the weekly timeframe chart, which now we've got a competing top and a competing bottoming signal. The top is easy to see. And that's the roge momentum indicator pattern. And that formed out here on September the 27th. But what we can see is that last week and last week's low, Justin is going to be more important day, more important day. Why? Because it was bar number 10 or really the bar following nine of a TD set up nine count. And so therefore Gold may have bottomed or at least bottomed from the standpoint that you could begin to see a countertrend rally up to 15-15. I wasn't paying attention to that. So this qualifies, I said I couldn't find a bottom. I couldn't on a daily chart. But I can on the weekly timeframe chart out there. So here's how you would play it. Here's how you would know. So 15-15 would really be a target level. What was the profile level 15-20? Boy, if that doesn't make sense, what makes sense to Stevie? And so hopefully it makes sense to you as well. So here's the key. Watch that 14, I'd say watch the channel line out there, which has been really good about containing price. There was a break of it for a period of three days. That was October 31st, November 1st, and November 4th. And then price proceeded to get right back into that descending price channel out there. So it gets back to really our daily look, which if we see price close above that channel line, we're looking at a move to about the 15-20 level. So Justin, I hope that that helps you out with regard to any action, Jackson, that you might take out there. Chris B writes in and Chris writes in and says, hey, I'm long SVM. Let's go take a look at SVM, put it up on our three timeframe church. SVM is a ticker symbol. That is a silver corp metals. You're in at about 60 cents. This is a 484. Man, what a nice trade you've got going on out there. Oh, 60 cents under where it's trading today. And don't worry, Chris, eventually I will learn how to actually read. But thank God, I can read charts. But you can see I'm not really good at... I'm good at doing two things at one time. Probably just the reading and managing all these charts and everything are just something I'm not really the greatest at, I suppose. But let's get to your question for goodness sakes. I'm thinking of adding to my position. It seems to be in a fight, in a tight consolidation for five days. Yeah, well, your consolidation and here's your concern. Here's what I would say would be a concern. I see you got all these calculations and everything, Chris, and I very much appreciate that. But I think you just want me to get right to the charts out here. And if you take a look at silver corp metals, what you're going to see is that a brand new bearish structured profile formed yesterday. Again, bearish in structure because the top of that box is 493. The center, 463. And the bottom were support way down below, 404. So do you want to add to a position which is trading at 484? The stock is trading at 484. When you know you've got resistance at 493, that's the question you have to answer. Do you want to do that? Stevie says, hmm, probably not. You want to try to find some better place to add. Steve Rhodes with TFNN will be right back. 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 to 75,000. 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 20th is 3.1%. A $50,000 investment at a normal four year CD rate of 3.1% would give you income of $1550 per year or $6,200 over the four year period. 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The funds are designed to be utilized only by sophisticated investors such as traders and active investors. Distributor Four Side Fund Services, LLC. Don't forget, you can listen to TFNN live on your mobile device 24 hours per day. Go to TFNN.com and hit Watch Tiger TV. That's TFNN.com. Then hit Watch Tiger TV for the latest market information. Welcome back, folks. We're taking a look at SilverCorp Metals. SVM is the ticker symbol for Chris B. So, Chris, we were taking a look at that bearish structured TAS market profile. You can see the two shooting star candles out here, the one from November 15th and the one from November 19th. So, you certainly know that there are sellers that are sitting there in that 493 level. Nothing bearish just yet, sellers that are present out there. I know that you're looking at the A to B equal CD patterns out here. Look, if I just use the larger ones, the larger one meaning go to the monthly timeframe chart out here. The monthly timeframe chart says we would start down at around the January 2016 level. I'm sure this is a different ABCD than what you were taking a look at. But just I'm taking a look at what I don't want you to do the work that you've already done out here. But here, the A to B equal CD pattern that could be in play would generate, they move up to about 592. Not that far from your 634 level out there. Now, the swing point that was taken out was from February of 2017 and there were 7 million shares and it was done with 34 million shares in August just a few months ago. So, that's kind of like a confirmed A to B equal CD to the upside. So, I see that. I get that. You're in the money out here. But it's now the time to add, I'd say based upon the daily signals out here, I would try to buy some type of deeper retracement if I were you. So, I hope that that helps. Thanks so much for writing in. Much appreciated. One other question out here. Always good to get to the questions and then we can use the rest of the time to go ahead and take a look at the markets or something else. So, this one coming in from LB wants to know, has natural gas bottom today? So, when we take a look at the natural gas, if we look at the current daily chart out here, what I don't have LB is some kind of bottoming pattern. And with price still, it's a nice move today. No doubt about that. However, price still may be targeting $2.41 or $2.38, the one A to B equal CD and the breakout area. And the reason why I have to suggest caution, we'll go take a look at some short-term charts, I suppose. But actually, we don't need to. 267, that is Stevie's oscillator and change line. It is green, as you can see. And at this stage here, price would need to close above that to really suggest to you and I that, okay, we don't have a bottoming pattern, but it looks like it bottomed anyways. Maybe it was just some kind of retracement or what have you, but it wasn't back to any key level that you and I can identify. So, can I call this a bottom at this very moment? Really tough to do so. Really, really tough for me to do that. And if I just look at, let me just do this, let me pull this over here for Lee. Let me get rid of this daily and take a look at the intraday timeframe charts for Lee. Now, Lee, you're going to make the decision on this, not me at this stage out here. But we can see that price is running the support at the 60-minute timeframe out here. That was old support that may become resistance at 261. If you take a look at the 30-minute timeframe, 261 is resistance. It's the horizontal green line out here. So, if you're going to take a long position and think that price might get up to Stevie's green line on the daily timeframe, which it very well could, I'll let price close over 261. Let it close over that two bars on a 30-minute basis, and then, you know, if you want to take the trade. But to answer your question, has it bottomed? All that I can say is it has not generated the type of bottoming signal that you and I would like to see out there. So, I hope that that helps you with your trading decisions. And thanks to you. And thanks to everybody else that has written in, much appreciated. Now, let's just go back and take a look at the overall market. So, we had already discussed some of the things to look at coming into today's close. That one thing being the spot volatility index and where it's trading relationship to its 50-day exponential moving average out here. So, we want to do that. What else can we do? All I know what we can do, because I can provide you with some information that others can't. If we go take a look at, what's the market breadth doing? So, good. I'm glad you asked that question. What is the market breadth doing inside the S&P 500? Voila. We can see on its speed dials, those are the upper right-hand corner. Daily and weekly are still bullish. You would expect that. We are beginning to see a turn in a 60 and a 240-minute time frame. In other words, the dials are in red. That means there's been a bearish crossover, more instruments trading below the bottom of their profile levels for those respective time frames, 60-minute and 240 versus those trading above the top. Let's just go use the 240-minute chart out here. We don't do that too often, but we can. Let's go see what it is doing. Any kind of signals here. Remember, the chart or the patterns that I use are going to provide us with topping and bottoming signals, whereas the market breadth is just telling us the condition, but it's not going to be an early warning signal out here. So, let's go open up the 240-minute chart, see what it is we can see. Now, what we don't have out here on the 240-minute time frame chart is a topping signal or topping pattern. Doesn't matter. That's really not what we're interested in. We're interested in understanding what is the 240-minute time frame chart doing right now. And this bar that is currently in is going to be bar number eight. Looks like this may form a TD setup at nine-count pattern. Now, on a nine-count pattern, it could be bar eight-nine or the bar following nine that would form that bottom. So, you're going to have to wait. This is a four-hour time frame. It's not like you're going to have any kind of indication in any short order here, but what you're also watching for, folks, is 3086.75. If you get a TD setup nine-count, this would take place in the evening hours out here. And you do, and that does occur above 3086.75, and especially if the spot volatility index has one day trade, one day rate of change greater than 10%. I hope that you are trading the futures out there because you're going to really adjust your stops and either flip the trade or but know what to be looking for out here because it's not going to happen between now and four o'clock. But prices trading down into support, just like we looked at in gold for a one-hour time frame, we saw that TD setup nine-count bottom. In essence, that's what appears at the ESMini is going to do or is trying to unfold as we speak right now. So, that's the other time frame. It was a 60 minutes. Let's go take a look at a 60 minute time frame, see if there's anything out here for the ESMini. We can do the same thing for the NQ. I don't know if we need to. I don't want to just totally use all our time. Inside the 60 minute time frame chart, all we have is potentially a series of A to B equals CD down patterns out here. Next level of support on it is 3086. I don't recall the number on the four-hour chart. It was what, 3086. Well, how about that? Now, those levels were attained two different, well, using the same tool, but didn't come up with the same breakout levels because it used the exact same, it used an hourly chart versus a four-hour chart out there. So, but interesting enough, 3086 is a pretty strong level of support out there, folks. So, just be careful. Really strong level of support inside the ESMini. So, this is Steve Rhodes with TFNN and we're going to go to our last breakout here. We'll come back with a two minute wrap. See what else there is to look at. That might make sense for you. We'll be right back. Since 1984, Basil Chapman has been using the Chapman Wave methodology to advise traders of his expert market opinion. While 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 that computer software, which included the standard market technical indicators, enhanced the degree of accuracy in 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 trading newsletter, by visiting the front page of TFNN.com. Cancel at any time during that trial and pay absolutely nothing. Get your two-week free trial to Basil's newsletter, the opening call today by visiting TFNN.com. If you're a trader in the market looking for exposure to gold or gold mining equities, then now is a perfect time to sign up for Tom O'Brien's gold report. The summer is over, gold is trading back above $1,500 and the 10-year treasury is hovering at around 1.5%. 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Stay tuned because coming up next is the power trading hour right here on TFNN. Welcome back, folks. So one of our dinners is asking about the 15-minute time frame chart for the ESMini. That's what's up on your screen right now. And as I was sharing with him, Steve, that is, what you can see is that on the 15-minute time frame chart, the bottom, so far the low that's in, was formed on bar number eight of a TD setup nine count. It was confirmed the following bar, the nine count that is. And if there's going to be a bounce in this, what's already started, what you're looking for is price may bounce up to $3108. Steve, that was the old support level. You were asking for support. I don't have any other support out here. So that would be the first place. Will old support be resistance? If not, the next level I'd be looking for is that little dark blue dashed line 3112. That happens to be the daily oscillator and change line value. And the question is, where does the ESMini close at the end of the day? And if it's a close above 3112 in a quarter right now, what that's telling you is that today's action was nothing more than just a test of support. If it does close below that on a daily basis, I believe that'll be the first close we have below Stevie's green line. It's blue dashed line on this chart here in quite some time. You were asking about a 60-minute time frame as well. The 60-minute, I thought we had covered that, but support out here, 3086 is the number. 3086 is support. That is the 60-minute breakout area that would be next on any further move to the downside. So there's your 15-minute. There's your 60-minute out there. And not really much else for me to share with you folks out here. So be careful. Be careful. Be careful is about the best thing that Stevie can suggest to you. Just use those stops. And thanks to everyone that has emailed me and always makes the shows much more fun for me, hopefully for you as well out there. And that way it's just kind of random, hey, what are the instruments you're looking at? And you and I just get to use the exact same tools we apply in the same way. We're agnostic to the instrument or the time frame, and they help to guide us as to what to anticipate next. I'll tell you what to anticipate next. A great two hours. David White, followed by Obi-Wan Kenobi, and I'll be back with you tomorrow at 1 o'clock. So have a wonderful Wednesday. Take care.