 Hi Vogue's Basil Trap and sitting here for Tom O'Brien and we're looking at a dow that he's up 218 points at 34,379 that sounds big but these days with 1,000 point moves up and down that's just kind of par for the course in fact there's a little mini uh look at this this doji candle right here sorry this the roman chev only roman candle right here with a tiny wick a long body the wick at the bottom the shadow at the bottom and now we're trading nicely to the top side there's a whole bunch of implications we'll get to that but you know I'm listening to that commercial just a moment ago I I really think that that sums it up for many of us and even for the hosts I don't think there's any one of the hosts that doesn't when they have a chance try to listen to one of the shows and just kind of think wow that's really interesting that you know built a bit of both the technique on something that I never thought of I must listen to it closely uh how it pertains to the market uh and that's really what we try here at TFN is to be an educational resource I remember when I spoke to Tom O'Brien back in 2002 I believe it was I met him up in his New Hampshire studio uh we had been in touch I'd sent him some charts and over the period of a couple months they evidently were quite correct so he went to to meet with me and we met and I don't go through the whole thing other than to say that when he at the within 15 minutes of us meeting together I'm me showing him different charts and doing something's live when he said would you like to join TFN I said to the first thing I said to him was I'd love to but for me it's really about education independently if you're monitoring all that stuff but this is education and I kind of I think that that's what we've done here TFN and we've built a huge resource for the whole educational aspect and um now let's get straight to the market what we're looking at is the Dow is up a little more it's up 247 there are a couple of things going on no let me just do all the numbers and then I'll tell you what I think is going on S&P is up uh 53 at 43.79 so the Dow is up 0.72 percent the S&P is up 1.22 because we've got a couple of Dow stocks like Caterpillar that are down quite sharp but then you've got Visa up huge and American Express the other day had really good earnings that was up huge so it's a very mixed market in many ways the QQQ and the X100 trading vehicle we're looking at uh at 347.18 up 6 of 1.7 percent it sounds like a good number but look at this chart I'll talk about it in a moment we just finished all the notable notations here in the chat where they've deed to downside and IWM the Russell 2000 small caps they've just been failing they're just not done very well when you think about them at 244.46 on the 8th of November trading uh down to 188.09 this morning now at 191.79 Look at this. This is a propeller shaft in the weekly chart spoken for months, almost all year, about this rectangle formation, how we can go above it. In the channel wave methodology I have a whole bunch of webinars based on that. Besides my newsletter at the opening call where I discuss these things, but a narrow trading range means that there's a chance at the upper end of the range says that there's a good chance that you're going to break to the upside. And if you do it with a Pd in the channel wave notation, that's the fourth highest peak from that moment on. You've got to be careful because of the vulnerability. Well, lo and behold, it went back and tested the 207 support. It had a nice bounce to the 221 area. And then, boom, it breaks like a propeller shaft. Look, on the upside you've got the blade. This is the big fulcrum in the middle. Now you've gone to the downside. Unfortunately, we've gone a little deeper to the downside than we should have. This is the weekly chart and the MACD is very weak. The stochastic is down at 14%. Ombowners volume is getting oversold, but really bad. And the 9-3 moving average for a couple of weeks now is crossed negative. So that says that you've got a cell mode in the data chart. You've got a cell mode. That's just a description. Remember, it just says, oh my God, cell mode. Everything's going, no, just says, at this point, it's in a cell mode because it achieves certain levels of support and then broken And on the weekly chart, look at this. If we close anywhere near here, that means there's a really good chance I have to at least consider that the monthly chart is very close to a cell signal. And then it gets upgraded to a cell mode if it goes lower. But that becomes quite serious. But look, the 9-period in the week, monthly chart is still way above the 14. So that says, don't get too carried away. The technicals, the key technicals that I follow in the monthly chart are still positive. Let's get to gold. I want to do as many of these as we can. Gold is trading down about six points in 1789. Talk about the rectangle formation. I'd identify this quite a while back and I said, look, this is the core of the major trading in gold between 1840s and 1760s. That's really the fulcrum, the middle point. We've gone above, we've gone below. Now we're heading towards the low part. And that just says that the whole area of 1760, we're at 1789 right now, should become very important support unless you see this here is like a head and shoulders pattern. I don't like those patterns. I mean, I know they're around. I don't like them because when you finally recognize that it is head and shoulders, that's when it's already broken and it's ready to bounce. But what I am looking at is, if you look at the way the MACD is turned down in the weekly chart, if you look at the way this on balance volume has just made a V-shaped reversal, inverted V-shaped reversal. And the stochastic is very poor at 48%. It's just saying there's a little bit of vulnerability in gold that says it's still stuck in a trading range, but you've got to be careful that it doesn't start to make in the weekly chart lower highs and lower lows. And the only reason why I say that is because, let me just quickly finish silver, and I'll tell you why I'm saying that. Silver is almost the same thing. It's a little bit weaker chart formation. It's getting closer to the lows. It's broken key support in a trend line. Look at this three times here. Almost exact time frame. Not patterned, but time frame of the arch formation. It's gone under it. Just be real careful because if silver trades under 19.75, it's vulnerable to go down to, what did I say? Closes under 21.94. I don't know what I said before. 21.94, then it could retest that low that was made back on, I think it was December 13th or something. December 15th at 21.41. All right. The reason why I'm saying this is because the dollar is in Leg C, the chapter where we're always looking for at least four higher peaks, should go to a Leg D. And then you've got to be careful where the weekly chart is in Leg D. The monthly chart is made in Leg C. But the daily chart is only in Leg C. In Basel's dollar, why do I say that? Because in 2018, in April, we went along the dollar. So we'd go from 19 to 103, 102.89. Pull back to 89.21. And now I have a really good rebound. It just remained long. We have to take them one little bit off at 96. I'll be back. Basel Chap is sitting in for Tom and Brian. We'll be having a look at the E-minis in a moment with you.