 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 from TFNN. And welcome, folks, to the terrific Tuesday, the Taco Tuesday 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. Well, everyone out there is having a great day. Hey, let's make sure we have an extraordinary one. And the easiest way to do that is to always remember that life is always 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. Now, today, you and I, we're going to go check on the circumstance of these markets. We're going to go figure out what those bulls and bears and buyers and sellers are communicating. To you and I, just past one o'clock in the afternoon. I do want you to know that I'm absolutely grateful for your presence here, but much more important than that. During this next 60 minutes, I'm here to serve you. So feel free to pick up that phone. You can dial on at 877-927-6648. Yet if you can't dial in, well, we've got you covered there, too. You can send me an email, steve at tfnn.com. Inside the subject heading, please put radio show question. Of course, our Tiger is done. 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 Lush Show right now. All the indices with the exception of the transports in the green. Dows up 39. S&P's up 10. And then NDX 140. Russell's up 3. Summizer up 12. New York Stock Exchange 19. Wilshire 5000 up 96. It's the transports that are down 28 buckaroonies. Spotball Tilted X is basically flat. Gold's off $3. Silver's down 9 pennies. Lights recruit us up a quarter. Natural gas up just a tad out here, leading the charge dollar-wise. To the upside, it's Rockwell Automation. That's up 20 bucks or 11%. Chipult lays up 14 or 2%. ICU Med up 5% or 9 bucks. Kraft Rue Alliance up 9. The Trey Desk up 9. To the downside, it's advanced auto parts. They're down 13 bucks. Solid biosensors off 8. J2 Global down 5. So there's certainly things to look at. But the first thing we're going to look at, I believe, is Clovis Uncology. Let's go out to Brent in Martinez, California. Brent, thanks for calling. Thanks for holding. How are you doing today? How are you feeling? I'm doing great, Steve. Thank you very much for taking the call. And thanks for taking care of those ones yesterday. I appreciate that. Hey, my pleasure, as always. So ticker symbol here, folks, is CLVS. Brent, tell us what you're doing and how we can help you. I'm in this one. Long is a lower price. I like the way that it got bullish and golf and candle at the bottom, at the low. Yeah. And so I'm in this one. I'm trying to, I'm looking in this area. I already talked about Milan. I'm in that. Yes. And then this one with some shares and then also some call options on them. Out of ways, just to, you know, give myself time. But what I want to ask you about on this one in particular is, again, I like that candle put in. You know, came down and tested that a little bit. Sure. Yeah. So I'm looking up on Thursday the follow-up on Friday. It looks like it might be running into some horizontal resistance around six. I just wanted you to take a look at it and get your thoughts and, you know, analysis if you could. No, absolutely. So folks, if we take a look at the daily time frame chart for CLVS oncology, one of the things that you like to see is a volume off of the bottom. So although on the trading day of October 28th, you made a slightly lower low, it was really a key reversal session out there. Now that key reversal session, Brent was coming while price was moving lower and doing it with less relative energy. So that roads momentum indicator bottom signal. So we like that. A 568 on the daily basis is actually a resistance area. You didn't see a close above it for one day. Yesterday fell back down below that. So you know that that is a real significant resistance area. A 568. You like to see two bars close above that. Two consecutive bars close above that. This would suggest price could pull back to around $398, $4. That's where the red line level is the oscillator and change line, knowing that price has run into resistance out here. But the other thing I wanted to point out, Brent, to all of the listeners out here was here is a perfect, so it puts in a perfect bottoming signal. You've got the roads momentum indicator. You've got a key reversal, wide-ranging bar, volume. In this case here, volume pushing, we'll have to assume, I'm going to assume volume pushing higher, volume off the bottom. And then what takes place over the next three trading sessions is you get price trading with inside the bar pulling back on lighter volume, which really gave for a perfect breakout. Actually, as soon as price closed above the, either the close or the high of October 28, depending on whether you're a conservative or a, or an aggressive trader out there created the, created the rising, rising, shoot, rising to continuation pattern. The word escapes me right now off the top, the rising three pattern out there. In any event, so on the daily chart, everything looks real good as far as where price could pull back to the top of the box is 392, 398, 399 is my red line. So that would be something I would be looking at out here. For the daily timeframe, price is above its weekly profile. So that's nice and bullish out here. As far as bottoming signals on a weekly timeframe, out here Brent, I don't have one per se. That doesn't mean that it didn't bottom. If price can clear the level that we were looking on a daily timeframe, then a nice price, the next price target would be 1353. That was on a weekly basis where Clovis oncology broke down. That was the high by the way of the week that began July or ended July 19th out there. So let's just take a look at the weekly, to the monthly timeframe chart, because this is going to make it easy peasy to understand whether Clovis oncology on its way up, assuming that it's going to continue to move up, out here has put in a real solid bottom. And that's this Brent. When we take a look at the monthly timeframe chart, what we are going to see when we look at the oscillator and change line as price has been below that level since November of 2017. And there have been a couple of tests as prices have bounced. The most recent one really takes us back to March of this year out here and priced up right in its tracks right at that line. If you were to ask me how does this line work, I know how it works theoretically, practically. I know how I use it to help identify and call the markets, but mathematically, why it is that it acts as a great support or resistance magnet, I don't know. But it's so clear on the chart out here, and that by the way, that's priced today at $9.83. That level will change as price moves up or down out here, but any close above that level on a monthly basis says you've likely got a change in trend from a longer term standpoint. So in summary, the resistance inside of Clovis oncology that you're right now dealing with is $5.68. You'd like to see two daily closes above that to then see price move on to higher levels and those higher levels, the next one being $13.53 give or take out there. But obviously it won't get to $13.53 before it deals with $9.83 and that's a monthly oscillator and change line. How's that for you, Brent? That is extremely helpful, Steve. That gives me other levels to watch. Very much appreciate it. Have a wonderful day, and I'm sure I'll talk to you soon. You bet, and best of luck on that trade. That was Brent in Martinez, California. That was up 38 S&P 10. We'll be right back. We'll be right back. 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. 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TFNN.com Educating Investors. 727-873-7618 Welcome back folks. Dow's up 35 S&P, 10 Nasdaq 141 points. Let's go to some of our questions that are coming. Looks like we're out of about five or six at this stage here. The first question coming in from Ian and Ian wants to take a look at the IBB. I wanted for you to review IBB as a short candidate. Can you talk about a position at 110? It doesn't really matter. Can you talk about a place where I should add to your short position? So let's go take a look at here's what we know about the IBB. That is the Nasdaq Biotech Index Fund out here. It's trading right now at 1084. It takes us above the top of our Barra structured daily profile. Now the top of that box Ian was trading above the center of its monthly profile. There's nothing more bullish than a failed bearish pattern. That's what you've got in place out here. With regard to going short the IBB, I don't see it at least right now with regard to TAS market profiles and what price has done over the last handful of days out there. You also have the IBB above the top of its weekly profile. The top there was 104.98 and right now you have the IBB that's trading above the center 109.32 when you trade above that says you want to move to higher price. Okay so that's what that says. You're asking about a short position. So as we pull up in Stevie's other chart out here I could understand the potential of a short position as this formed a TD set up nine counter did it on November 6. The Barra number 8 was the high but right now what you've got is price trading above that level. The high of that day out there is 110.60 and you could use that high as resistance of this pattern and if price closes above that I don't have any reasons for you to be short the IBB at least take a look at the daily time frame chart. If I look at wave counts to the upside it's either wave number 5 or wave number 1 A or E that is on my screen. Yes price is moving higher doing less relative energy but that is not a sell signal it's a warning sign of a potential top. In order for that to form a top you must see some type of bearish reversal candle and Ian it's just not there that pattern started a few days ago and so I say I'd be very cautious out here in being short the IBB if I look at my weekly time frame chart my other set of charts out here this tells us that price is headed to where it broke down that's 114.88 I don't know if that's the kind of heat that you want to take on this move or anything bearish about the weekly time frame for IBB and if I look at the monthly time frame we're going to see where it's trading in relation to Stevie's green line and right now price is above that level this is a monthly time frame the month is not over price has been below this area since October of 2018 but that level is 109.31 and if you get a close above 109.31 out here I've got daily weekly and monthly charts that say you should be long on the IBB not short the IBB so we invest of luck on that trade as far as stops I think that's the best time to have your stop in place when you enter the trade because you do the proper position sizing and your stop should be some level greater than its average true range what I like to use is a 10 day average true range right now that is represented in $1.54 I multiply $1.54 times 1.272 times 618 and that's what I would use for a stop it would be that less whatever the entry point was so best of luck with regard to going short the IBB I wish I had some different news for you it's just the news that's all Lee writes in and he says can you please give me your current thoughts on UNG so now this one came in from yesterday which is fine but let's go take a look at natural gas let's do that by taking a look at four different time frames here we've got the 60 the 120 the third panel is the daily the fourth panel is the weekly and here what we're looking for is any kind of support from a profile standpoint the answer is no not in the daily or the weekly the weekly here Lee price close below 2.682 that was the top of the weekly next support level on the way down from a profile standpoint 251 to as low as 238 out there as long as price stays inside that box you also must be careful of the island top that formed out here yesterday that was the gap to the downside that actually took place Sunday evening but that left a complete island for all those folks that are trapped on that island between November 4th and then on Friday November the 8th out there and those folks are just praying that the boat gets back up there to those price levels probably just simply to sell out if I take a look at natural gas out here using my other charts there are two patterns that formed a top those two patterns are the A to B equal CD that form with the bearish reversal candle dark cloud cover and then some additional follow-through it also top with a TD set up nine count this all suggests price could pull back to 241 and I know you're looking for an entry price so I'm going to give you an entry prices right now 241 to 251 would be the area that I would be watching but we'll need to see how this is really trading should price pull back into those levels so Lee that's what I see with regard to UNG at this stage the earliest point in time those would really be pattern oriented out here if we take a look at natural gas and I pull over the short-term timeframes short-term being 60 120 minute you'll see that the bounce that took place earlier this morning ran right in resistance right where it should have where it last broke down under 30 minute basis was $2.67 out there that's that green solid line price needs to start closing above those green solid lines to 67 270 269 2.716 all those levels are where price needs to close above to give any chance that this is going to turn before it would complete some other pattern such as going and testing the support levels or steve or the breakout area on the daily time frame but right now that's really what it looks like to me Lee as of 125 in the afternoon we take a look at natural gas Allen writes in and Allen wants to take a look at Cody ticker symbol CODI so let's pop those up on our charts out here we have to type in the correct symbol that is compass diversified holdings so I've got them up on both screens now I know this message comes well I see Cody has just broken out of a 13 year base I'd like to go along this equity but I'm wondering if it's likely to pull back to its breakout area while you ask about the breakout area first so let's go take a look at it first here well actually first as long as we're on this page you've got price right now trade about the top of its $22.65 close above that today that's bullish it's above the weekly profile $19.59 it's above the monthly top of the box at $18.35 Cody compass diversified looks pretty good now you mentioned breakout area the breakout area that steve has on the daily time frame for Cody CODI is $19.42 out there now price is moving higher doing it with with less relative energy I'm not going to speak right now but that alone is not your bullish or your bearish signal out there you need to see some type of bearish reversal candle and until you get that by the way the first pullback area or the first buy entry into Cody could just simply be a test of steve's green line currently that's priced at $21.87 but the daily time frame chart that looks mighty bullish out there caution sign that's all and the weekly so far looks pretty good too I'll take further look at this during the break actually it looks good on the weekly 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 share if you're looking to become the best of the best when it comes to managing your money I'll teach you to do 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 tools that I use that is transforming 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 to 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 is a perfect time for a 30 day free trial to this powerful daily trading advisory service David uses his years of trading experience to offer his subscribers his trading ideas each morning in his path of least resistance 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charts allows you to scan thousands of stocks for Fibonacci formation setups including guardleys, ABCs, butterflies and much more the art of timing the trade charts will be available in markets for stocks just beginning to form the trading patterns that many investors spend days, weeks or even months searching to find and right now we're offering licenses available at only $79 a month we are so confident that you're going to love this new charting software that will even give you a 30 day unconditional money back guarantee don't miss out on this incredible new piece of software get your copy of the art of timing the trade charts today by visiting TFNN.com or Swim for more information just click the Think or Swim banner on the front page of TFNN.com Welcome back folks we're taking a look at Kodi, T, I took some CODI currently the Dow everything is in the green transports the only thing in the red off 40 points out here so as I went to the break to take a look at Kodi it was a monthly time frame chart and so Alan there is some potential here for a pullback if we take a look at Kodi in a monthly time frame we're going to see that the last two highs out here and what I'm referring to is back in December of 2013 that formed with the TD set up Nankam then the price went lower for really quite some time went into 2016 then you had a nice little rally that rally had nine consecutive closes on a monthly basis where each close was above the close of the month four bars earlier and but this tops as well on bar number nine of the TD set up Nankam that was in December of 2016 December what did I say the other one was December what month are we coming into December I don't know I don't know Alan is the third time the charm you happen to be in bar number nine on a monthly basis for Kodi that's the only pattern that I can see out here other than daily we saw price moving higher doing less rail to energy but not confirmed yet so I'd say put I wouldn't chase this knowing that we could just take a look at those other prior patterns longer term patterns out there and see how this one plays out so best of luck with that as well we've got a request here from a sat piece as could you suggest if there's a bottom in smart SMAR so let's first go see what smart is and then go see if we can find a bottom that smart sheet out here so here's what we know about smart smart smart sheet out here it's about as good as I can do and that is a prices consolidating between it's a bear structured daily profile 3938 is resistant 3595 support prices trading with inside it's equally balanced weekly profile bottom is 3653 the top is 4386 and the monthly chart doesn't provide us with a whole lot of information out there just has been trading long enough no profiles so to speak if we do take a look at the daily time frame and you're asking me the question sat P did this bottom the answer is going to be yes it bottomed on the trading day of October 25th when that confirmed that bull sash candle confirmed I do say confirmed its roads momentum indicator top now price immediately whenever you get a bottom the next thing you have to do is go figure out where resistance is at because that becomes your target of the move upside you got a break above resistance in order to say now you've got a continuation move and out here out here it's exactly what price did it stopped right at the 4099 area 4099 so price right now it pulled back it was a test of Stevie's red line you've got price above that level and 4099 is the number out here I don't know whether it's going to clear that area or it's just going to be within a range 3531 to 4099 but as we speak out here the question was is there a bottom yeah we just found a bottom and it's trading with inside that consolidation out there do that I don't know if you while your screens might be frozen guys in the production room everything looking good there just to make sure there's no one else who might be listening in or watching you know that would be great here is the weekly time frame chart for a SMAR and what we can see is this formed a TD9 count bottom pattern out here so as we take a look at it no nothing to be sorry you were teasing teasing me okay so you've got a nice 9 count bottom price held it's breakout level 3767 out here now in the case of the weekly is about 4276 but again you've got a bottom on the weekly you've got a bottom on the daily I don't know if we can get the triple crown out here let's take a look at the monthly time frame chart now not enough data on a monthly time frame chart to assist us with that so SAPP I hope that that helps you out with regard to ticker symbol SM AR and best of luck with that Ken writes in Ken in Wyoming Ken nice to hear from you looking for your read on EPR let's go take a look at EPR figure out what EPR is let's type in the correct symbol Stevo that's going to make it much smoother and I'll be doing the right thing EPR is EPR properties out here EPR so this thing here is down below it's a daily and now Ken it is testing and is trading below the weekly profile 7301 here at 63 profile wise this would say a close below 7301 could lead to a move back to 6635 that would be the bottom of its bearish structured monthly profile out there so you're looking for my read let's go take a look at the reading on the roads charts out here we're looking at the white background the Ninja Trader no bottom signal here although prices coming back into a prior hammer candle from back on July 23rd out there but I don't have a bottoming pattern as we speak just yet back then you had price moving lower doing less relative energy you got that bullish candle that went ahead and took price up to it's a recent high out here on a wave count basis to the downside right now in wave number five that's letter E but I don't see the bottom other than coming into support out here Ken so watch that hammer candle from back then if I look at the weekly timeframe here for EPR properties the weekly again shows the you know bullish engulfing candle but prices testing that area that area by the way is 72 59 and if it gets below that man the 6507 area is wide open so I guess to Ken to answer your question I have to assume you're asking me do I see any kind of bottom inside of EPR properties here's your hammer candle at 442,000 shares you're trading inside of it your best bastion for hope if you're looking for a bottom outside of Stevie's normal patterns would be I would have to say a test of that hammer candle 72 25 is the number and you'd like to see a test to reject that level do it less than 442,000 and then what you want to see is some kind of sign of strength off of that bottom and that could be your you know a potential by signal there so that's what I see we take a look at EPR properties hey let's go out to Jupiter and speak with Bill Bill thanks for calling thanks for holding how are you today I'm well Steve how about yourself very good thanks for asking so applied materials is where we're going to spend some time tell the folks what we can what we can do to assist you sure I'm looking at a very short-term play earnings announcement is coming and I think the stock looks strong I'm probably going to do an option trade on it but I just wanted your thoughts and where you how it looks I'd like to hear your analysis of applied materials okay so first from a profile standpoint to price above the top of the daily the weekly and the monthly so I can understand you know you're saying it looks pretty good looks pretty healthy out there and I should continue to move higher so but those profiles are not necessarily going to be a topping pattern or signal but they do provide us with how is price handling the sellers on its way up can they overcome those resistance levels and keep the ball moving forward here's the problem we've got with AMAT this formed a nice little road momentum indicator top and it did a bill on October 29 price was moving higher doing less relative energy you have the bear show up on October 29 with that bear sash candle price moves lower in test TV's green line right now and today looks like it's going to be bar number seven of a TD set up nine count pattern they'll hold on we come back to this break we'll further look at AMAT we'll look at the weekly and the monthly timeframe as well try to understand where resistance is at for this little puppy for you great applied materials we'll be right back books the tax act of 2018 set up tax free zones across the country where you can build it hold for ten 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 20 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 that same $50,000 investment in the target first mortgage program would give you $3,500 per year or $14,000 over the four years what should you prefer $6,200 or $14,000 of interest on your investment if you'd like more information about the target first mortgage program you can call me at 877-518-9190 that's 877-518-9190 if you haven't checked out the newsletters page number 4 all of the TFNN newsletters are informative up to date, affordable and must have for every trader looking to gain a competitive informational edge in today's markets TFNN newsletters cover every aspect of the markets to offer you the very latest in market news plus new subscribers get to test drive our newsletters risk free for 30 days from all aspects of the markets including stocks, bonds, metals and stock prices there's a newsletter to fit your needs exclusively from TFNN stay informed each day you trade and get the competitive edge that will help you stay ahead of the game visit our newsletters page by going to TFNN.com and click the newsletters button near the top of the page TFNN.com educating investors biotech is booming but for how long whether you think the biotech bull or has run its course trade LABU or LABD directions daily S&P biotech three times bull and bear ETFs visit directioninvestments.com slash biotech 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 biotech 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 don't forget you can listen to TFNN live on your mobile device 24 hours per day go to TFNN.com watch Tiger TV that's TFNN.com and hit watch Tiger TV for the latest market information welcome back folks we're taking a look at applied materials ticker symbols amath for Bill and Jupiter Florida so Bill here's what we know and I'm looking at the monthly time frame chart and the monthly time frame chart shows that back in November 2017 this formed and those are the highs that it's trying to trade up into but it formed a nice little roads momentum the high of that which was the dark cloud cover candle at high is 60 89 would then takes place over the ensuing year and a half as price moves lower into December of last year not unusual this was forming a monthly TD set up nine count bottom out there and so because that TD set up nine count what we know is that there's resistance or should be resistance at 5840 and this is trading at 5661 we don't know if that resistance level will hold or fail but what you and I do know Bill is that is your breakdown resistance area which often does hold as as resistances we've taken a look at on a number of charts out there so I don't know that the risk reward I don't have a signal out here to suggest that this is going to move lower other than when we looked at the daily time frame chart in the only ways we'd have to assume that this is a counter trend rally and if this is a counter trend rally we want to probably wait for bars number eight or nine to form that would be tomorrow or the next day well certainly by the next day you got to get the ninth bar in there confirmation the ninth bar for a top and then perhaps this is a short but yet Stevie's green line on a daily basis has continued to hold out here so it's almost more of a neutral signal right now with regard to AMAT but I don't have any clear signs of a breakout underway so what can you do with that information I just shared with you oh my god Steve that's perfect great analysis if I do anything for the earnings report I may buy calls and also buy puts just slightly out of the money to protect myself one way the other and hope to collect some premium on one side of it but no that was great analysis you bet good to hear from you thanks for calling in as always that was Bill in Jupiter so we've got a question here from Phil I think we're getting through all the questions that's a beautiful thing Phil writes in he says wonder if you make what what your make is what I think about FRO so let's go take a look at FRO that is frontline limited out here and as we take a look at FRO we know the prices trading below the bottom of its daily profile and bottom of its bullish structured weekly profile closed below that last week yesterday and has rejected the bottom of that box this week that level by the way is ten bucks even Steven so if it does close below ten dollars on Friday you've got two consecutive closes below that resistance level not good this could have support at the top of its monthly profile at nine oh seven let's go see what other signals might be out here for frontline limited ticker symbol FRO if we look at my other daily time frame chart here this suggests to us that prices at eight fifty six that is where price most recently broke out eight fifty six that's a trading day of September the twenty sixth out here so that's what we see price below Stevie's green line the consolidation type area support resistance eight fifty six to eleven seventeen but this looks to me like it wants to move lower out here that's the daily setup but take a look at the weekly setup what do we have out here no pattern let me see where we're at in the wave counts come back all the way here in the early part of twenty eighteen so that helps us we know where to begin our next wave count here where we at you did get to wave number seven that is letter G out here to to wave number seven the last wave number seven led to a decline this one is leading to a decline as well this up brings a seven eighty area into place now we've got two areas seven eighty and eight fifty six so eight fifty six obviously is going to be that would be we would be looking at and on the monthly time frame for front line limited now this hasn't done a whole lot of moving out here but doesn't look bearish so to speak doesn't look bearish but we're going to have to say that the daily and the weekly right now are controlling the price direction and they both are suggesting that they want lower price fill so what I see when I take a look at ticker symbol f r o and thanks so much for writing in that was beautiful we've gotten through everything and we've got three minutes left in this session and then another couple minutes in the last closing home stretch let's take a look at task market profiles out here there had been one that was trying to form on the daily time frame for the e s many it's evaporated it's gone it was attempting to form so what do we know about profiles with regard to the e s the n q the ym and the Russell 2000 they're all above resistance they're all above daily weekly quite frankly monthly and quarterly resistance here I can show you what that looks like we take a look at the e s many out here here's your e s many your daily panel is in your upper left your weekly your upper right your monthly lower left your weekly that's right we've got it all folks the quarterly profile in the lower right what you will see is price is above the tops of all those profiles and therefore shorting becomes very very very interesting and difficult and I saw comment inside the den earlier that m was going to wait for evidence and right now there is no evidence of a top we've got to go find a bottom bottom we have to go find a pattern in order to help us take a look at that so let's continue on with the s and p 500 switch over from the e s many to the s and p cash index here is it's a daily weekly and monthly horizontal trading ranges and right now it looks like the target is about thirty one twenty three or thirty ninety seven so another twenty six points higher thirty one forty two would be its monthly horizontal trading range that's around thirty two thirty one ninety eight is the monthly make sure I got that straight thirty one twenty three is a daily thirty one forty two is the weekly thirty one ninety eight or thirty one ninety ninety nine will call it agent ninety nine is the monthly time frame everything here from a horizontal trading range boundary line level says that price wants to move to higher ground that's what we see when we take a look at the charts out here I do see another question so let's go back to that we come back to the markets at any point in time and the question is Steve do you see do you also see sixteen sixty two low as a three drive to a bottom on the hourly chart for silver for high host silver so let's do this here just for the heck of it let me just put silver up on my screen and take a look at its daily weekly monthly and quarterly horizontal trading ranges out here so you can see prices below the bottom of the daily profiles bullish in structure by the way was that profile and a close below seventeen twelve is spelled curtains well the curtains just said hey price should pull back to the bottom of its weekly profile John and that sixteen forty three out there and a price right now is a trading right above the top of its monthly profile sixteen fifty eight is the number so at sixteen forty three sixteen fifty eight and the quarterly just prices to consolidate in between the top and the bottom now you've asked me to go to a hourly chart here for silver to look for its three drive to a bottom pattern let's put up the other set of charts out here my other tools I see we're going to a hard break John so we come back from this next break we're going to look at the potential of the three drive to a bottom pattern on the hourly chart for high silver basil Chapman has just announced a live ninety minute webinar he'll be conducting for subscribers to his daily trading newsletter the opening call which will be taking place Tuesday November 19th from five till six thirty p.m. eastern time titled a comprehensive review of the Chapman wave techniques and market outlook ahead for twenty twenty this is a great time to sign up for a thirty day free trial to the opening call well gaining access to Basil's live subscriber event taking place later this month with some stock picks up fifteen to thirty percent this year alone Basil will review many of the Chapman wave techniques that helped in their successful analysis as well as providing the sectors and stocks that he thinks will be of importance heading into twenty twenty for all the details check out the opening call on the front of 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 fifteen hundred dollars in the ten year treasury is hovering at around one point five percent Tom O'Brien has been writing his weekly gold report for almost eighteen years there's no one that knows more about how the gold market trades and how gold mining equities react new subscribers get a money back guarantee so you have nothing to lose every Monday morning Tom publishes his weekly gold report with coverage of gold silver bonds the XAU HUI GDX the dollar as well as more than thirty different mining equities as of September third gold report subscribers have five active open positions with an average unrealized profit of almost thirty eight percent for each position to see for yourself the types of profitable trades that are recommended within the gold report sign up today by visiting tfnn.com you know what's cool taking something that's good for you something specifically formulated to help with weight loss better sleep stress reduction and the need to detox Nicar hunter and gatherer ancestors found all their nutritional requirements for health in their wild environment but today our food sources no longer contain the vitamins minerals and nutrients our bodies need to stay healthy and strong that's why we need primal edge daily nutrition it includes a special blend of ionic oil based vitamins minerals fatty and amino acids in an easy to use liquid form primal edge is powered by highly concentrated folic and humic acids nature's preferred delivery system they've been called miracle molecules because like sunlight air and water life cannot exist without them that's right page they ensure we receive all the nutrition we need to be healthy and thrive we take it every morning primal edge formulated and approved by Niko and page of living a primal lifestyle buy it today for just $89 click on the primal edge banner on the front page of TFNN.com this is David White stay tuned because coming up next is the power trading hour right here on TFNN welcome back folks so the question is do I see a three drive to a bottom pattern in silver and so for three drive to a bottom pattern typically what you will see the first drive by the way would be at 10 o'clock on the morning on November the 8th the second drive would take place on November 11th at 10 o'clock and that was 26 bars when you have these three drive to a patterns form you like them to be equal in time zone spans that time zone span would take us to right now at the one o'clock time frame 26 more bars the other thing that you like to see is some kind of expansion Fibonacci expansion of those drives we take a look at that Fibonacci expansion out here like a 1.272 well you didn't really get down there the first one from drive 1 to drive 2 would have taken it to 1658 so that to me says well that's kind of suspect it's just a retest of a prior bottom if we take a look at the Fibonacci expansion of the second set of swing points out here that second set says you know no you know so I don't see it from the traditional as to I was taught by Larry Pesavento about the three drive to a bottom pattern out here I do see three tests of a low but that's really all that I see on the hourly basis with regard to that pattern out here as far as anything else if there were if it were to be a three drive let's just go with the fact that maybe this is a three drive to a bottom pattern John just like with the A to B equal CD a Gartley right so you got three drive you got three drive buys and sells you got Gartley patterns out there they each need to be confirmed with a bullish reversal candle and an hourly time frame I don't have that so that's potentially a three drive how you're going to take a look at it it doesn't really fit the way that I was taught and the way that I was taught was I wasn't taught I taught myself was the real importance on those patterns to get some type of bullish reversal candle and we don't have them as we know Satish my apology not being able to get to Berkshire Hathaway let's go ahead and do that tomorrow in the meantime stay tuned you got two more great hours you've got our favorite polar bear David White he's coming up next Tom O'Brien to take us on home and I look forward to seeing you on a wonderful Wednesday have a terrific Tuesday folks