 The following is a presentation of T-F-N-N. The Tiger Technician Hour with your host, Basil Chapman. Call now toll free at 1-877-927-6648. Turn nationally at 727-445-1044. Now, Basil Chapman. Hello, everyone, Basil Chapman, Tiger Technicians Hour. My pleasure to be here on this 24th of October. Wow, a week to go. We wrap up October. That candle is going to be so important. Dyes down 52 SMBs of 3.75. I've spoken about this maybe for about three weeks now. I've been saying this is a very diverse market in the sense that there are some stocks even within the same sector that are doing well and others are doing very poorly. And because of that, you can see that's the trading range that we've been in. Why look even today? You've got a Microsoft up 2.81. And at the same time, if I can just find it, give me one second. I moved everything around here. Let me see if I can get this right here. I was in a bit of a rush. Had to just do a quick errand, came back in time, but barely. Let me just see. All right, Intel comes out with earnings today. I believe it is off to the bell. That's going to be important because yesterday, you had lamb research coming up with fantastic earnings. It was looking terrible as a chart. I'm coming back to the down a moment. I just want what I'm thinking about it. LRCX lamb research. Look, yesterday, it was down the 233 area. It had been struggling. It was near the all-time high, but it was struggling. Sideways from 244.98 pulls back to the 225 area, goes to 244.58, 40 cents below the all-time high. I mean, how many times have we seen that this year? It's just incredible. This is a daydating. I can show you stocks that have monthly charts that have come back to within pennies of the previous hour after a sharp decline. Hey, wait a minute. Now all of a sudden, it's up 25 points. It was up 10 points, then it was up 12. Then this morning it looked like it was up 14 or 15. Now it's up 25. I think there's a short covering, plus some new buying. I'm not sure just how much new buying that could be at all-time highs. I don't care how convinced you are. And this is only a leg C in the monthly, but I'm sure no one else is doing a chart formations like I'm doing, so they don't know this is a leg C, should go to a leg D in the chart methodology. But wait a minute, all-time high, I think this is more short covering and some people who are maybe adding to positions saying we're treated as a trading position. I'm not sure there'd be brand new buyers of this particular land research, land research semiconductors. Probably one of the leaders in the group, I believe Taiwan semiconductor is probably a better example of a company that's got orders that we can actually tell because it's public orders that are huge orders coming in, hasn't yet gone to a new recovery high, although at 50.78 it is just an eye blink away from the all-time high of 51.21. So we're watching that, but at the same time as Xilinx in the same sector of semiconductors down to $1.14 in 92.64, all-time high was $1.41 back in April of this year. A huge move up from the 60s to $141 and now it's giving a chunk of it back. So that's what I'm saying. And now let's look at UTX, United Technologies. There's a Dow stock, beautiful, up at $1.79. So in the breakout, as I mentioned yesterday, it was breaking out of the downtrend, the Chapman Web Insight Track repellent zone. Boom, goes to $144. Here's the exact example. September of 2018, $144.15, drops 44% to $100 in December of 2018. And within months, it goes all the way back to $144.40, 35 cents higher. And then it drops sharply down to the 120s. Now it's at 141. But wait a minute, that's United Technologies. The cannibal is a deep cyclical and it's down $2.22 today, and $133.14, being repelled from its Chapman Web Insight Track weekly and monthly, very long-term repellent zone. Look how many times it's been repelled right in that area. How do charts know on a diagonal where there's resistance? That to me is always just like a miracle. I have a theory. It's not one that I'm sure that we could discuss in terms of mathematics because it has to do more with emotion. And it has to say that at a certain emotional point, the emotion runs out. And it depends where your starting point is, but it's kind of an equidistant move to the upside very often. And look, you can see that. Look, that move back from in Canopola, back from the low of the week of the 5th of May of this year, at 118, screams up to 140.62. The week of the 19th of July then pulls back sharply and then it runs up again about the same amount of points. So you can see that's where it gets a little tired. Somebody's bumping in and now the technicals are starting to improve to the point where if it can hold support, if it can hold above the 131 to 129 moving average supports and then start another move, maybe this is the one that takes it higher. We'll see. So this is what I'm talking about, the divergence between within sectors. All right, let's get back to our story here. So I did the down. Let me just do this again, INDU. I just want to show you automatic support levels right here in the 120 minute at 26,746 and 26,729 and 26,725. What was the low today? The low today was 26,725.46. How about that for holding support? If it keeps testing it and then breaks it on the downside, that's not going to be good action. So that's this chart on the right on the left is actually a daily chart. Look at the daily chart right here as well. I show my subscribers every day. This is a 120 minute chart. Went to a chapter five, a leg C could still go down, down to a D. The daily chart is holding the 20 period exponential moving averages. It has to hold it. Otherwise it's a real problem. I'm going to get to a couple of questions that I think are important questions. Remember, I like to think of the chapter of methodology as being one of those techniques. You know how everybody says, oh, you can't get the exact top and you can't get the exact low. Well, we've demonstrated a number of times this year already that we've been able to get almost the day of the exact low in June the third. We've got a number of times just about the high. We've got seven points of the high in July using the chapter of methodology. Does it work all the time? Of course, nothing does. I missed some of the lows because of the manner in which they happened. It just didn't get in on time. And then we finally got in. We were almost ready to go to the short side, which we are right now. So this is very important. So you can see the MACD in the data chart is still positive. Look, sorry, the MACD itself is holding. You see the green line is above the red line. So that's positive, even though it's turning down. Stochastic now is under 80%. That's not very good. And yet my moving averages, let me just go back to this because is what I always show. I like to, these are classes that sometimes you'd even have to pay for, but I like to do them here because it just demonstrates what I'm doing, why I'm doing it. Otherwise, how on earth would you even know? You're not going to hear anyone talk about it. So here we are. So we had the cell signal over there that was back in April. We had the cell signal, bad news cloud cover back in July. We had the cell signal, bad news cloud cover in September. And we've just had another one. I'll be back. Pause the chapter. Dile down 75 messages of one. Do you like that? If you're not currently using the TAS Profile Scanner when looking at setting up your trading opportunities, then your arsenal is short a mighty weapon. 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All now toll free at 1-877-927-6648 internationally at 727-873-7618. Hi folks. So let's just get back to this down down 113 recipes down down three. I don't know what the news is but some kind of news is coming out. You see when I say bad news cloud cover too many words full words I would like to have it just as one word but that's okay or dark cloud dark cloud but then you can dissolve candlestick stuff. I don't like to I don't like to have overlapping word formations. So bad news cloud cover is really important because you will not get the moving averages that I consider to be important. You can use any ones you want as long as you're consistent to use the same ones over and over. In this case it's the green line the faster moving averages crossing the black line. It took 10 days after the April high to cross badly negative. It took 13 days to cross badly negative after the July 15th July 16th sell signal. They've got the exact top seven points from the top. It took 20 20 23. Yes, it took 14 days before it broke decisively with it with the September the 12th top and it's taken up until now one from the high. I should take it from the high. Why is it from there should be from there from it's taken one two three four five six seven seven bars and we've gone on the price. We've gone underneath the 14 period moving average in the down right now. And yet the faster moving averages not yet cross negative. Isn't that it takes a while it takes time to do that. So my question the question I had was from a subscriber was wasn't very very subtly phrased and I'm not sure why I wasn't phrased a little bit nicer than that because we just nailed things. I mean yesterday we had a spectacular day. The short worked and the and the longs worked fantastically. We had the longs that were good. In fact, today one of them between when we got in just a couple of days ago and now this morning was up to 17% is pulling back right now. But we've had some really good low cut low priced stocks that are doing very well. So I'm not sure what I'll give you the exact wording in the wording is now. Can I find it? I'll find it because I think it's I you know, I use these things not as credit critiques. Oh, let's say not as criticism, but more as critiques. If it's a critique, it means that it's a kind of a constructive articulation of what that person critiquing is thinking is good or bad about whatever they listening or reading to a reading. And in this particular case, it says you say in traders corner. That's the final. This is my daily newsletter. This is the synopsis 12 or 14 or 16 bullet points of it with a paragraph that sums up everything. You don't have to go through all my notes and everything. You just get it summed up in one paragraph and then I get the bullet points of all these different either positions we have, I'd like to get or things that I always watch every like the GDX. We don't often have GDX or the TLT, but I always put in what's the parameters, etc. So it says you say in traders corner. There's a really good chance of a big market drop over the next few weeks, but you put a super small stuff on your on your short position in the ocean. Is the ocean tide going along or short in the short term? And I think I summed it up by saying we're going short. And that was my position. At the same time, I was very articulate in saying there are other areas that are working. We want to be long in those areas. I want those areas because in this particular market, you want what can go against the grain. We've got agricultural fund. And it's doing it. I mean, it was up huge and that's what we want. We want to be looking at the market in order to just be locked in and I consider myself a timer and sometimes good sometimes bad, but that's what I do. So we're trying to place that. So the the the I'm not sure why this is like a frustrating question. I understand the question and I'll answer the question. The question was that with Microsoft, with Intel coming out, there was a chance at the market at the close yesterday could actually have been up 2 to 300 points by Friday. If everything came right and if Microsoft had a really good earnings win. But the way I was looking at the market, it looked really difficult for it to do. I saw much more on the downside than the upside. So I ignored the fact that it could have been. I looked at what is and my assessment is right at this particular time. This is a great deal of vulnerability and this whole political aspect. Don't ignore it folks. This is serious stuff. I don't think you have some of you have not been around maybe for impeachment. So I've been around for this another third time. Don't take these things lightly because during impeachment hearings, etc. The market becomes extremely vulnerable. And it can move higher, but at the same time it becomes even more vulnerable than usual. So and as Polo says in the den, always a bull market somewhere and that's really what I'm trying to find for you. And I think I did that pretty well. So I don't know why I didn't get a little pat on the back. But you know the expression that I have when you take your hands off the wheel to pat yourself on the back. That's when you hit the tree. All right. So no patting on the back just to say that I was doing my best to articulate to get you through the Straits of Gibraltar without hitting the rocks if you've ever seen the Rock of Gibraltar. So that's I've always that's been my mantra ever since I started in the business. Just preserve your capital as much as you can and see if you can get through the Straits and have those really big winners every once in a while because that's what makes the day. All right. Peak D gets a peak D in the early position of riding automotive earnings must have come out fabulous up 30 points at 431 all-time high leg D in the daily leg D in the weekly. Oh, and I'll turn it count G slash C. I just I can't call it a C. Right. I mean, I'm calling it a G slash C. Why? Because there's nothing wrong at all about the monthly chart. It had a Chapman instant restart for the whole for about a year and a half now for the very first time in so many just I'd like to say thousands of charts but it's probably in the monthly charts is probably many hundreds of charts not thousands. I've seen instant restarts in just so many have you looked at the these hundreds and hundreds of charts so many instant restarts that actually became instant restarts for a new buy mode to another D not just a G but a D. So I'm calling this a G slash C. The MACD and stochastic are holding really well. This is a good sign and it's also telling me that in the marketplace of automobiles and automobile repair a lot more people are still keeping their cars longer because even though cars are lasting longer I wanted to talk about that. Should I take the time now? Yes. Isn't it ironic? This is the way markets and things work this way when the automobile was about at its most unsafe back in the 1970s with cars rusted out here in the northeast in a year you'd be rusting out in your car the speed limits were going higher and higher. Now you've got the cars at the absolute safe safest in the history of the automobile manufacturing and the speed limits everywhere and not in that insurance is saying to you hey we're tracking you your GPS is tracking you you better go slow isn't that funny? 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 that 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 trading newsletter by visiting the front page of TFNN.com cancel it anytime 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 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. 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front page of TFNN.com So folks you can see right here so all he is holding really nicely that's a riding automotive there's parts etc people are keeping their cars longer I believe and it's costing a lot more to repair so they're doing well applied materials up 3.73 5426 had earnings I thought the other day applied materials was a 21st so it wasn't a great response but now all of a sudden it was horrible yesterday kept down sharply I think because of Texas instrument and now it's up and look it's walking in the weekly chart it's walking the black line that's the 14 period moving average and the 9 period moving average is acting as a springboard so there's your cushion test that goes right down to the 14 and boom springs right back up I've got this as a leg C in the monthly chart and so this is what I'm talking about yeah you got Texas instrument look at that just the other day was at 131 yesterday it's 116 peak e in the weekly chart so now look at this you've got I did lamb research I'll do it again at RCX Intel so the big move up in lamb research this is peak there was a C so there's ABC E slash C and there's an e in the weekly chart and once again we've got leg C in the monthly chart so that's the reason why I want to I didn't want to get too carried away I do want to have a short position in the Dow I see this rotational correction going to the upside not yet to the to the downside per se in other words if we were down thousand points and we were going sideways now there would be the rotational correction at the bottom where you're trying to sort out the next winners and the next losers and this is this is a this is a positive at this point because you're really going sideways and doing this big consolidation under the auspices of trying to test new highs for you to test new highs everybody's talking about the prices are everywhere you see it's like 1% within 1% of all time high there should be one you know what I'm saying is that this is a rotational correction if we can keep this up for a little while longer we might use up all the energy to the downside and they'll just be a relief rally to the upside but we've got to be very still be very careful here because it's so selective I just saw something where was it let me go back to it over here this morning when I saw SWK which is Stanley this is Stanley this is Stanley black and deck you remember the Stanley tools and then they amalgamated with black and deck or they were taken over and they've kept the double name well I don't want to see the tool industry start to take and take on water at this particular point you've got the weekly chart just going in a trading range almost looks like the S&P here but just a wide trading range between 160 I'm sorry 150 55 to a low of the 130 area just chop chop chop and the monthly chart has gone 176 was all-time high back in January 2018 isn't it amazing look all-time high January of 2018 tell me what this is keep your eye on the right side chart look at that January of 2018 13,635 plungers to 10,723 I would say I 3,000 point plunges a plunge and then rallies all the way back to the 13,250 area pulls back to 12,400 and now trading at 13,000 98 trying to knock on the door of the chamber we've inside track repellent zone what is this this is their New York stock exchange a very broad New York stock exchange so you can see that January of 2018 saw a couple of winners going to new all-time highs later on like in September and October and the down there some P and the NASDAQ but there were many I'm looking at a lot of stocks that had not gotten back to the January highs so this is very interesting and the New York stock exchange so standing back in Decker SWK if this can hold the hundred forty three share you over the coming let's just call it the next three weeks if it doesn't break under if it doesn't go to the 142s but if it's fact it just holds sideways and has one more attempt to get to at least the 155s that'll be very good action and that's what I'm really looking at that is a rotational correction going on try to identify what's working try to identify what's not working and at the same time have a wish list there are stocks that you'd love to get for instance we've missed how many times I wanted it I think maybe we've had it just for a very brief moment TMO which is what is that thermo-efficient scientific was much thermodynamics and was thermo-efficient and thermo-efficient scientific medical equipment they've taken over so many companies and every time it's been a very good success so it goes to two hundred and five forty five peak C in the weekly chart it looks very much like it wants to at least attempt a chapter C1 C2 double top but in the meantime the 305 all-time high in the monthly chart has pretty good pretty good technicals not great right now they start to weaken prices holding and this is one of those interminable winners indomitable spirit is gone and wait a minute what about that stock I spoke about some months ago I said this stock never seems to have a recession everybody needs it everybody wants it watching it closely because when it tanks we got to take note of it what is that waste management wait a minute tank what are you talking about tanking this is gone straight up with it just a sideways move for about a maybe less than a year and then it's even went higher than that but it's been from the sixty area just in 2016 end of 2016 it goes all the way to the high which I didn't type in I should have done that forgot to do it let me put it over here this is the week of the 6th of September it goes to 121 121 77 I would say double is pretty good 121.77 September of 2019 hey that's good action now it's making the pattern we call the dreaded H wait a minute dreaded H for waste management look what is a dreaded H remember I like to look at straight lines arches or cups and you get a mixture of the lower case H we call the dreaded H because if you take out the left side low could go quite a bit lower so there's a dreaded H we also saw it do the Y formation which was very positive look oh oops wrong wrong chart the Y formation right here look tiny little Y formation boom it breaks out he has the dreaded it is an arch formation and then it broke to the upside so it has a mix all the time of these patterns all of a sudden the Magdeez terrible in the weekly chart so casting is down at 45% is way underneath all the moving averages of importance if it could very well go lower so we got to watch things like waste management because I've always said that we make it waste management starts to take more than a breather perhaps we're in some kind of at least a mini recession or a rotational recession so we're going to keep watching that huh right Home Depot another one Home Depot all time five days ago it goes to 230 I think it was 37 son 38 there 238.99 almost by Penny 238.99 and now it's pulling back and there's the cup formation breaks out to a peak D there's a second peak D remember the peak D the fourth highest peak we're always looking for those you're the pullback and it's she says being the weekly chart and legs see so looking out it's still very positive short to check watch Home Depot I'll be right back Basel Chapman Tiger technicians our I just want to talk about when we get back we're talking about the many with that double top that I was just talking about the Y formation 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 to 75,000 the interest paid is 7% yearly paid on a monthly basis according to bank rate.com the best rate for a four year CD in the 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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 principle the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor foresight fund services LLC don't forget you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com then hit watch tiger TV that's tfnn.com then hit watch tiger TV for the latest market information Hi folks look at the struggle now the Dow's down 54 speed is up 2.81 and you've got right here in the Dow what's the big movement today proctin gamble is up so I just want to show you this so in the Chamberlain methodology remember I looked at that the Y formation so you have to dread it oh did I just take that away let me just find it again if I can right here click yes so here's the Y formation straight line up and then you make a little cup formation retest that if it fails that's like the like I call it a drop bucket pattern because it's like a backhoe lifts up all the the gravel in the bucket fails to go higher than that opens the bucket boom everything falls out and here we go we've got at this particular point when the S&P tested the 3,01175 I think it was yeah 3,01175 high just after noon Eastern time the technicals were way worse than it was and that initial position right there at 1136 and it said be careful and the rule of thumb for me is in a cup formation if you take out one third to a half of the left side high flip to the base be careful because there's a good chance you're going to test the bottom if you break the bottom there's a good chance you can get a 1 to 1 to the downside well we just did that and you got your 1 to 1 to the downside plunges down to 3,000 we're actually 29975 at the double bottom rallies and it goes peak A, peak B whatever we're always looking for peak C and it gets to a peak D well we don't know if it's a peak D yet because it's a two minute chart and we're in the in this minute right now and it yep there's a peak D so we've already got into the second bar after you made the D the MACD is good but nothing like it was back there stochastic is good at 85% but it could be turning down got to be careful so I just wanted to show you and the last big move in the 10 minute chart was to peak F there was that cup formation again with the technicals that were much weaker on that big rally just off the 9 o'clock to the high of the day 3,015-25 plunges down rallies up to you know like almost a single leg A you know my rule of the single leg A that it can fail if it does certain things and here it is really being tested alright so I just wanted to show you the pattern while it was live it's better to do it live otherwise you nobody can ever be wrong if they're looking back 2020 and saying hmm let's see it went up yeah I'm saying it's going up you know this is predictive and you stand where you are at any particular time based on the patterns hmm about the when you reckon we get the furious code of phase so there are a couple of things I don't want to talk about it now maybe tomorrow and technical Friday I'll talk about it um there are a couple of things that have to happen now did I know uh two and a half years ago when I started talking about a code of phase meaning how can I best explain it in a Beethoven sonata or even a symphony the very you listen you got the first movie usually very long second movement women's pretty long third movement's fairly quickly usually in wall scouts so time then the fourth movement comes along and he tries to get all these ideas in and you think he's just going to wrap it up and you go you know I'm bomb and you think it's going to go bomb five one that's a end code and pieces no what he does is go do I'm bar you know a lot of you and he just goes on you think oh my god he's going how long is this going to go and he goes on for a little while brilliant brilliant brilliant then all of a sudden you think well this is going to you guys you know I'm barred and you don't know and he goes to another theme and then before you know it he suddenly goes do I'm bomb so these code of sections can last a lot longer than your patients like a rectangle formation number one number two is this is a period where I've been talking about where capitalism has to go totally awry so that eventually all those people that are talking about socialism and everything really have something to latch onto because capitalism as long as I can as everything I've read about and everything I've ever seen always goes from sparsity or scarcity to accessibility it just there's nothing in between why because human nature always wants a little more and a little more and a little more and a little more and that's just human nature so I don't see how we could end this without every newspaper having front-page headlines saying Dow reaches record level whatever there's going to be the major market index of the fashionable index and that's the way it's going to be just like in 2000 I just don't see it ending off the 10 years just fizzling out so I do believe that there's a Coder phase to come the whole Coder phase the excitement of the Coder phase lasts between three and six months you go from pretty much just talking about it a little bit to people you've never even heard of coming and your and your grandparents or relatives you've never even spoken to for ever suddenly calling up to say what do I buy what do I buy and we haven't had anything like that so we've got a caller on the line and we see let me go right there thank you for that reminder I don't see it is there a caller did you see the caller who's the caller hello who am I speaking who am I speaking with yes this is Charlie framing Charlie hi how are you Charlie and framing him from where framing him just yeah hi Charlie haven't heard from you in a long time how you're doing I'm doing well I am in UGAZ I bought it the other day and we got a pretty good pop today and I'm wondering if you if you think that it's going to close well I don't know it's I'm looking at a gap somewhere there may get the you're doing that the gap just from a few days ago UGAZ folks we're looking at this is the this is the three times long natural gas there was a gap from the low of the 18th at 13.52 next day gaps down to this tends to do these wild things gaps down all the way to opens at 12 87 and then it goes even low it goes to 12 42 and now it's kind of sideways and it's gone to 13 with a high of 13.23 So Charlie let me just go to the natural gas continuous contract it'll be very close but it gives me a little more information because I've got it all notated now when I see a very very sharp move down in a single leg a that tries to rally and then fails and then goes to just a nominal trough B and then tries to rally again it says that the downward pressure was done in such an intense way that the talk to the downside and then the momentum all kicked in pretty much at the same time so that you you served to used up almost all the energy and it says that pretty much there's a good chance that you're making some kind of a low to really get a reversal like an elastic band pulling back and then springing up there is no time for this little H pattern and then meandering around sideways so what I am going to say to you is from the look of it the Mac these 10 positive the stochastic actually had a nice positive divergence the weekly chart is actually technically improving this is what I'd be looking at I don't know what you do you have a stop in place what would you use as a stop I haven't used probably thinking like I don't know probably somewhere below well 35 okay so now I'm getting a lot more information about it I've got the 120 minute chart I'll tell you exact can you hold on and we'll do it as soon as we get back okay great we've got Charlie and Framian there's one or two towns over from where I live in New Massachusetts and we're looking at the down down 52 sbs of three and a half and we're looking at you guess a 0.55 natural gas itself is up as well of course 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 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 is 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 and what I do sign up for 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dollars click on the primal edge banner on the front page of tfnn dot com Hi folks this is Steve Rhodes stay tuned for another great hour of the trader's edge heard here at tfnn dot com Hi folks so we're back so Charlie this is what I'm looking at this is the start of an attempt of a rally just I would not I've got on on you guys itself I've got a moving average here that I think is important it's a 1335 it needs to climb above that and it has to do it in the pattern I'm looking at it really has to do it by the end of the day or by tomorrow at the latest if it can't do that it could go sideways for a little longer so on a very short term basis it has 14 period moving average supported 1297 it's a 1306 right now and then the 9th period is at 1284 and the way I'm looking at it I don't know whether what kind of how wide you want to keep the stop or you want to split it up but one part of my position at least I would say that if it takes 1280 84 in the next day or two I'd probably lighten up what you really would want at this particular point is to say hey you show me you've got the momentum I want you to move higher you move higher and I'll split my position into two parts one will have a trading stop and the other one will be my core position plus a little bit of profit as a guarantee and that's what I would try to do but it's a little dangerous after a major thrust to the downside so it might need just another H pattern it might take a little time you want speed and speed is for me absolutely imperative on this trade so you want it's a 1302 I don't want to pull back much today I wanted to be moving towards the high of the day at the close I don't know if that helps you but that's the way I would look at it hope that helps you okay I guess Charlie is just listening and he's not there but he's listening good thank you Charlie for calling so folks let's just do this we're about to wrap up you're about to go to Steve Rhodes then you've got Dave White and Tom O'Brien dows down 40 just a real mixed market I did not realize that MA Mastercard which we got smashed the other days up eight and Verizon so V is visa is up four as well and that's what I'm talking about the DOW should be much higher but it's got some very weak stocks you've got some good stocks that's why it's in a trading ban 40 points on one today I think that'll be a good sign for Friday so have a wonderful day and I'll see you tomorrow check out my opening for my newsletter the opening call right on the front page of TF and have a wonderful day Larry Pesov