 The Tiger financial news network Good morning folks, this is Steve Rhodes coming to you live from the shores of very chilly Delray Beach, Florida this year 9 a.m. Update and currently we have all the US equity futures Trading to the downside the dows off 408 points Nasdaq's down 275 s and peas down 68 Russell down 37 points all nearing the all over 1% the Nasdaq nearing the 2% level Overseas last night you had a mixed bag over in Asia the Shanghai Nikke finishing higher the hang sang off 309 points One hundred quarter percent over in Europe this morning the DAX is down 444 points the footsie off 115 golds up five bucks over down 48 cents out here lights We crude trading out at 83 76. That's off a buck 39 US dollar index up 394 ticks trading out of 96 or 3 I do have a ten minute delay there Let's go figure out what all this means if we take a look at our nine panel market update chart In the upper left-hand side, you've got the ES many you'll see the a to b equal CD pattern that is underway Price has already achieved the 1.618 level the next area or price target is 42 6850 that's the 1 to 2 a to b equal CD now typically if you read Tom's book the art of timing the trade out there I've somewhere in there I know that it tells you that when you do a 1 to 2 a to b equal CD You're likely gonna do something else out there that something else would be some type of a bound So that's the potential but folks a to b equal CD patterns the way they're confirmed is with a bullish reversal candle And not until one of those happens Does it really matter whether it's the 1 to 2 or 1 to 2.618 a to b equal CD pattern to the downside? We'll skip the spot ball of tennis was well above its 50 day expense moving average out here The end queue also an a to b equal CD down pattern it right now It's sitting at the 1.272 level which is 14 092 the next area down a price projection will be 13 570 US dollar index this confirmed to Gartley buy pattern prices above the top of its daily profile which was 9505 this suggests a run higher gold just trading sideways out here It's trading above the top of its daily profile, which is 1833 That's also the B point of an a to b equal CD to the upside that suggests price should make its way to 1861 and I say as long as price stays above 1833 that is like the outcome silver pulling back this morning It has an a to b equal CD pattern has not been confirmed to generate a Gartley sell pattern But price might be targeting a brand new profile That's attempting to form at the 2351 level lights we crude it's just consolidating inside its daily profile Watch for 83 20 to be support out there folks. Stay tuned. Tommy O'Brien is up next with the market kickoff I'll see you tomorrow at 8 o'clock. Well 806. I believe it's won't be begin taping the show have a Magnificent Monday Thanks much for joking