 The following is a presentation of TFNN The Trader's Edge with Steve Rhodes Toll-free at 1-877-927-6648 or internationally at 727-445-1044 The Trader's Edge now Steve Rhodes Good day from TFNN Welcome to the April 23rd, the terrific 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 Hope everyone others having a great day. How about we have an extraordinary one? Of course the easiest way to do that It's to always remember that life is happening for us, not to us That's right. We knew that make that one little two-by-four shift It means we can find the gift in every set of circumstance that life is gonna toss at us today You and I we get to go check on the circumstance of these markets We get to go figure out what the bulls and the bears what the buyers and the sellers are communicating To you and I just passed one o'clock in the afternoon. I want you to know that I am Absolutely grateful for your presence here, but more importantly, I'm here to serve you So feel free to pick up that phone Dial on in at 8779276648 if can't dial in we've got you covered Let those fingers do the walking send me a quick email Steve at TFNN.com Inside the subject heading, please put radio show question and in the Tigers den any ping will do So let's go ahead get this show started on terrific Tuesday Of course, this is Tiger Financial news Network MC roads welcome to less show right now the Dow up 161 points 26 672 as a friend that's about six tenths or percent to the upside leader percentage wise is the Russell 2000 of one and 710th percent that's 26 points And we're gonna cover the Russell 2000 for a new listener As I did guys in the show yesterday But first we're gonna get to first we're gonna go ahead and get to gold had a couple of requests here one from Peter in Park City another from Ian B and Ian wants to take a look at the the GDX and the XAU From analysis standpoint everybody is looking for a bottom The question is what is it that I need to see in order to be able to identify a bottom now? I want to make this as simple as I possibly Can so let's first start by taking a look at the gold contract. We take a look at the gold contract Let's punch this screen up here, and there's really to a to b equal CD patterns that we could draw in here There's the larger one the larger one. I'm referring to Begins on February 20th. That's at the 1356 level makes move down into March 7th at 1287 50 makes a retracement about a 61 point 8 percent retracement the exact number was 63.21 so perfect retracement out there March 25th If we use those three as our data points, which we should because prices underneath the 1287 50 It gives us a price projection of 1262 30 now That's just the one-to-one price projection level the 1 to 1.272 would be 1243 67 so that's one a to be equal CD there are more there's at least another one out there Let's draw that one in here and here. We're going to actually use the C point that was a trading day of March 25th That would be our a for the smaller a to be equal CD The B point would be April 4th low and the C point was a retracement into April 10th That was about a 61 percent retracement was actually exactly 64 point 92 Now the one-to-one of that level as Peter was pointing out that was hit that was 1268 80 We actually got underneath that 1267 90 so let's assume Peter Ian everyone else that's out there that's the smaller a to be equal CD pattern that would be in play out here Then becomes a question. How do what is that that Stevie needs to see? Well, let me get rid of the a to be equal CD patterns that are out here So we know that we're at one and you know a little bit of ways from another the first thing Peter everyone else that I would need to see would be a bullish reversal candle as we take a look at The candle as it speaks right now. This is not a hammer candle I know it looks very close to a hammer candle But there is just simply too much of an upper wick an upper shadow on this Current configuration that doesn't mean that's what it looks like at days And so we really need to know when the contract closes is what does that candle signal look like? We could very easily end up with a hammer candle. We know that the open was 1277 so as price should price continue to make its way higher If the small body of this candle closed around 1279 1280 Maybe 1281 Somewhere right around that level that could turn into a hammer candle actually your preference. I would say your preference is around So 79 I'd say 1279 to 1280 would would generate your hammer candle So Peter if we saw that Ian if we saw that that would be a signal that gold is saying that it may have bottom We got two competing a to be equal CD patterns. I know you're saying oh come on stevo Yeah, don't don't give me this. Oh, maybe we will have bottomed and you're exactly right I would never do that. I'm not gonna leave you hanging like maybe a hanging man candle could out there, right? But that would that's not what we're talking about here instead. We're gonna make it easy. How do we make it easy? Well, the one thing you and I can do is we can go ahead and add our task market profiles So let's do that now. Let me turn off the weekly When I do that and here's what you're gonna let me turn off price So you can see that there was a new profile that formed out here There's a new profile in the current contract and one of the things I want you to notice Here's the data box. I'm gonna pull the data box down and so we're just we just see two lines right now versus Three normally we see three well actually the third line is there It's just invisible unless we look at our data box the bottom of that profile is 12 77 20 the center is 12 77 20 That is a level where? Truly we talked about bullish or bearish Structured boxes and although it's narrow because the top of the box is 12 85 very bullish structured box as we turn price on We're gonna see the price is trading below 12 77 20 at least I believe it is it is 12 77 20 so what do we need remember we talked about? Look, I need to see a bullish reversal candle a hammer is only one of the candles This could turn into be a bullish engulfing Session and we just don't know I'm just letting everyone know that at 1 13 in the afternoon It's not a bullish reversal candle So what would you need to know on top of that Peter on top of that in with regard to gold having potentially bottom I'd want to see price close above the bottom of that profile 12 77 20 right now It is a key resistance level out there and without that in place that really brings back into play The larger a to b equals CD pattern that gives you the price project in 12 62 to 12 43 level the fact of the matter is you'd like to see the same type of thing with regard to the gdx What do I mean with regard to the gdx? I mean you'd like to see a bullish reversal candle signal out here as we take a look at it It's made of 1.272 just because the candle is green Does not mean it is a bullish candle likewise a red candle doesn't mean it's bearish the the color of the body in this case here is just telling you where the open and The clothes is as bullish candles go This would be one of the weakest bullish candles and you wouldn't want to necessarily hang your hat on it So in K in the in the case of the gdx price is well below its daily profile out there We really need to see gold give us a bottoming signal and at 1 14 in the afternoon We don't have it nor do we on the gdx So my suggestion is let's be patient until the market confirms a bottom Steve Rhodes with TFNM We'll be right back The Taz profile scanner is the most revolutionary piece of trading software that you will ever try Wouldn't you like to approach the markets with confidence as you begin your trading day It's likely that you'll be faced with lots of decisions in order to make the best decision The first thing you'll need is a strategy that will help you minimize your risks Whether we're in a bull or bear market A good strategy is to have the tools needed to help you scan and analyze the markets before you trade The Taz profile scanner instantly scans and filters over 2,500 global financial markets Such as stocks ETFs commodity futures and forex headed by Steve doll president of Taz market profile The Taz profile scanner understands that in today's technological world the use of top flight software applications Automated trading algorithms and technical analysis expertise is essential to successful trading in today's market Whether you're looking at the trade matrix, the ETF heat grid, the market breath, the landscape charts Or the many other features of the Taz profile scanner This is a piece of software that will revolutionize how you look at the markets and set up your trades The team at Taz has even put together a 12 part video series to walk you through every aspect of the Taz profile scanner Which you can find directly on the Taz order page at TFNM.com Sign up now for only 97 dollars a month with a risk-free 30 day trial So you have nothing to lose and everything to gain See for yourself how you can harness the full power of the Taz profile scanner by visiting the front page of tfnn.com today And you'll find the Taz profile scanner under the services section Remember with a 30 day money back guarantee you have nothing to lose Don't let another day pass you by without trying out this amazing piece of software That will revolutionize how you look at the market and how you place trades sign up 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 or on the front page of tfnn.com TFNN has launched our brand new website. You can still visit us at the same tfnn.com URL But when you do you'll see a new and improved homepage with a much simpler navigation Whether you're watching tiger tv live in high definition or just accessing your newsletter subscriptions We even have new pricing in six months and yearly options Check out the new tfnn.com now and experience all the upgrades tfnn.com educating investors Call now toll free at 1-877-927-6648 internationally at 727-873-7618 Back and to just go ahead and finish off You know the the gold marketplace and so forth if we go take a look at a shorter term time frame Because you know the question might be out there. What do you mean? You don't know what the candle session is going to be at the end of the day Well, well, I don't if we take a look at a 30 minute chart just as an example out here If you and I were going to take this chart I know there's no number of lines on here and we were going to Identify in the gold contract where would it find resistance? One of the one of the levels you would have chosen were these these little dash blue line areas and you can see In the 30 minute session that we're in right now That is exactly where gold is found resistance that little blue dash line out there So price has made a nice countertrend rally right into resistance out here And that's at the 1275 area and since it is backed up Let's say you're long the mining equities like s&p's nibbling and others are out here What you don't want to see and this just a short term because if you're nibbling you're just maybe short term ish If gold closes below 1270 to 10, that's stevie's red line right now That's a bummer and if it closed below 1269 10 even though that's not the low of the day You know, that's the bottom of a 30 minute profile. That is not what you want to see out here Instead, you want to see price a clear not just 1275 but the solid green line And that is at a price point of about 1278 the exact number is 1277 60 So those are the types of things you would need to see on a short term basis as well as what to be aware of On a short term basis should gold continue to kind of sell off and move a bit lower out there With regard to the xAU Ian was asking about the xAU A slightly different chart here. We can see the xAU has made a 1 to 1.272 a to b equal cd to the downside This uh, Ian was asking about the xAU because yesterday when I did tom show I had identified For us that the xAU was likely going to form a nine count a tom the mark set up nine count today And at this stage that is the case and oftentimes An equity a commodity it doesn't matter the time frame a currency pair Can make a turn Using this pattern Recognition tool typically the turn will come on bars eight nine or the bar after bar nine So that would mean maybe the xAU Does into bottom until tomorrow. Maybe it doesn't bottom it all out there Um, so and the gdx It is it is one day behind with regard to its count just because of candle configurations and so forth and just the way that price moves out here But if we take a look at the gdx on a daily time frame, you're going to see that it is only Potentially forming day eight today Now day eight can be a bottom so it could kind of coordinate there correlate did correlate but coordinate with the xAU Um, but maybe it's not until bar nine or bar 10 and what we don't have is some type of bullish reversal candle always Dangerous because markets will continue to go lower until the bulls show up How do we know because they they rear their head they have to they have to they show themselves in a japanese reversal candle That's just the way that it works out there and markets will continue to go lower and lower and higher and higher Until either the bullish or the bearish reversal candle forms That's a segue into a question that came in from let me see here. Let me get this Uh Get out there, uh that came when it came in from michael michael b michael says hey, I watch your show yes Say for the first time when you filled it for tom's first hour slot very informative interesting You said yesterday the drussel 2000 was bottom and sure enough it went up this morning my question is how Did you know? I didn't go into detail. Perhaps you can touch on this during your show today. I'm gonna watch okay So, uh, michael this bud is for you. Let's take a look at the chart You and I were looking at yesterday in the russell 2000 It was the 60 minute time frame chart and I was filling in for tom doing three to four And remember we said hey, uh the show ends just before four, but I gave you the update at uh Four or five minutes six minutes to four and what we were looking at at this stage right here I'll draw an arrow just to make it easy was this candle right here And this was a bullish engulfing candle a bull sash candle now the candlestick itself did not identify For us that this was a potential bottom that was forming out there The pattern is the most beautiful pattern out there And it's the most beautiful because I wasn't looking for it, but then I found it and then I tested it and I was like son Up a gun Because it's a pattern that's been present before the beginning of every single bear market since 1896 And then you start trying it on other time frames and other instruments and you're like Son of a gun. I know I said that once before and I will say it again And that's that's the steve roge momentum indicator signal And the question is do I teach that to subscribers and the answer is yes. In fact subscribers If you're a subscriber of mastering probability, please don't forget to always go over to this is kind of like your members page It's my members page and go to the archive webinars by steve roge You get the mastering probability link takes you to all the newsletters Or you can go to the archive webinars and in the archive webinars when you hit on that What you will see you'll see a welcome video. That's helpful to understand mastering probability newsletter how it works You'll see my trading range boundary line workshop. That's an hour workshop. You'll see overcoming fear in five easy steps Let me tell you the psychology of trading is covered here. If you want to understand what drives you whether it's just with regard to financially um Relationship wise emotionally and markets all about emotions that the pattern we just looked at is an emotional pattern I've just been able to numerically identify that emotion and identify when the emotions are giving you a false Signal out there. We've got the ultimate trading signals Japanese candlesticks We've just discussed how important understanding Japanese candlesticks are and I'd really like it. I narrowed out. I take basically Thousands of hours condense it really do condense it into one hour of just what you need to know If you just master that workshop and combine that with your pattern recognition You're going to be leap years ahead from most other traders or investors We got steve's red line out there as a workshop You've got the td set up nine count on all of these I tell you exactly what we're looking for exactly what the so-called Secret sauce is there's nothing secret about it the formula in there And then we've got my black box signals and a money management workshop There I know it's a lot but if you're looking for education Well, it seems to me like this is a pretty decent place to start and tomorrow We get the five essential patterns for timing the markets That's going to include the rose momentum indicator signal may 22nd I'm gonna spot and avoid the next bear market and then the ultimate reversal patterns in june. So Michael that's how you so the answer is yes to your question. Do I teach this the answer is absolutely positively? Yes, and there was that pattern and that pattern just simply puts the edge in Your pocket what I can't do is guarantee you that the pattern is going to work out or not It's just if we're looking for tops and bottoms. We know what to look for it was present at 4 p.m Yesterday afternoon. It is no surprise that price moved higher out there now with regard to the russell 2000 and move higher What does it mean? Well, what it means is And let's make sure we understand the interpretation of the meeting We're going from the 60 minute chart out here to the daily time frame chart and all the russell 2000 is doing Yes, it's up nicely. Yes, it's leading the market percentage wise See those blue dash lines out there Not above them. Are they just like that 30 minute chart there for gold And what you can see is a consolidation pattern for the russell 2000. It's a beauty It's from about 1500 to 1600 roughly a hundred point consolidation a break out to the upside You have your measured move a hundred points a break out to the downside your measured move a hundred points We don't have either right now Russell 2000 in your good old fashioned consolidation pattern Steve Rhodes with tfn 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 and p 500 for the last 12 Six and three 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 tfn.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 newsletter Using a combination of equity trades along with options David keeps his subscribers up to date with all pertinent market information with intraday afternoon updates when warranted Don't miss out on this great chance to get a 30 day free trial to david's daily newsletter The path of least resistance with no obligation to pay anything david has been delivering solid recommendations for his subscribers Recently and if you'd like to see the type of newsletter he delivers every morning Then visit the front page of tfnn and you'll find the path of least resistance under trading newsletters For all the details and to start your 30 day free trial today log on to tfnn.com now tfnn is excited about our new software charting program the art of timing the trade charts In collaboration with tom o'brien and using his best-selling book the art of timing the trade your ultimate trading mastery system David white has programmed an outstanding piece of software that will complement any trader's methodology Using this first of its kind program the art of timing the trade charts allows you to scan thousands of stocks for Fibonacci formation setups including guardleafs abc's butterflies and much more the art of timing the trade charts is designed to Help you when scouring the 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 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 Good afternoon folks, uh, so we've got the dow up 159 s and p's up 25 nasty 192 Nasdaq composite up one and a quarter percent That's about a hundred points to the upside the question coming in from the tigers then from john is uh The nasdaq composite may surpass the 81 33 Record high in here's the monthly chart out there so you can see what john is referring to that's the high from back in august of 2018 81 33 30 John goes out and said do you have any obvious targets up at higher levels if this rally extends? So i've i've put a couple of different and now this is a monthly chart that you and i are taking a look at I put a number of my automated trending line system To work on the screen a monthly chart interestingly enough john and others out there if we take a look at the high from october In 2007 and we attached that to the high where there was a consolidation In july of 2015 and we just used that line in those touch points The december decline found support right there Right there right on the spot simple trend line that was tested and it held now prices going up against 100 percent move of move a previous swing point and if price clears the 81 33 level Then what i would just look at is a simple trend line and this is off of the july high in 2015 And we can just use the august high in 2018 It certainly worked well with regard to the our support would be and so that could be a resistance level And if we take a look at where would that be priced at around 89 24? So this is longer term out here But that would be one of the price targets that we would Look at out here if we want to identify horizontal levels those were diagonal levels of potential Price targets resistance and so forth what we can also do though is we can go take a look at the nasdaq composite I just have to find it where did I put it? Thought I put it somewhere be up right here. So here's our primary now We're back. We're still on the monthly time frame now. These are the horizontal trading ranges remember I mentioned to michael there's a number of workshops on the On the members page newsletter subscriber page out there. Well, this is one of them horizontal trading ranges And uh, this is the work from bud ralfs However was modified so bud was doing those of you that remember been long time time tf and enters You know buzzes was the king of horizontal. He would call them primary trading ranges out there And but all his work was done visually which is great I actually don't have the time to do visually when I can do it electronically You're actually pay a programmer to write the program to be able to do this Which is what I did and and while a lot what you're looking for is largest number of co-located That's a word that he used I pay him a royalty every time I use that so you're looking for a Co-located that means either an open or a close You're looking for an open or a close in this case here It is a monthly open or a close out there and you're looking for the largest congestion point as I turn on my instrument that tells us where the largest conglomeration of opens and closes was on a monthly base inside the nasdaq composite You'll see it's all the way down at the bottom between 1310 and 2088 Between 13. Let me repeat that between 1310 and 2088 now all you really do is you take that price difference And you just keep adding that horizontally Equidistance out there and sure enough Because when the high was formed in 2000 It's horizontal trading range reasons levels 5200 519907 now did it hit it exactly no We use these as guidelines out here good guidance These are just the monthly that I have on my screen So john what I would then say to you is even though I gave you a higher price projection utilizing Uh diagonal trend lines I would be watching the horizontal trend line and the horizontal trend line for the nasdaq composite says 8309 Generally in that area could be a resistance zone I can put other time frames out here again. It's a monthly look that we've got I could turn the monthly off We can turn the weekly on the weekly are going to give us different numbers I have to change that white background to a black if I'm going to go ahead. There we go. You've got 8309 For a weekly level as well out there So you've got that on the weekly you've got that on the monthly and that 8309 level And so I think that is the next area for you to look at as a resistance point And that is in the nasdaq composite now What I don't have Inside the cash indices out here are sets of profiles I could turn them on the reliability not as strong as and take and look at the equity futures contracts And so my preference is really to go there So if we're going to go there what we're going to do is we're going to turn the es mini off We're going to go ahead and turn the nq on even though this is represented nasdaq 100 What we're going to look at here or where is the nasdaq 100 trading in relationship to its market profile So we've got daily in the left above the top of the box weekly on the right above the top of the box above the top Of the box is just like driving down expressway for those of you that use the speed limit as a guideline You know, you can floor it here. You can floor it until you're happy Just make sure you are staying focused when you're flooring it. Well, the market right now is flooring it It is no surprise the market is flooring it now the resistance level for the nq was The monthly horizontal not sorry the monthly Top of its market profile that number specifically is 77 78 We're not at the end of the month. It doesn't happen till next week But to close above that it is above resistance out there And then if we take a look at the nq the nq is above quarterly resistance, of course This doesn't matter until we get to june Nonetheless trading above that is a bullish outcome We have not traded above the top of a quarterly profile in the nq This is the first time since the highs last year were made Do you think that it makes a difference to trade above the top of a quarterly profile? Well, the answer I you know, it's it's obvious maybe If we can prove it the answer the answer is is absolutely positively Yes, and what's causing all of this? What is causing all of this really? Yeah, what what is the reason behind this? I mean come on You've got the u.s. Dollar index up 375 ticks out there trade out at 97 33 You've got bonds that are trading slightly to the upside about two tenths of a percent to the upside And you've got the u.s. Markets trade to the upside Is that not a beautiful thing or what is there not one succinct message in that? above all There is You tell me where the game in town is you tell me where the game in the world is You tell me where is it that the flight of capital is coming to? It's coming to the u.s. It's in the u.s. It's in a big way It's been in a big way for a long long time. This is the place with confidence I know some you may think that things are a little screwed up here I'm not necessarily referring to to me or the show or what have you but inside our Little box out here of the north america or the united states the reality is money money Show me the money you're seeing the money right here I hear folks talk about you know a strong dollar is going to be bad for the market Give me an effin. Can I say effin? I is a fun friend of mine break U.s. Dollar index bottomed years ago The market has been rising ever since the folks that say that just simply want to ignore reality The u.s. Dollar index going to go higher Bonds too may be going higher out there because that's the easiest way to get your money into the u.s. Dollar Out there and the u.s. Markets can't go higher now We'll just simply take each market one at a time out here one at a time We'll just use these tools. Hey take a look at the dow Christ in euros. I've got to happen somewhere out here on my screen. Where is it here it is Oh, that's not it. That was close. Hey, here we go. Take a look at the dow price in euros All time highs they're buyers buyers beware If you are 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 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 6200 over the four-year period that same $50,000 investment in the tiger first mortgage program Would you give you 3,500 per year or 14,000 over the four years? What should you prefer 6200 or 14,000 of interest on your investment? If you'd like more information about the tiger 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 of tfnn.com What are you waiting for 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 commodities and tech 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 has room to run or has run its course trade labu or labd Directions daily smp biotech three times bull and bear etfs Visit direction investments dot 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 Please contact direction shares at eight six six four seven six seven five two three 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 and hit watch tiger tv That's tfnn.com and hit watch tiger tv for the latest market information Folks so earl writes in earl writes say steve not using any charts I want to sell and take profits And he wants to sell and take profits and in a long s and p 500 position And he wants to go short the s and p 500 and his question is is that the exact wrong thing to do? I will I will answer your question by looking at the chart patterns multiple timeframes And suggesting to you what the chart patterns tell us I don't know what the market is going to do the next minute What what I like to do is take the information that's at hand right now And say and then to answer your question. Is there any topping signals? I think if that's the question I can go take a look at charts. I know you're saying you're not looking at charts I have to look at charts because that's how I understand the message of the markets. It's how We were able to take a look at the russell 2000 the weekend to see out there yesterday at four o'clock and say hey Look at this bottoming pattern that's out here That was to help people that were thinking the russell 2000 was weak yesterday And they wanted to jump on the short side because with that pattern that was in play That was absolutely the wrong time to do that now if we take a look and we start here. How do we start? Let's start with let's start with this chart here since this is something we've already taken a look at And to do that, let's go take a look at now the daily the weekly the monthly The quarterly time frame charts for the es many. Here's what we know prices above every single top of that profile above resistance So if you are identified you're saying there's a top of the market right now It's not because prices trading below resistance So and this is a new profile in the es many that formed four days ago 29 18 you're 29 36 remember it's like a Driving down an expressway that's crowded and yet you get out in front of the traffic and you're free to floor it You're free to floor it is what this says what these charts would say to me out here Is that if you're going to go ahead and you're going to take a short is now the time My answer would be no the better time would be an anticipate and expect that the es many is going to go Take out its all-time highs And it's going to go test a rising trend line that began We're going to use this simply january in 2018 and september 2018 Use that in essence that contained october in 2018 and price wise it's in the 3000 level That's what it looks like the 3000 level would be a better spot perhaps You'd want to see what patterns are present at the time But maybe there's patterns that are present right now Oh, let's go find out and to keep the patterns clean as an example If you were to take a look at the es many on a 30 minute basis And we just use this we just use we just look for these tom the mark set up nine counts And what we look for and what my system does automatically draw support and resistance level when those patterns form So let's just say that you were a trader this morning. You were thinking okay Maybe I want to go ahead and go short But you get my newsletter today came out like at 840. So if we go to 840 At 840, here's what you know that between 6 and 7 30 in the morning price was testing a level of support And by 8 o'clock it just simply rejected that level and started moving higher Would that have been the time to have gone short? No support had held out here Now you had a nine count that occurred at 11 30 and at 12 it moved higher We know that that would have been if there was a top using this tool that would have been the top We're beyond that it says that there's a strong trend that is in place That's at least the interpretation of the 30 minute time frame chart out there If we come take a look at other profiles, I think I have that set up. Do I have that set up? Just no that's for gold Let me move over here. Let me do this So we've kind of covered the 30 minute time frame chart Let's look at the 60 minute time frame chart and it's td setup It's only in count six on an hourly basis made that bottom with that rose momentum indicator signal similar to the russell 2000 Yesterday, all this was on the 19th. It looks like out there. So that had formed a bottom Do I see a topping signal? I don't on a 60 minute Do I see it on a two hour time frame chart? The answer is no and it broke through a key level of resistance earlier using a two hour time frame So that still looks up bullish to me. How about a five hour time frame? These are the time frames that I like to use to help identify signals No, nothing there that suggests the top now we get into the daily and the weekly but we'll do the weekly first And if we take a look at the weekly time frame chart what you're going to see It's only in week number six of that td setup nine count We know at week six that doesn't make highs if there's a high that's going to be made And it doesn't mean that there is going to be a high that is made utilizing that tool But nonetheless, you're well above steve's green line There is there is no signal in place here on a weekly time frame basis and then while law we come back to the daily And maybe earl the daily is the one that says it all The reason why I say the one that says it all is because right here on this trading session This is april 17th. There was a top that was going to form That was the time or that should have been the time and the reason it should have been the time Is simply because It was the completion of three patterns out there one was in essence the a to b equal cd 29 29 It never got there, but it was close enough. That was a key reversal session You had a rose momentum indicator signal out there You had everything it actually was also wave number seven wave number g That's no longer in place out here when I say that let me I'll show you that here Here's your wave count that got to wave number g. You can see we're beyond that now, which is why we've got wave number a Wave number a I guess I could come down here to march 25th and that could put us in a or f out there It doesn't really matter This is suggesting to you and I that price wants to make its way to 29 66 Now you're not a chart reader or you were going to make a decision without a chart and maybe you're right It could be right. I just don't have a signal Anywhere to suggest to me that the market is top, which I think is what you were asking for and therefore You know, that's just what my charts say my charts say why sell the long position Looks pretty good Looks like the market wants to move to hire price out there. Sure. Well, thanks right and best of luck with whatever it is that you decide and And that's the information that stevie sun is looking at as we speak right now So what do we want to do? Oh with regard to the esla another possible spot Earl or anyone else out there to be looking or things to be looking at we talked about horizontal trading ranges Well, here's the daily weekly and monthly. It's a daily time frame chart read our monthly greener weekly Blue our daily. I know you'd like to just have one number out there Well, then just stay with one time frame Just stay with one time frame Let's say you want one number and you just like the daily time frame You're just looking at blue lines out here and when price when when price gets to these levels What you really like to see Is you like to see him struggle such as the es meaning was doing back here april 5th April 5th is test and tested tested rejected moves above it on april the 12th Comes back and retested on april the 17th and 18th and even yesterday Rejects it and moves higher if you were just going to stay with the daily time frame The price objective with regard to horizontal trading ranges is 29 87 But look, we know that the es meaning struggled at the 29 52 area What was going on at 29 52 back in october last year? That was the weekly horizontal trading range So I say why not use more information than less information And in url's case, we'd say hey url Don't make the move at 29 36 if you're going to make the move make it at that logical spot 29 51 96 now you can't do that for the mini but certainly 29 52 Steve rhodes with tfn and that was your es mini in other words your s and p 5 Since 1984 basal 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 basal 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 basal 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 basal's daily trading newsletter by visiting the front page of tfn.com Cancel at any time during that trial and pay absolutely nothing Get your two week free trial to basal's newsletter the opening call today by visiting tfn.com It's amazing to think that tom o bryan started his weekly gold report 17 years ago with the first issue published April 7th, 2002 when gold was trading at under $300 per ounce gold peaked at more than $1,900 in 2011 and after spending many years consolidating at lower prices gold may be poised for its next big run Tom o bryan publishes his weekly gold report every monday morning for subscribers consisting of coverage of the xa u hui gdx the dollar bonds south african rand as well as 25 different mining equities with specific buy sell recommendations As of april 1st of this year the gold report currently has eight active positions with an average unrealized profit of almost 8 for each open trade new subscribers get a 30 day money back guarantee So you have nothing to risk for all the details and to start your gold report subscription today Visit the front page of tfn.com. Don't let gold's next big run pass you by sign up today 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 nico our 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 ionics oil based vitamins minerals baddie and amino acids and 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 nico and page of living a primal lifestyle buy it today For just 89 dollars 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 right now dows up 137 s and p 24 and dx 100 bucks 17 Uh, did I say that right? No, I did 1.17 percent out there So we began the show taking a look at what we looked at gold. Then we moved into the nasdaq composite John in the tiger's den had asked about that. I'm going to bring up the daily chart here for the nasdaq composite as well Um, and and this is really for it's for it's for everybody But just kind of to reflect upon url's question about selling the s and p 500 John asking about, you know what our higher targets out here Let's not let the fact that today will be day number nine unless there's some huge sell-off I don't see that Will be day number nine. Tommy de mark set up nine count out there And prior prior or prior nines out here not everyone but prior nines and you can see price stall Move sideways just a little hiccup. Uh, it can just simply move sideways into consolidation or it can make a turn out here Or or just simply does nothing at all when it does nothing at all and it keeps moving higher It's just telling you the strength of the move that is underway that this stevie's interpretation And it's that interpretation by taking a look at the charts out here And if we just simply go back on the daily time frame count number nine took place on january 16th The higher high the following day He then had a higher high that negated and said that the move was very strong Yes price pulled back just a tad but that was it goes on to make its next nine count It does that on february 6 that was a high But what did price do pulls back and test stevie's green line We knew that was a likely outcome when the red line turned green out here That's a price outsider again. You can get all that information in the Workshops that are archived on your members page. We know that price eventually pulled back here at march 8th to test that solid line That's the trend line that gets established By those nine counts. So what can you expect? Hey if the market starts moving sideways earl john Tomorrow the next day price needs at least close below stevie's green line That's priced at 80 65 right now in the nasdaq composite if you're going to use that for a bigger signal out there So folks stay tuned I gotta tell you he's absolutely my favorite polar bear david white. He's up next after that basil chapman From three to four. Thanks so much for being here. I'll see you on wonderful wednesday. Have a great tuesday