 The following is a presentation of TFNN The Trader's Edge with Steve Rhodes all now toll-free at 1-877-927-6648 or internationally at 727-873-7618 The Trader's Edge. Now, Steve Rhodes. Good morning, folks. Welcome to the July 13th, the terrific Thursday 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 out there is having a great day. Hey, let's make sure we have an extraordinary one. Now, the easiest way to do that is to always remember that life is 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 circumstances, 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'll go figure out what those bulls and bears, what those buyers and sellers are communicating to you and I at just past 11 o'clock in the morning. I want you to know I'm absolutely grateful for your presence here, but even more important than that. And that's this. During this next 53 minutes, I'm here to serve you. So feel free to pick up that phone, dial on in at 877-927-6648. Now, if you've got a question, but you can't dial in, go ahead and send me an email. Send that up early and send that to Steve at tfnn.com. And inside the subject, any please put radio show question. And of course, if you're inside our tiger's den, well, then any in every ping will do. So let's go ahead and get this show started on terrific Thursday. Of course, this is Tiger Financial News Network. I'm Steve Rhodes. Welcome to the show. Right now, most of the U.S. indices will all except for one is trading to the upside. The one that's not as the Dow transports are off 21 points. Otherwise, you have the Dow up 67 points, two tenths of a percent, a half a percent for the S&P or 25 points, a little over 1% for the Nasdaq, 167 points, six tenths for the Russell. That's 12 points. The Summaries are 44. That's a little over 1% as well. Gold's up two bucks. Silver's up 58 cents. Slices recruit up 68 pennies. 30 of treasures up 11 takes printed out at 12604. Natural gas is off a nickel. She's printed at 257. So let's begin. Let's begin like we typically do and take a look at where are we at from a marketplace standpoint. Let's start with the 30-minute timeframe. 30-minute timeframe for the S&P 500 is what's going to pop up right now. You've got 128 above, 140 below. So it just went to a slightly negative outlook for the 30-minute timeframe for the ESMini. So we'll make sure we pay attention to that 30-minute timeframe chart. In the case of the NQ, as we review, in the case of the NQ, you are 35 above and 18 below. Let me just hit that S&P one more time. So now you've got choppy markets. You are bullish on the 30-minute for the NQ. You are potentially, let's make sure this was updated properly. Yeah, you are slightly bearish on the ESMini. That's for the 30-minute timeframe. We also have, for other timeframes, the 60, 240 daily and weekly. So let's take a look at those. I believe we'll be seeing bullish on all of these. This is for the S&P. The speed dials are all set. You look into the upper right-hand corner. They're all set for bullish. And the same thing with regard to the NASDAQ. So the only issue is really the 30-minute timeframe chart for the NQ. So let's do this. I hadn't planned on this, but since that's what popped up, let me pull up all the 30-minute charts out here. So 30-minute equity futures. Here we go. And now we're going to switch panels. We'll get over to the white background chart. So we'll look white here momentarily. There we go. We got this. OK, so let's let these populate. So we know that we are market-breath bullish in the NQ, market-breath negative in the ESMini. In the ESMini, I'll just simply first start there. We'll expand out the chart. So in the ESMini, with regard to a topping pattern out here, what do we have? Give me a second. Let me pull this back. Let me take a quick peek here. So that was a recycled. So what we actually have is we've got a Roadsman Dementicator top. So you have this little bear sash candle, bearish engulfing candle at form right here at $10.30. But what Price is doing right now, so here's how that pattern gets negated. So this is cool to try to understand. Right, we've got negative market-breath. Negative market-breath says these sellers ought to be able to push this down to support, which by the way is down at $45.20. If, however, buyers are able to overcome the sellers and close about $45.30 to $25, the rally should continue. So jot that number down $45.30 to $25 for the ESMini. It's not trading above its closing above it on a 30-minute basis. So right now, signals would point to that fact that the ESMini on a 30-minute basis should be able to make its way back to $45.20 and find support in that area. That's the 30-minute chart for the ESMini. The NQ, if we take a look at it, which we are, do we have a topping pattern? The answer is we do. We also have a Roadsman Dementicator top out here. So this is also right now consolidating with inside its profile. So the level to be watching for inside the NQ, a 30-minute close above $15.00, $6.21.50, will negate that topping pattern and tell you about a further rally. Support here, which really was already tested, it is a bullish structured 30-minute profile. And so the support zone is between $15.546 and $15.565. That level has been tested and rejected twice now. We may be getting back down there, but the ultimate level of support would be $15.546. So that's what's going on there. Now, we are market breadth bullish here. So the NQ should be able to take out that high, right? We looked at market breadth, both for the 30-minute chart for the NQ, the NASDAQ 100, and for the ESMini. We had ESMini was negative. That says price should be able to push its way down to the bottom of the profile. And the NQ is saying just the opposite, says I should be able to take out the highs out there. So we'll see which one wins. Whichever one wins, that will tell you something out here. A close blow, by the way, $15.546 and the NQ would signal move back to $15.498. The Russell and the Dow have been on fire, so to speak. Well, in the case of the Dow, all I've got is sideways action out here. So I don't have any kind of a top, not at least that I see right now. Well, we do see nothing more than consolidating sideways, which has been going on since about 1230 yesterday after noon. If we take a look at the Russell 2000, that thing has been on fire. And that thing, when I say it's been on fire, it does not have a topping signal yet. I do see a wave number seven pattern. That was recycled. So it's got a potential of a topping signal. But at this stage right here, the ultimate support, you can see, was already tested intraday today. And that was its TD9 count breakout level. That was at 1948-30. So the area to watch inside the Russell 2000 today to the downside is going to be 1948-30. The upside, I don't really have a top in place that I'd be willing to give you the number that would suggest a further rally. However, we take a look at what's going on in the daily timeframe. Let's switch over and take a look at the daily charts out here. Oops, that's not what I wanted to do. This is what I want to do. Let's close this out. So I free up a little bit of resources out here. And let's look at the daily timeframe. On the daily timeframe, what we're going to take a look at is the A to B equals CD to the upside that formed inside of the Russell 2000. So you can see that yesterday, Price took out the TD9 count top. It took out a sell the D point pattern. What that did then did was trigger an A to B equal CD to the upside. Now the approximate price projection for that is going to get to about the 2030 area. Don't quote me right to the T, but that's the pattern that is in play as we speak right now. Price is above profiles. In the case of the ES and the NQ on the daily timeframe, you see those roads meant to mitigate our signals that are triggered. Those need bearish reversal candles. In the case of the Dow, you actually have to go back to 2022 for its top out here. So it still has a top that's in place. The ES does not, the NQ does not. And the Russell 2000. Well, on the Russell 2000, it actually does have a top that is in place out there. But right now what you've got going on here is an A to B equal CD to the upside. Now, I don't know if the IWM passed that B point with volume or not, but we'll check that out during this breakout here and I'll report back to you as soon as we get back. Currencies, commodities, and bond markets are as important as ever right now with how they're driving the volatility in equity markets across the globe, which is why it's a great time to try out Teddy Kegstad's Tiger Forex Report. Teddy Kegstad breaks down the Forex markets every Monday using his 30-plus years of experience as a trading veteran of futures, forex, stocks, and options. Teddy releases his weekly Tiger Forex Report every Monday morning with coverage of all the major currency pairs, including the Dollar Index, the Euro Dollar, Pound Dollar, Dollar Swiss, Dollar Yen, as well as many more. And he also has weekly coverage of the crude oil market with 30-year T-bonds as they both influence forex markets tremendously. When you sign up for the Tiger Forex Report, you also gain instant access to Teddy's 60-minute Webinar Archive. He just hosted Forex Strategies and Fundamentals What is Behind the Tiger Forex Report. For all the details and to start your 30-day Tiger Forex Report subscription today, visit the front page of TFNN.com. TFNN Educating Investors. You might think that if you want to be successful in trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all. For daily market overviews that give you direction on the key indices, selective stocks, and commodities, subscribe to the opening call newsletter at TFNN.com. The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices. Get the opening call newsletter by Basil Chapman and your inbox every day. First-time subscribers also get a 30-day money-back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. TFNN.com. Educating Investors. Steve Rhodes started his trading career as a student almost 20 years ago and the student has now become the master. Steve won the prestigious Timer of the Year award in 2018 and barely missed that mark again in 2019, finishing it number two for the year, an amazing accomplishment. Steve Rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn and he shares his vast amount of trading knowledge every day in his Mastering Probability newsletter. Steve's award-winning newsletter, Mastering Probability, is delivered every trading day with updates throughout the afternoon. Sign up for Steve's market newsletter, Mastering Probability and you'll receive access to seven of Steve's educational webinars absolutely free. At TFNN, all our newsletters come with a 30-day money-back guarantee so you have absolutely nothing to worry about. Visit TFNN.com and try Mastering Probability 30 Days Risk-Free Today. TFNN. Educating Investors. Toll Free at 1-877-927-6648 Internationally at 727-873-7618 Welcome back folks. Now we're up 61 S&P 23 NASDAQ 153 and the Russell's up 10. We will take a look at the Russell. I do have the IWM charts up on our screen. We took a look at the Russell 2000 Equity Future Contract. We identified the A to B is the A to B equal CD pattern for the Russell. Now the swing point that was passed, the B point of the A to B equal CD was from June 14th. The volume there was 37.1 million shares and that was passed with volume yesterday. It says volume 40.1 million shares. So what you have in the IWM is a confirmed A to B equal CD to the upside, a price projection level of 200.51. Now before price is going to be able to make that move out here, it's got to deal with resistance and the resistance is on the weekly and the monthly time frame. Both. So the weekly time frame resistance, the top of its weekly profile, 193 48. We're printing at 192 and change out here. The top of the monthly profile, 192 90. So no doubt we can understand why price is stalled here because those sellers are located right there in the weekly and that monthly time frame. The question is, can all those buyers from yesterday at 40 million overcome those areas, overcome those sellers? Well we should know by tomorrow. If price is able to close with 193 48, that would be a signal. Not a guarantee but a really good signal that in fact this A to B equal CD that formed yesterday is going to come to fruition with an initial price target of 200.51. I say initial because the retracement here of that B to C leg was only 44 percent and that is a strong retracement from the standpoint of what it does that CD out there. So really the message from yesterday from the IWM is that it wants to go target 20608 out there but what you and I know is sellers are sellers and we can see them on the weekly and we can see them on the monthly time frame and not until we get it close with 193 48 will yesterday's message really take hold. So I hope that helps you out with regard to the Russell 2000 and just simply the markets overall. But now it's time to start taking a look at some of the questions that have come in. We're going to start with yesterday. We had two questions that came in towards the end of the show by the way. Let me switch over with regard to we did have a Garo call in yesterday we were looking at the parabolic SAR we had an issue with regard to my system on the black background charts the signal system out there I was able to confirm that. Well so here's the thing they're they're investigating it was not consistent on their system Garo. So when I compared charts on my white background system which are up on the screen right now and the black background charts out there they were it was only it was not it was not only I what I did was I looked at different time frames and different instruments and it was no consistency. So for example Apple Microsoft Google no problem everything matched right to the T out there. So they're investigating that but I couldn't get the I couldn't get that that to work for the instrument you and I were taking a look at which right now at the top of my head I'm kind of drawn a blank on. Okay so now we also had a couple of instruments that were requested yesterday Hershey's HSY is one of them and so let's take a look at that HSY this is from JDA I think maybe who want to take a look at this I know you sent an email back yesterday and I and with your name so here we'll take a look at Hershey here's what here's the first thing and the question was it was moving lower this was from yesterday was it a buy with it moving lower and I did respond back by email and I said look a teeny nine count bottom was going to complete yesterday and you can see that was a bar following bar number nine out there but what I also indicated was that on the charts if you look at the daily time frame there is an A to B equal CD to the downside that's completely right about now or at least the one to one price projection which was 238.02 and that was hitting yesterday that's about where we're trading now so you have an A to B equal CD pattern when you have two patterns does that make it stronger well first this pattern has not confirmed itself they buy the D point the TD nine count has but all patterns can fail so in this case here my suggestion when I take a look at the weekly chart that looks like the ones that go target 236.59 it doesn't have to but that's its breakout level that also has an A to B equal CD pattern so that also requires a bullish reversal candle to confirm a B pattern and the monthly is trading below the center of its profile and so it could be targeting 238.03 okay so we know that's the setup here where's the buy is there a buy I would say there's a buy if you get a bullish reversal candle and you don't negate that TD nine count bottom what happens if you negate the TD nine count bottom table that pattern you can throw out the door you don't have to worry about that and then you're just waiting for a bullish reversal candle so if you get that then I would say okay you might want to go ahead and take a ride on the reading that's not today's action if we take a look at today's action as an example so you have the TD nine count remember if you're going to get a market turn you're going to see them turning you're going to see resistance levels fail on the shorter term interday chart so here's a 30 minute chart that's just kind of standard default time frame when I pull up and analyze an instrument for you daily weekly monthly and I just look at the 30 if we're going to get more detailed we'd be looking at at some additional interday time frames a 65, 130, 195 and a 15 minute but here in the case of Hershey you can see that this also as price was hitting that not support as price was making that TD nine count bottom yesterday the 30 minute chart generated a TD nine count and roadside indicator bottom and wave number seven bottom now three bottoms don't make it stronger but it did have three bottoms there and what did price do price rallied right up into resistance this telling us are right now it is not ready for prime time now if price did close today above 241 that's a TD nine count breakdown level then we might have a different view but that's not the view that we have right now and so I would be waiting with regard to Hershey's to the extent that you want to take a long position there I'd be waiting for either a daily or a weekly bullish reversal candle because if you're in a long term trade which I believe you were looking at this from the long term and you want a long term signal out there so hope that helps y'all with regard to Hershey and thanks much for waiting an extra day the next request was to take a look at this was also from yesterday this was from a rock star or super star some kind of star out there and that's a was to take a look at Roku and the question was is it breaking out and I responded back yesterday I said well we'll know by the end of the day and the reason was because price was attempting to take out the B point of an A to B equal CD and what I didn't know is whether or not it would have the volume well the volume on that B point is 7.8 million shares and yesterday's volume was 11.7 so now what we know about Roku is we have a confirmed A to B equal CD to the upside now somebody says it breaking out I assume that that's what you were referring to now the one to one price projection is 84.38 the retracement on this this B to C retracement was a 61.8 recent 61.618 retracement was really 62.53 I'm getting that figure off of another screen that I'm looking at out there a price does look strong it's on the left-hand side of the A to B of the C to D leg out there now you've got this A to B equal CD to the upside that's been confirmed by volume we took a look at something similar with regard to the IWM turns out as we take a look at so when you when you see that and here we get to look at a longer term an intermediate term chart and what we see is 74.98 is a very key resistance level so you need to see or you'd like to see a close above 74.98 tomorrow if you don't it just means the pattern of the A to B equal CD just like in the IWM is a little bit suspect out there so it's 74.98 that you want to be watching star and if you get a close above that come tomorrow odds favor a move up to 84.38 that's the one to one A to B equal CD or Roku out there we get back to this break we're going to take a look at Amazon for David H, GDX for Nicholas INMD for Dennis and MJ for Dennis we'll be right back as a precious metal gold is still king it continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC market the US futures market and the Shanghai gold exchange the gold report Tom O'Brien publishes his weekly gold report every Monday morning for subscribers consisting of coverage of the XAU HUI, GDX the dollar, bonds, the South African RAND as well as 25 different mining equities with specific buy sell recommendations the gold report new subscribers get a 30 day money back guarantee so you have nothing to risk subscribe to Tom O'Brien's gold report newsletter now at TFNN.com TFNN has just launched their new trading room the Tiger's Den hosted at Discord TFNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours and now they are expanding their reach with the Tiger's Den available to all tigers and tigers for just one dollar for the year there's no catch or added costs when you join our community of traders in the Tiger's Den you can look over the shoulders of Tom O'Brien and the other TFNN hosts while they analyze charts during their live Tiger TV programs and join an interactive trading community with hundreds of members exchanging ideas interact with other tigers and tigers as they share trading ideas, news analysis and discuss the market action all trading day even at night and on the weekends the Tiger's Den at Discord is accessible on mobile or tablets as well so it's always at your reach to sign up today and become a part of this educational community of traders just visit the front page of TFNN.com sharpening your skills as an investor is like getting better at playing a musical instrument you have to practice sure but you also need excellent instruction from experts at TFNN you'll get advice and guidance from the authority and technical market analysis and it's not just dry tedious text either TFNN airs live financial content streamed live on TFNN.com and TFNN's youtube channel with Tiger TV live every market day from 8.30am to 4pm eastern for free each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world from the moment the market opens until the closing bell sounds Tiger TV has 8 different shows with expert hosts to help you make the right moves with your money watch online at TFNN.com or on TFNN's youtube channel and become the investor you were born to be TFNN educating investors this segment is brought to you by thinkorswim for more information just click the thinkorswim banner on the front page of TFNN.com welcome back folks so let's go to our next question next question coming in from David H. in Panama City David thanks for oh wait wait wait wait wait there might be might have a caller we do have a caller so we've got Fosh is it Fosh from Riverview hello Fish Fish oh sorry about that it was just spelled yeah I'm trying to get a hold of Stevie Wonder you got it you got it that's me hey I wanted to ask you about stop methodology stop losses and my question is when you how do you handle stops like let me give you any examples suppose I get I'm in a position and I get up you know a little over 1% you set your stop trailing stop at 1% or do you stop it at break even or how do you how do you manage stops in those types of situations so you're not talking about let's say the initial stop when you would enter the trade you're talking about how would you manage how would you manage stops as it starts moving direction I kind of I kind of have it with the initial stop yeah but then managing I guess I'm talking about managing profit so that they don't come losses or that you give it enough time to run is there a specific right now that you're looking at you are big on you know that kind of thing and knowledgeable about that just wanted to see what your thoughts are sure so at first is there an instrument specifically that you're taking a look at so we can well a lot of the things like you know the SPXS say okay case the triple yeah yeah so so if you're doing the triples let's just say it's the SPXS what I would do is I would be looking at are you able to watch this on Tiger TV yeah okay so I'm gonna but I've got my black background screens up on my chart right now but put in the right symbol that'll help us so with regard to trading the triples first your stops and everything should be based upon what's going on on the individual the one the one time the spy so if you're trained up two or three I really would prefer that you look at the stop adjustments based on what's going on the spy versus the triple out there but you do what you do what you think is is correct so as an example and I'm just gonna talk about maybe the version of a version of the trailing stuff that you're that you're looking at once price gets let's say beyond starts to get to towards your price objective and your price objective might be just a two or three times your risk that you put in there then I start taking a look at adjusting stops or I always ask the question is there any reason to make is there any reason is anything changed in the reason I entered the position so in the case of the spies if there's no reason to change there then if you're just trying to create a insurance stop is what I'll call it right now what I would do is I would take the spies trading at 447 and change what's called 448 right now and the average to range on the spies is $3.79 now when I say average to range I'm looking at a 10 day period fish and so for 10 days we know that the average price movement is $3.79 I would have my stop as long as you want to stay in this position and you're just trying to protect yourself from anything that might happen you know that strangely that goes against that position I would then multiply that 3.79 times either 1.272 or 1.618 I prefer to fall back to 1.618 especially in volatile markets because you could just be getting an inter-day swing the reason why you multiply times some number something other than the average to range because you don't want to be knocked out of the position because of average movement up or down does that make sense what I just said that part yeah okay so that's why you take a look at that average to range if you use charting software they all have them out there I use a you use whatever is going to make sense for you but you want to you want to understand what that average range of that instrument is that you're trading the reason to set it at 1.618 is because if that stop gets hit chances are there's something wrong there's something wrong with the reason that you entered that trade or what have you so that's one way to take a look at it with regard to the spies themselves so first does that answer your question as to what I would do yes I think so and maybe I'm looking at it wrong but a lot of times what I'll do is you know I'm probably going to get out of it by the end of the day so a lot of times as soon as I get a little bit over 1% I'll just set a trailing stop at 1% and you should use my position too high well when you've been doing that it's a good result in other words so you've done that would you say you're getting stopped out of the position more times than not than you don't want to be so what is it that is that okay so then it's worthwhile for you to take a look at other ways or other methodologies for it so it's kind of like when you got into the trade was there a price objective and maybe not in this specific trade no not really you know and I end up I'm not real successful at things but if I can get up a few percent say I'm up 3% then I'll set the stop then I'll set the trailing stop at like 1% or if I get up 5% or 6% I'll set it at 4% to make sure I don't lose money but I can try to stay in it so I was just trying to I'm trying to develop yeah if you take sure so if you look at your 1% strategy and you applied it against the SPI which is trading at 448 1% if I'm not mistaken would be what $4.40 the average range is $3.79 on the SPI I don't know if 379 times 1.618 is but it's going to be higher than that so that's going to be about 6 bucks under 6 bucks this would be saying so you're not that far off at least in this instance here if you took a look at the average true range and in that case you probably get towards your level by multiple times 1.272 SPXS or you which one was it SPXS SPXS it's one I use a lot and so the average range on that Jesus only 38 cents well that's SPXS in short position so is it short? so see here's the this is an example I may use the TQQQ but those are the ones I typically use see if you use 1% on SPXS now you're down to what 13 cents as a stop the average true range on SPXS is 38 cents so in that case there you can see where 1% is not doing you justice because this instrument on an average daily basis moves 38 cents from high to low and if your stop is only if you're going to do a 1% stop on this and it's going to be 13 cents I would say in that case then just take your profit don't even mess with it another thing that you can't be taking a look at is the instrument that you're trading you're taking a look at is it continuing to make higher lows intraday wise in that case here I've been looking at the ES Mini or so so I hope that helped you out finish with regard to that and thanks so much for the call I hear we're going to a break I appreciate it I was the guy who wanted to climb Mount Sinai ah there you go take care the opening call newsletter is written by Basil Chapman creator of the trading methodology known as the Chapman Wave the Chapman Wave up-down sequence gives you an edge in identifying price turns finding the peaks and valleys and stock prices get the opening call newsletter by Basil Chapman in your inbox every day first time subscribers also get a 30 day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up tfnn.com educating investors everything in the universe is governed by the Fibonacci sequence this mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market to stay on top of stock patterns you can take advantage of sign up for the Fibonacci 24 7 newsletter at tfnn.com when you subscribe you'll get a weekly report from veteran day trader Larry Pezzavento on stocks you need to pay attention to and you can trust Larry's analysis after all he's got 45 years experience as a day trader Larry will also provide daily charts videos and data on the key markets that he's tracking expect notifications from Larry on market movement you need to act on at any time first time subscribers also get a 30 day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up subscribe to the Fibonacci 24 7 newsletter today tfnn.com educating investors are China A shares hot or not if you trade China A shares now may be time to take a closer look trade CHAU or CHAD directions daily CSI 300 China A share bull and bear ETFs China A shares in either direction visit directioninvestments.com 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 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 for side fund services LLC this program is brought to you by Vista Gold traded on the NYSE American and TSX under the symbol VGZ start for Amazon on our screen this is for David H in Panama City and David as you may recall if you're listening on Monday he had written in we were taking a stock chart here for Amazon and on Monday this is this candle right here this little red candle July 10 is trading below the bottom of its bullish structured profile and so and he's even got here in his note I said that you require I require two closes below that to suggest a change in trend and that's the bottom of its bullish structured profile out there and then this really should help fish as well it's maybe not a tool fish that you have on your system but understanding where these profile levels are at really help you with regard to getting into a trade or getting out of a trade out here with regard to resistance or support failing well in this case here you can see the very following session price got back inside the profile so we'll call that a you know that's why we wait for two bars that's why we wait for confirmation really because those one hit wonders that you see really all the time and then what price did yesterday was a close above the center of its bullish structured profile that indicated it should at least target 131.85 well it's done more than that it gap to the upside it's trading at 133.30 right now it's above its green oscillator and change line it remains now you've got the calls for next Friday so what do you do well at this stage here the message that you had is bullish the message on Monday we were taking a look at it was cautiously bullish cautiously because price was trading below the bottom of that bullish structured profile but buyers came to the rescue now when we look at the weekly time frame chart you can see that this is going to become bar number nine come tomorrow of a TD9 count the last time that Amazon formed a TD9 count on the weekly time frame was back in May 19th and that lasted for just maybe a few moments because the very next bar on a weekly basis closed above that tell us told us about a strong moment to move to the upside now just because the last one failed doesn't mean this one will fail however what we need to see here is next week's action because the top in Amazon can take place on a bar following bar number nine so right now what this is signaling to and I at least as of 1144 in the morning is that Amazon wants to move higher out here it is up at resistance on the weekly time frame that's at the top of its profile which is 13354 so ideally you'd love to see price trade above that so what's else is going on Amazon well if we take a look at its 26 year history its seasonal cycle pattern what we see is Amazon typically forms the top right around now July 15th to July 20th out there so you know what I don't see on a short term basis so it's getting ready it appears that it's getting ready to top that's what the weekly chart is most certainly telling us a daily chart needs new pattern which would really just be a bearish reversal candle to confirm that so you know do we have any signals to suggest that you jettison that position now we don't but you are up at resistance on that weekly and it's about all that I have for you so I hope that helped you out David and thanks much for taking the time to write back in Nicholas wanted to take a look at the GDX so let's go figure out what Nicholas's question is let's get over to those stock charts and the question reads like this Morning Steve great calling on the GDX nugget you're welcome would you please go over resistance levels above 39 for nugget okay so for nugget so I will do that absolutely but but we're in this trade here as you know so the first thing and this is I had mentioned to fish he was trading the triples and the nugget is a 2x out here you still want to understand what the resistance levels are on the 1x so this case here the GDX and really the resistance levels are the only resistance levels is not on the daily the next resistance level on the dailies at 35 and you've got the nugget July 33 and 35 calls you saw you sold them yesterday okay got nice profit okay all right yeah so resistance here on a daily time frame we resist up at 35 35 there's an A to B equal CD pattern inside the GDX so if a bearish reversal candle were to form that would generate a currently sell pattern the resistance levels inside of GDX are where it's trading into right now in a weekly time frame the bottom of its profile is 32 30 the actual high so far that we've seen this week is 30 to 26 so price can close above 32 when I say 32 30 out there then it may be saying that to you and I once ago target 33 25 so I like those 33 numbers why the 33 number and we're still on the GDX here not the nugget the reason is because if you take a look at the weekly GDX chart you see that price was below the bottom of that bullish structured weekly profile for really about two months counter trend moves if this is only counter trend move will find resistance at 33 25 so that is the really key resistance but you've got one here junior one if we'll call it the bottom of that weekly profile again that's at 32 30 those the only resistance levels I see on the GDX now let's pull up the nugget and you GT let's go see what numbers it provides to us but again all of your trading action should be based upon the one X not the two X or three X out here with regard to the nugget its resistance level was 39 05 and that's a price point right now that prices trading above so all the resistance could become new support this only day one above that but again you'd really be relying on the GDX not on NUGT but that you ask for resistance level I want to give that to you that's old support the next resistance level out of daily base the upside would be at 49 30 now on a weekly timeframe here in the case of nugget it's in a bullish structured weekly profile and a close above 37 98 this week is going to suggest to run up to 49 54 or 50 49 out there that's what I see when I take a look at both of those interests now what we should expect out here I don't anybody rushing out to add to or to enter a long position inside of nugget or GDX right now and the reason I don't not that I know what's going to take place tomorrow or the next day I don't but what we do know is today looks like it will be day number five of consecutive moves higher inside of the GDX last time we had a five day move was way back here in March of 2023 that led to a four consecutive day move lower and then it was off to the upside out there the other five day move that we had out here was back on January 25 that led to quite a move to the downside I don't expect that that's we're going to see right now of course I can't control that so we're in day five here odds favor that what we see it's not a guarantee but odds favor that we start to see some type of retracement inside of the GDX inside of the mining sector that begins tomorrow maybe it doesn't begin until Monday but we should get a one or at least two day pullback which would really be ideal out there and that would set your next potential buying opportunity so Nicholas since you're out of that position congrats on the profit looks like we're about to get to a short-term top out there wait for at least a one day pullback maybe a two day pullback which would be the ideal time to re-enter into your position out there let's go to the next question that come in that has come in this is from inside the tiger's den and this is from Dennis it's actually the only question that I think I have inside the tiger's den and Dennis want to take a look at IN IN is Nancy M is in Mary D is in David so now we've got in our stock charts here IN MD and I think it was just you wanted a a long-term view if I'm not mistaken IN MD so from a long-term standpoint really we'd be looking at the weekly chart but I can't just start there right now Dennis and the reason is because the daily chart shows that yesterday was a confirmed TD 9 count top it was a bar following bar number nine now you can see the A to B CD pattern out there that would need a bearish reversal candle to confirm that top as long as price does not close above 45 52 then IN MD should pull back and it should pull back to its oscillator and change line currently printed out at 40 38 out there we come back to this break we'll continue take a look at IN MD give Dennis West Palm Beach the parameters one of those is going to be 4696 and the price close above says this thing has much deep roads with TFNN we'll be right if you're looking for potential trading setups in the stock market then rocket equities and options report is a newsletter you should try Tommy O'Brien delivers options and equity trades when the markets present them using a combination of fundamentals and technicals sign up for rocket equities and options report today with a 30 day money back guarantee so you have nothing to risk for all the details and to start your subscription today visit the front page of TFNN dot com TFNN educating investors you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities subscribe to the opening call newsletter at TFNN dot com the opening call newsletter is written by Basil Chapman creator of the trading methodology known as the Chapman wave the Chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys in stock prices get the opening call newsletter by Basil Chapman in your inbox every day first time subscribers also get a 30 day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up TFNN dot com educating investors everything in the universe is governed by the Fibonacci sequence the mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market to stay on top of stock patterns you can take advantage of sign up for the Fibonacci 24 7 newsletter at TFNN dot com when you subscribe you'll get a weekly report from veteran day trader Larry Pezzavento on stocks you need to pay attention to and you can trust Larry's analysis after all he's got 45 years experience as a day trader Larry will also provide daily charts videos and data on the key markets that he's tracking expect notifications from Larry on market movement you need to act on at any time first time subscribers also get a 30 day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up subscribe to the Fibonacci 24 7 newsletter today TFNN dot com educating investors TFNN has launched the Tiger's Zen hosted at discord TFNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours the Tiger's Zen available to all Tigers and Tigresses for just $1 for the year there's no catch or added costs when you join our community of traders sign up today and become a part of this educational community of traders just visit the front page of TFNN dot com welcome back folks we're taking a two-per-symbol INMB that's in mode limited out here we know it's got a TD nine count top that formed yesterday probably should pull back to the 40 38 level longer term it's got an A to B equal CD now it has passed the B point from back the week of February 17 there was 18 million shares that passed hands there this week right now you're at 11 million shares so on a daily basis you know yesterday was a big volume day for it and it did about 6 million shares on average it does about two so it's going to take out that B point it looks like it will but it's doing it with lighter volume nonetheless you've got a 1 to 1 A to B CD at the upside of about 49 100 out there so that's longer term but 46.96 was the number that I gave to you before we went to the break that's the top of that monthly profile and price can close above that Dennis and you could be on your way all the way back up to it's all-time high back at the 99.27 level so hope that helped you get to the end of the week and that was a great request that was to take a look at MJ which is the pot ETF out here longer term Dennis there's really one number you have to focus on and I just have to give you one number it's three it's $3 and 33 cents just focus on the threes if MJ on a weekly basis is able to close web doesn't have to be this week but then J is able to close above $3 and the daily time frame you can see has wave number seven that's courtesy of a portion of the Chapman wave out there it's also got a roadsman to indicator bottom pattern out here and you're above profile so that's good but the real key level of resistance is $333 what's the actual high this week so far $332 $333 is the number again more than two consecutive bars below a bullish structure profile your price can and that's where counter trend rallies would end right now that's the only thing that we've got right now is a counter trend move but you close above $333 Dennis and you're looking for the longer term or the intermediate term well you should at least get $361 but it also tells us that this may be more than just a counter trend move folks thanks much for joining me here on terrific Thursday please stay tuned for great programming I'll be back with you on fantastic Friday again thanks for joining us have a wonderful day and we'll look forward to seeing you again soon take care now