 The following is a presentation of TFNN the Tiger technician hour with your host Basil Chapman call now toll-free at 1-877-927-6648 Good morning everyone Wednesday the 17th of August this is the 806 a.m. edition can be replayed at 10.06 I'm just gonna make it at that time so we're looking at the Dow futures will the doubt closed yesterday at 34,152 the futures now are down some a little bit better than they were earlier on but they're down 193 at 33,925 so as I'm looking at this I have a possibility of a Chapman wave alternate count but this is exactly where the on balance volume is suggesting that there should be some kind of a pullback so it's really important as far as I'm concerned that we take a little bit money money off the table in a number of positions that we have that have had really good gains and even with new positions are just a little bit of moderation in fact Dave White always says take profits while you can not when you have to so I love that expression and that's exactly what we're going to do most importantly what we're looking at is I don't have a sell signal at all yet because the Dow just made it I'd expected that the 30 where over in the 33,900 would become a very strong resistance area where it was for a couple of days and then all of a sudden whoop in the first hour of trading yesterday spiked up to the 34,000 never actually with the 34,281 and that's really important because these millennial areas millennium areas are very important as far as I'm concerned of all the years I was 6,000 7,000 whatever it is and usually there's a little bit of a struggle and if the market slices through with two follow-ups that said that 1,000 level whatever it is that's usually a very good sign because it means that now it's not being a repellent it's an attractor it means that at some point the price wants to go back so it's a really important that we did get to the 34,000 I wouldn't be surprised over the next week or so that there's some testing of the 33,000 level 32,800 even that would be fine so just in terms of money management because we've had some really big big gains it's just we keep taking just tan a little tan off means that between 8 and 12 percent of the original possession taking off so you could take it off three four times and you still have a very good call position that's where we are looking at the S&P so the S&P yesterday closed also a new recovery height 4325 I just need to double check that 40 yep 4325 28 and the futures this is the continuous contract of the E-mini the futures are down 33 at 42 74 right now and you can see based on everything we're looking at that to it actually I showed this to subscribers this morning let me go then now and let's see what happens with the S&P so you see this is a Chapman wave automated support and resistance lines is the daily chart so the S&P the Dow this is go back to the dark as you need to see this the Dow's sold just above the 33,917 level but you can see every time since I think it was late January since January every time that the Dow has gone above the 200-period moving average it got repelled the difference now the reason why I didn't want to get everything off I just wanted to have some money management here is that within the context let me just get this shorter here in the context of movement look how long this buy mode has been and we've been we bought it from the very low on the doji low we've been buying the Dow diamonds look at this this is the longest you've had in certainly in price and in time so I'm anticipating something is a little different here and that's why this whole area of 33,183 the 200-period moving average it's going to be significant for the rest of August I'd love if we can go further if we can get to 34,300 all of a sudden you're looking at something very very different so over in that context because it's a beautiful there was a cup formation right there is a time-wise look we've got almost an exact number of bars on the left to the number of bars on the right remember I love to look at that I don't like to draw on this chart but I'll do it because it's pretty much a naked chart we've only just gone above the Chapman Wave inside track repellent zone I'm not going to put too far two lines in here it's just above it so this is at this particular moment yes the market go up I don't mind at all but this is also a prudent time to be taking something off now we can go to the S&P look at the S&P it's broken above the 42.65 resistance 43.60 is next wow I wouldn't mind seeing 43.60 but 43.05 right now and it's pulled back in the E-mini let's go to the E-mini ES look at that just pulled back a little bit that has 42.42 that was resistance and that's going to be support look at the QQQ right in a cluster of resistance levels just barely over the 200 period moving average and it just says hey prudent says take a little money off had fantastic games we have three times long I I almost got rid of one of our positions completely and then I said you know what just put the stop in they're still buying buying the dips has been the mentality we've got the Fed speed oh well Fed book comes out today at two o'clock don't over anticipate let me go back to my original charts right here so this is a QQQ little doji candle yesterday with a high of 334.42 yep that was the high and we're trading right now 329.64 that's just five points lower not a big deal but the turn to be moving average of 327 is going to become an inflection point or deflection point we'll be watching it IWM the Russell 2000 small caps doing very nicely 201.99 was the high little doji candle then just says just be a little careful right here now let's go to gold gold is in fact down again five dollars and 1784 and let's see what what silver's doing so this is now the 8 13 a.m. time frame I'm not sure what'll be at 10 but I'm just about to put a down arrow in silver because it's made a peak air furnace underneath for the third time in three days it's been underneath the 14 period moving average which is really a very important level to be watching but the green is still the 9 is still positive above the 14 and you can see the resistance here in the week here so this is just saying silver's not doing that well high grade copper is holding nicely at on the 200 period moving average actually on the 9 holding okay we're looking at the dollar DXY a dollar is holding very nicely up 28 ticks at one of 675 that might be another reason why there's a little bit of a dip today but it actually should be helping the multinationals we're still long way back the dollar I'm not gonna be doing anything with that right now looking at the EUR USD the euro dollar currency pair peak C pulling back very sharply from that not looking all that great I haven't even looked at the USDJPY for a few days just didn't need to oh look at that peak APB and now we're going to see doesn't make a peak there's still a gray peak B because the bank D has only just turned positive and the stochastics way down to 50% but if the euro which are the yen which is at 135 135 14 right now can it doesn't have to close it just has to go 135.569 and that will be a leg C and the weekly chart says yep consolidation just like we've been expecting in the dollar and the and the yen just a consolidation here whether or not over the next four weeks or so you start to see under one trade under 130 or time of booming inflation we are purchasing powers eroded there's no better place to protect your hard-earned money than in gold this the golds flagship asset is the Moncard gold project in the northern territory of Australia this is Australia's largest undeveloped gold project we are talking a world-class gold project in a tier one mining district this is a large-scale low-cost project with significant existing infrastructure in a politically safe and friendly mining jurisdiction this the gold just completed the Mount Todd feasibility study which resulted in a seven million ounce gold reserve in a 16-year mine life all of this combined with the approvals of all major operational as well as environmental permits this distinguishes Mount Todd as an attractive dearest part ready development stage gold project this the gold trades on the New York Stock Exchange under the symbol VGZ are you looking for a way to consistently add winning trades to your portfolio Tom O'Brien is here to help Tom O'Brien has been successfully trading markets for over 30 years a frequent contributor to TD Ameritrade Network and CNBC Tom O'Brien founded TFNN over 20 years ago to help educate investors just like you Tom's daily market newsletter market insights is published every morning when the markets open to give you the competitive informational edge you need to succeed these newsletters are packed full of Tom's advanced technical analysis and are geared to deliver comprehensive strategies for a successful portfolio get Tom O'Brien's newsletter market 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lock in the added savings this offer is good only for the month of July so do not miss your opportunity to save on the tiger forex report TFNN educating investors 1.8 when we're back unfortunately I didn't even hear the the ad coming up so I took right through it but let me just go back I was looking at crude oil crude oil has a left side right side price time match and that time match says that the low that was made on the 11th of April at 84.35 today is the day that it should test it it's so close today is the lowest 85.88 I mean really so that's in that side right side price time match on the dating but look at the weekly chart weekly chart as this pattern that we call the dreaded H it makes a sharp move down and then it has a rowdy back towards the previous hind and its fails and now it's got the inverted it looks like the Eiffel Tower store it actually looks like the Egyptian pyramid goes straight up diagonally and it's straight down diagonally and that means it's testing if this base at any points between now and I'd say the first week of September see if I get that actually right there yeah if at any point in that in this particular time we start to see trades underneath let's go all the way to the left side low after the flagpole reversal and 83.62 on the continuous contract and that was back the week of 18th of March of this year if that is taken out on a weekly basis wow that just says crude oil really is under severe pressure and that's good and that should be a good thing that should be a good thing for the IYT look the IYT gone to an alternate count GCNSC 249.68 in Chathamwae daily leg B in the weekly and we'll have to see what happens after this so a question came up is there left side right side price time match in SAVA and so SAVA is because SAVA there we go this is I used to have it all written in what happened I can't stand it when this happens oh SVA of course I don't have any SVA notated but I do SAVA you'll see Kassava there it is Kassava sciences biotech Alzheimer's well it's one of the things that they do had a high of 146 16 July of 2021 and a little bit of a dip went all the way down to 14 just recently and I was trading at 20 or 14 to 26 points oh that's a that's a pretty decent rally and now what we're doing is restoring so as I see it so if you want to look at the automation because it's filled in the gap completely that's the gap that was in SAVA trading at 24-23 up for pre-market very nice because it's filled in the gap from the 26 the lowest 20 the lowest 20.75 and the very next session the high was 19 round number 19 then it propped down that same session it plopped down to 13.84 this is I mean six points very good it's you know over 50 percent gain now we were looking at is because it's popped up to 24 now what you've got is a rectangle formation that suggests and this is a company that evidently has something very good going on but it keeps getting hit with short sellers and stories come out and then I'm not a hundred percent sure but it seems to me very often those stories are not necessarily completely refuted but there's a big question mark whether or not the validity of the dissension of their product analysis is valid and that seems to be the way it trades so if it's trading right now pre-market 24-22 when the market opens at 9 30 if it's anywhere in the 24s it says that the target could be the high that was made in the 20th of July of 2555 and that would be a leg D and that's where you could start to pull back again then at any point because it has such a wippy action if it starts to close any day it closes under 20 in the next week or two after that because it moves very sharply up and down this is watch out it could even retest the low but the way it's acting now with the technicals improving this is going to improve them even more I would suggest you that if it does trade at 24 the entire week should see 22 as key support level you should probably hold there alright next thing we want to look at now so the Dow futures at this particular point look the YM is down 250 so for the diamonds I recommended for subscribers this morning to my opening call newsletter because we've been long for a long time that you take another it'll be I think either the second or the third a little bit off we taking right now and one of the reasons is you're in an alternate count because this in the not in the Dow but there's a chance that could be f slash C so it pulls back and it makes one nominal new high and then you start to see a deeper pullback that's kind of what I'm thinking if you look at the S&P let's go to the E-mini and this is gonna be the continuous contract of the E-mini trading of 42 72 the same as the September contract but that'll change at some point as it gets close to closer to the monthly expiration you get weird differences but sometimes seven points or four points so I'm just using this for the moment because I've got this notated in in all the different timeframes because it's a continuous contract and that just says with the almost doji candle yesterday in the E-mini futures the Magdy's Good excellent at 94% on balance volume for some reason it's lagging not the doubt but in the S&P it's been lagging that's a concern but most importantly the 43 2750 high yesterday I think you could go if there's this is say the Fed comes out Mark is really weak and then as we get it from 12 o'clock to so from one o'clock to two o'clock the market just kind of comes back and it's not as down down as sharply as it was and then all of a sudden the Fed says we're gonna stick with a 50 to 75 basis points move and then all of a sudden the market might turn around and say oh even let's take a breather so I just think this is a good an appropriate time to be and also I think that we in the process right now perhaps we don't know but perhaps we're in the process of seeing some rotation into some stocks that are important to the economy in various ways maybe through office space whatever it is and because of that you could see money just start to flow slowly into those areas and that means if you take a breather in some of the stocks that have done it fantastically that'll be fine alright let me a couple of questions came in Microsoft Microsoft's trading at 289 down 3 man an alternate count g-c here we go no chop we've instant restart occurs after a peak D within three bars you make a new recovery high and that means you can have an alternate count so you continue the count in the alphabet ABCDFG never an H but when you get to G you say G property slash C because it could be a pullback and then a little pop to a D and then maybe you have a deeper pullback but if you look at the say the spy the spy is in an F now that is an instant restart as well look you went to D and then with your three bars you made that new high high so this is this is an F but there's a chance that it's an F B look at the QQQ you say yep that's a G but there's a chance that this is an instant restart and it's going to G snatch C because the SMH's but they have made D what's the objective in the Chapman wave to get you to at least a D and then other things can happen so we're down three on the SMH's I'll be back in a moment puzzle Chapman 30 edition it'll be recorded and played back at 10 this to gold owns and operates the largest undeveloped gold project in Australia the Mount Todd Gold project this to gold just completed their feasibility study resulting in a 7 million ounce gold reserve this to gold has all major permits approved and has retained CIBC capital market assistance in evaluating alternatives and in completing an accretive transaction this to gold trades on the NYSE American and TSX under the ticker symbol VGC this to gold executing a strategy to create shareholder value 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 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TFNN.com So I was asked about NTR which is new being limited new being limited I believe that that is is that really a bond fund that reads in it but I do like the chart it's at a peak C right now and there's a particular pattern that I always look at Chapman Way fooling exformation and if it's very quick it happens within a couple of bars or it could take a long time but in this case there's a chance that it's gone to a peak C and it could pop above I was done 45 cents today at 91 but all it needs to do is pop above 92 71 by one penny and it makes leg D so that's then then it could be in for a bit of a reprieve a little kind of a pullback but actually this is gone far above the 200 period moving average of 83 and that makes the 87s very good support but from the weekly chart it's just been a steady move up it's broken above Chapman Way of inside track resistance it's also got a one-to-one to the upside I would say this targets the 92 to 93 area and then you're going to be a little careful but that so far it's good and as a let's see where we can discuss yes so okay that was the question I'm just doing the analysis for it question here is doesn't come we discuss shop hmm didn't really want to discuss shop but if you ask for it I have to do it shop is Shopify it's trading at 3864 we actually along from 40.49 on the 11th of August and yesterday our stop I've got a little wider stop than usual but I did say to take a tad off at the open today just do a media read some of the downside action and one of the things I've been looking at here is I was talking about it earlier on we expect to be asked about Shopify and Shopify trading right now 3864 puts it right back into the middle of this rectangle between 42 and 30 and it's been there which actually went to 2972 and it's been there for months it's been this is the 5th of was that May or June the 5th of May it's me so 42 49 a gap down and then it's just been stuck in this range but it did pop to 45 43 the other day and we wanted it that day but I wasn't even prepared to pay any gap up so we bought it on the on the sharp tip it went to 45 43 I thought great if we're getting it at about 40 in this case 40 49 we are over 10% off the high so it gives me a little bit of room and the only reason and this is the thinking you may as well know the thinking the thinking is that because we've got I said weeks and weeks ago that we're going to be a for subscribers from opening call we're going to be aggressive about what I think is going to work we won't just buy one to one we'll buy three to one positions that means 300% long if we can get them in any particular ETF and we're gonna just keep taking a little bit of money off a little bit money off and as of right right realize what our best best move would have been almost 50% yesterday on on one of the positions but I I want the cause of those particular things and then I said when there is a some kind of a bigger consolidation rather than a one day or a half a day or a three day consolidation in those areas that we are long aggressively long I want to start looking at others other sectors sectors that have been I mean just I mean Shopify this is the post split at 176 it was 3,000 something at one point so it's now 176 split I don't know what it was that 20 to one or something and it goes down to 29 I mean that is a whopper of a move down so now I'm thinking that in the rotation if we start to see a pullback which I'm anticipating is is almost underway here as we talking then it means there's now from this moment on there's limited upside there could be more upside but it's kind of limited but most importantly fund managers are going to have to look for other areas so my thinking here is that Shopify has had this so that was May the 5th let's call it all of May May June July August almost a four month consolidation in the narrowest range you know what I always say about the rectangle formation at a top if it pops up usually to a D and then starts to pull back and breaks halfway into the red narrow rectangle midpoint there's a real good chance is going to test the base and if it tests the base there's a real good chance from that moment on that it goes under it before it tries to get back into the rectangle this is the exact opposite this is not a rectangle narrow rectangle at the top there's a neck narrow rectangle at the bottom and my thinking was this Truff E at 2972 on the 5th of July you see right here how it made this base three times hit area and now there's a chance that you've got a cup really a bowl or it's called a saucer shaped pattern that says at this particular point in fact I'm even prepared to stretch this out a little bit we we could if we could start to see trades in the 4580 to 5560 area in the next week without breaking a certain support level I would say just 35 would be our stop is way tighter than that I'm just saying in the bigger picture whatever this is right here 36 30 if it breaks 36 30 on a closing basis it can go on for a lot longer but in the meantime and I see Walmart is about to challenge Shopify's particular sector focus I the way it's looking right now let's give it another two days or so because if it makes a little bit of a u-turn right here and at any point it can even touch Monday what's today Wednesday yeah Monday's high a 4110 just nick it just has to touch it all of a sudden you're looking at something that says a little mini u-turn so I hope that helps you kind of position we're in a falling box of sharp knives everyone likes using the product for tiger dollars Frank says yeah you know in fact I can't even remember specifically what they do I have followed it I know someone who actually had it all the way from the top from the midpoint all the way to the top and then all the way back down again that's just the way it is some sometimes people just get focused and then they get unfocused but this is one of those that says to me if they have one let me just in fact check it right now what is it time yeah we've got a moment I'm going to just go here and I'll say oh it's right there Shopify what does Shopify do e-commerce platform for all businesses yeah again it's just e-commerce they will customize an online store and sell in multiple places including web mobile in person brick-and-mortar locations pop up shops and cross multiple channels for social media and online marketplace I mean they had a fantastic product and I believe still have but they just they were obviously spending money and that money was at the wrong time and now is pulled back and I think from everything I hear it's a great company and all I'm saying is the timing wise this would be the timing as far as I'm concerned with these laggards that have a good business a good business model very good customer relationship and a customer base could start to see a movement to the upside that's all okay so I hope that helps you SPSW SPSW SBSW question about that SPSW is Subanya still water limited am I just reading that incorrectly Subanya still water limited okay is this silver or gold whatever it is it's turning at 1031 at the close yesterday announced down 78 since a 953 made a peaky it really has to hold this 950 area if it doesn't that makes the weekly chart very poor 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.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 and 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to be tfnn educating investors this program is brought to you by Vista Gold traded on the NYSE American and TSX under the symbol VGZ that same analysis that I did for the Krudo which said today should be the test of that was a 50 the left side low is what I did last time I drew this in there's a chaff we've inside wedge target support level I put in this right here and then I did a measurement to the right side and then when I woke up at about 5 36 o'clock this morning I said oh it just made a peak D let's see it was way up there I said I don't know could could you really could you really see a sharp move down and look at this it went right there at exactly 6 30 this morning at 42 78 that was a left side target then it went down and that means that 42 78 level has to become support if there is a nice bounce at any point and I suspect that the 42 93 level before the Fed makes a statement today it might there might even be a test all the way up to that 42 93 level now I for three days I'd be meaning to do this I apologize to George X Y Ali and sent me a really a nice note about this particular company I think it was over the weekend or maybe Friday Xylem Inc water tech provider there's a public utility and private also has private commercial and agriculture this is this is in everything so this is X Y L trading at 103.96 of the close yesterday made a new recovery high oops to get rid of that and that's a leg D but the Magdy's strong stochastic way at 98% and flat is fabulous unbalanced wine says be careful there could be a little bit of a pullback the left side right side price time match in the X Y L weekly chart says you could you could get a left side midpoint but it actually went lower so it's a lopsided basically it should be called the lopsided it's like a gravy cup formation and even more importantly it's in a single leg B I mean it's in a leg B to the upside tackling the one is 617 high which was the target that I had when I drew this up on Sunday Monday looking at it and then forgot to talk about it so everything about this says that it is coming up strongly towards a lot of resistance levels in the 106 area where would one add I'm not sure if that will I can't remember that was a question I'd add at any point I just put in something at between 97 95 93 or really key support levels I just put something in the middle 95 if you want to add to it maybe a sudden pullback to the 95s that'll be more than a sudden pullback it'll be quite a sharp decline that's the area but it looks fabulous and I would love in about three days about maybe Wednesday maybe Tuesday or next week Monday or Tuesday will be a really good time to see where it is because if it survives over the next three to four sessions is going to be absolutely imperative but water technology provider this is so important I love this we used to have an mwa which was the Mueller water products for a long time made fabulous money and then we got out and I've never got back in for some reason there was something wrong with it then I found out here in Newton that they installed meters and they had to redo all the meters they still haven't actually finished doing the meters because of some error so that's different so this one here is x y l this is nice action very good so yes a great obviously must be a very good company but great chart pattern coming off the low but the high was 138 and the low was 72 got cut in half so this is a very strong rebound treated right now as the start of an improvement in the weekly and the monthly chart we can now forget the daily now we're looking at the weekly charts like we are in the in the down many of the instruments that we have the days are now they completed everything they need to do now we move to the next time frame that's what I was teaching in my webinar on Wednesday this last Wednesday you could actually get it if you become a subscriber if you if you if you purchase it you'll be able to look at it as many times as you want it's really relevant to the markets we're in the market conditions we're in so yes next question was could I look at amazon amazon amazon amazon yeah amazon recycled with the chaplain instant restart and you can see how choppy it can be either straight up or you become really choppy this actually has the look of a chaplain wave I'll mention it it has the look of a chaplain wave unconventional restart all right all right just a lot of words but the words actually explain everything that it is and means that it can keep chopper chopping around but it looks like it keeps wanting to come back to the area of the instant restart low and if that's the case then no matter how high amazon goes at some point it's going to retest the 132 area and yeah it is a 143 it's down a dollar 38 pre-market so that's the way I would look at that pattern and this kind of corresponds to so many things that we're looking at look at this pops up over the a b c and fails at peak c back in april just above the 200 p moving average it's there for about 10 sessions and then gone down and you don't see it again from the 157 level until it tests the 100 level and look at this this is this is oh look at that it's a little bit like the choppy five pattern look a long rectangle this is from May and then finally it breaks out but it gaps up and that's a difference choppy fire hasn't done that yet it's still under pressure so this is the same kind of pattern where it just goes sideway sideway sideway so it's at the bottom and then uses the low that was made okay this case the low of I think it was the low of uh June the it's a date yeah June the 14th of one or one point 43 and yet it is at 144 so we're looking at a 40 gain that's a huge gain of course this is stock that was once 188.65 in july of 2021 so coming down to the 100 level that's a that's a big hit where yeah was 80 points yeah 80 points okay so that's uh amazon let's look at oh i had them all written down Schwab yes so Schwab made a huge move up to leg even pre-market it's up a few cents this is the area we we wanted it because we're all along the IAI and I've loved the action and I said it's absolutely imperative that the brokerage sector the IAI and the XLF together with certain other areas as well as the semiconductors had to have a decent rally off the low in June because that would be a confirmation that 177 that's a leg B in the weekly chart that would be a confirmation that you have sustainability that's why this is more an intermediate term move from the June uh it's the six weeks or more and that's really important and what I'm really looking at here is that the XLF so let me just finish this up so Schwab is a little extended above the 200 period moving average of 72 it's five points higher so it actually it doesn't even have to get back to 72 but if a digest gains over the next two weeks I'm watching it closely because it could it could start at peak B by having a lower high at some point and then start to see and that'll say it's a first time in months that is trying to attack the chart wave inside track repellent zone back in the well depends on which month you're looking at it right now it would be up in the 7880 area so that's important XLF is the financials and we do have we taking a little bit the first time we're taking a little bit off our bank stock that we've got our long bank stock look how many D's and E's and F's they are and this just says to me hey this is normally we get forces but we haven't actually chosen a short position yet we've still got longs but we're just raising some cash I think it's important but very good action in the financials I'll be back one more section to go if you want to take advantage of this sector now is the time to subscribe to my gold report the gold report is a comprehensive look at the metal sector as well as the markets that move gold which is the currency and bond markets new subscribers get a 30 day money back guarantee so you 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and newsletters 30 days risk-free with our money back guarantee at tfnn.com tfnn educating investors don't forget you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com then hit watch tiger tv that's tfnn.com then hit watch tiger tv folks in this final segment remember this is going to be repeated at 10 o'clock so everything I'm doing now is free open the DAW is down 230 in the futures VSB futures down 38 I'm expecting some weakness and even if whatever the Fed says I think now we have limited upside in the shorter term I think the intermediate term targets that we have in the upside you've got leg D E and F and all the different things look I'm even looking at natural gas leg D I did left side right side price time match now this is so important because this shows Chapman Wave techniques and a left side right side then a pullback and now it's gone to a higher high at 9.48 and the continuous contract but look what happened the reason why we have a natural gas company of actual oil and gas companies because I felt that this V-shaped pattern for the weekly chart if it takes out the left side high I have to consider this as an A and a B a brand new leg B in the weekly chart and a leg D in the monthly chart so this is natural gas is in play it's in play and I like it very much I don't like the action of crude oil I might not go very far in the downside but it's already at the target that we had for the left side right side price time match that I've had forever I mean just for ages I just did that look there it is that's the low that was made back in April in the 85 30 area here we are we're at 86 we're 85 ready today I think this is a problem I think oil can bounce a little bit but I think it's going to make lower lows and lower highs with the change of period moving average at 87.81 and really it's like a magnet to this particular point so to sum up much more cautious we've gone really cautious we still long haven't started shorts yet but considering it and at the same time just looking to see how this plays out into the Friday close number one number two is within the context of taking money off the table money management that's what we did we did it this morning again just lightening up in some areas even areas I love and we're looking at will there be a rotation from sectors that have been beaten up but are really good sectors at this particular point for new investment or is everything going to come down or am I going to be totally pleasantly surprised by the 34 000s and the doubt becoming the home for the next two three weeks as the market stays in 34 000s I'm just being kind of cautious have a wonderful day stay tuned you've got Tommy O'Brien coming up next but if you're listening to the 10 o'clock time frame it'll be Steve Rose have a wonderful day check out my opening call daily newsletter thank you you might think that if you want to be successful at trading in the stock market you're going to need a crystal 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