 and become a part of this educational community of traders, just visit the front page of TFNN.com. The following is a presentation of TFNN. Trade what you see with Larry Pezzavento. Call now toll-free at 1-877-927-6648 or internationally at 727-873-7618. Now, Larry Pezzavento. Okay, folks, looking good, Billy Ray feeling good to us. We're going to take a look here at the price of the June hogs. If you remember, we had for my closest and dearest friend up there in Jackson Hole, Wyoming at the Lazy Ale Bar Ranch. Oh, Mr. Larry, and he was telling us about his long position that he had here on the June hogs. And he asked where to put the stop. And I told him 20 cents below the close. And folks, he had opened 20 cents. Just right on the money where his stop would have been filled, it immediately dropped $2 a pound. You can see we went down and made a huge ABCD pattern here in that trade. Now, that doesn't take a lot of guessing to do that, folks. Let me show you why. If you remember, we were talking about this with Larry on the phone. And the thing that we were watching very closely was the fact that both April and June hogs, let's just get this up here to see where they are, were in a really strong downtrend, saying we had another few cents to go to the downside. This happens to be April. And you can see here we have the ABCD move coming down lower. That gives us a price in June hogs of about 84. So I'm sure that's what we'll be watching. But the fact that it hit that level at 89.20 and immediately broke as much as it did. And then, you know what it did, folks? After it got down, they happened to be watching just to get the price action. It went all the way back up and hit 89.20 again and then dropped another two cents. So they're rocking and rolling over there in the hog market. I hope my closest and dearest friend up there covered us for short position at the right tires, long position at the right time, and made a few bucks on the short design. Questions arose about my show for Monday and Tuesday. The questions, many unrelated. Why was I so bearish? The main one, of course, was the Dow Jones Industrial Average. Let's get this up here so we can see it making the exact. And that's within 40 Dow points out of 33,800 at the 61% retracement. Okay. That was Tuesday. Okay. And the second reason was we were looking at the Russell. Let's get the Russell up here and take a quick look at it. There's the Russell. We'll get this up here. Hold on just a minute, Larry. Keep the scards and letters coming in. There's the Russell. We'll get it up here. We're going to do one at a time, folks. So we'll just be careful. We've already seen the S&P already posted that one up there. There was the Russell. You can see now this is the 135 pattern. You see the symmetry there between the highs? The time between 1, 3, and 5 are symmetrically in time. And it's also making a 38% retracement. Now in market adage, you always want to sell the weakest and buy the strongest. And the Russell by far has been the weakest. So if you would have done that, and if you would have done that, I want to show you what would have happened. And you're going to have to wait a minute until I get the right chart, but it's here because I just did it a minute ago. And where did it go? I know it's not a senior moment because I just did this a minute ago. Did I lose it? No, I didn't lose it. Here it is. Here it is as of today. It was just hidden underneath the other one. And there's the Russell today. You can see the Russell is down sharply without virtually any rally. We rallied to the 61% retracement in the Dow Jones, but the Russell did not do anything to that effect. Okay, now just for kicks and giggles, I'm going to show you one that I'm looking at today. For a potential sale, I know this doesn't seem possible that I'm going to be saying something bearish about treasury bonds. But we've got a very, very interesting pattern here. It may or may not work, but all I know is the risk here is very, very small. You can see up here at this 13408 level, LI was 13409. There was a little bit of resistance there. So your amount on the stop on this was very, very small. Well, it already broke about 8 ticks. Now it's back to pretty much the same price. But either you can see the intervening ABCD. Now this is a four-hour chart. If I were to do this on the daily chart or the hourly chart, you can see this ABCD pattern right here. But because it's a four-hour chart, you don't get to see it. But you notice that it takes out the previous day's lows and right at a 382 and that gives the price objective at 130409. That doesn't mean that I don't think it's not going to 140 because that's where the larger patterns are. But this is over a 10-day period and it's not a three-drive to a top pattern. That is not any particular pattern at all, except that these are asymmetrical triangles. What I'm looking at is the ABCD structure at 1.27. And the fact that you had made a higher high at the 1.27, that means a lot. So you have 1.27 ABCD. And that's really all you need to do a trade. You got three things. You got the ABCD, the 1.27, also the verification of the 382. That is a tradeable pattern. Whether it works or not, I don't know. We don't know whether any of them works. That's the whole key to what we're doing. Another reason why we were so embarrassed, I've already posted the E-mini S&P. But if you remember, I said we had some very, very strong symmetry going on in the price of Apple. And Apple being the most popular stock, I think more people own Apple than any other stock. And they've got enough outstanding shares to cover it. You can see here, the relationship between the highs is equal. You notice the ratio, this one was 82. This one was 87. Well, for trading a stock that's in the hundreds of dollars, that's insignificant. Now, what's happened since that time, you remember the high on the stock, I thought we'd get about 165. Well, it got to 166. And where we are today, you'll see we're trading below 162. We'll get up here. Now, these are ones that work. If I took time to do the ones that didn't work, I would be on 23 hours a day out of the 24, showing the ones that didn't work. But look at this. You've got the same symmetry, you hit your price, and now it's down sharply. Anything above this level now, it's lights out. You could buy Apple with El Cunos Dos Manos, which means with both hands here in the Pueblo of Tucson, Arizona, as we look at these charts here today. Another one that we were looking at, of course, was the fact that the FTSE and the DAX were also making major patterns doing the same type of thing, particularly the DAX being the most popular of the two over there, the German DAX versus the London FTSE. This is the German DAX. You see the double APCD patterns up here, the blue lines. We take out the highs by just a little bit, and then look what happens. You get a reversal. Now, is it going to reverse down a lot? I don't know, but it started in the right direction. That's the key to what we're looking at here, is starting in the right direction. You don't always finish in the right direction, but you want to get started. Remember what my grandma told me when I was a little shaver, having my oatmeal. When I was about four years old, she said, honey, secretive life, 90% of it is just showing up. That's what I do every day to try to make a trade here or there that might make a buck. That's what I'm looking at today. Let's take a break. 877-927-6648, and I want to continue on with the reasoning behind the short stock market in just a second when 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 and the 30-year T-bonds as they both influence forex markets tremendously. 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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. 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 market's 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 Insights, today and try all of our products and newsletters 30 days risk-free with our money-back guarantee at TFNN.com. TFNN Educating Investors. Toll Free at 1-877-927-6648. Internationally at 727-873-7618. Okay, folks, I posted the chart of that overbought, oversold indicator. You can see that Rich Anderson and I follow. Other people follow it too. It's quite popular. And all it shows is when you get really extended and all I do is I match a pattern to see if that extension tells me, yep, this could be it. So I take a calculated risk as called in a trade here, an intelligent risk speculation. That's what we're looking for as we're looking at some of these things. Now let's move on here. By the way, our guest today will be Mike Moore of Moore Analytics. And of course, he has several specialties, but his big one, of course, is the crude oil complex, including the heating oil and gasoline. And he's done a great job of talking to us about what these markets are doing. He's been bullish. Let's try it again, Larry. He's been bullish. And of course, we had that big $7 move on Monday, actually Sunday night. Then basically it's been consolidating within a $3 range ever since. So he'll maybe give us some shed some light on what we're looking at. Now getting back to several of the other reasons, this was the stock market. And I wanted to bring the NASDAQ out because this was a NASDAQ and we were looking at this on an hourly chart over the last five trading days. And as you can see, actually 10 trading days, you can see we were right up at the 1.618 expansion level. We were completing a big ABCD. So now we got five or six things that tell us it should be at least a short-term correction in the market. And so far, that's what we've got. And maybe it'll be longer. Maybe it won't. We're going to know that in the next day or two. And we'll talk about that too. And then there was one other one that we wanted to talk about. And that was we were looking at the interday move, looking at a just a three-minute chart on the Dow Jones at the time the top was happening because I was watching, listening to my beepers grow off saying, hey, we're hitting some real critical levels at 1.618 on the S&P and also in the NASDAQ and also the 382 in the Russell. So it was telling me that, yeah, pay attention. So what you're looking at right now is that time of the day was two o'clock in the morning. I don't get up at two every very often. But when the beepers go off, they're allowed enough to wake me up. So I come in and take a look. I have them working before they get to the top so that I can watch how the top is being made. I don't put my beeper exactly at the top because it might only beep one or two times. And I want to be able to stand in front of this thing without risking very much. So you can see double ABCD patterns in here. You can see the one in the red. You can see the other one in the green. Major resistance, and of course, we're down 500 points from that level. Now, will that be the high for the year? I don't know. All I know is it's a tradable pattern, and that's all I'm interested in looking at is a tradable pattern. Now, yesterday, right before the close, actually it was well before the close, we sent out this chart to our folks that listened to what I have to say, and both of them received, without any hesitation, this chart on the platinum today. And the high on platinum was scheduled to be 1036. Well, we missed that one again. That was 1036. 90 was the high. And let's take a look to see what happened to platinum today. Now, what do you think? Larry, are you going to show something that didn't work? Or are you going to show something that did work? Let's try the latter, and that'll be something that did work. So if you take a look at this, this is platinum. We've come down a little bit more since this was early today, but it dropped $22 an ounce, right, down to this level right away. I mean, that's just how quickly it worked. Do they all work that way? No. Some of them do, but some of them is in the tune of about 60%. And that's what we're looking for. We're trying to be right about, you know, six times out of 10. And of those six, you're going to have six, you'll have 60% winners, all right? And then you're going to have 20% break evens, and you're going to have 20% losers. Sometimes it'll be 30 or 40% losers. But if you manage your risk, you can still do well. Jeff Hughes is one of our, one of our, well, all of my guests are favored, but he writes a great newsletter, and he's only right 35% of the time. He shows you, I'm only right 35% of the time. He knocks the ball out of the park. You know, so that's what you got to do. It's not about how much money you make, it's how much money you don't lose. That's the key to what you're doing here as you're watching these things today. Now, I've had a lot of what do you call the feedback about these patterns that I talked about flags or what my good friend John Hill used to teach me called Dynamite Triangles. And by the way, I sent an email to Ed Dobson, who was a Traders Press. He published my books for, for well over 30 years. He's retired now down in Florida. We haven't had a chance to talk. So he's going to be calling me back a little later today to chat up. And John is still alive, he said. So I'm, he should be 97. His birthday's coming up here. I've been thinking just a few days. I recall, I think see the February and March. But my guys, I met John in 1970. Do you realize that 53 years ago, folks, this is a story in itself, really a life changing story. San Francisco, it was April, three day conference of the stock market cycles with Jim Hurst and Ed Raferchette and the Compute, what's it called? I'll think of it in a second. Anyway, they were showing the cycle thing. And boy, there were, Larry Williams was there, Peter Lides was there, PQ Wall was there. I mean, there were so many people that were there. I mean, Luddies, some of these guys weren't even born yet that are famous now. But this was a big deal. And that's what I met John Hill. And I, I don't know what happened. He took me over just like his son and we went out to dinner and San Francisco being like a second home to me. We really had some wonderful meals and had a wonderful time. And he said, you got to come out to Hendersonville, North Carolina to see me. He shouldn't have said that because I was there in two weeks. And I spent, suppose to spend three days, I spent a whole week with he and Carol and the kids and had a wonderful time. And he became a very, very close mentor to me, gave me access to all his, his things, you know, his, uh, uh, library and stuff. And then when I took my job at Drexel in 76, you know, by then I was, uh, after two years of Drexel, I was, I was back on my A game and everything was good. And then I became a floor trader and, uh, John and I and what another doctor friend and ours, uh, we shared a lot of good information about the years of what was going on in the floor. I went to the floor to make sure that because I knew this electronic stuff was coming. I saw some examples of that from copy track with Walt Bresser and, um, Jake Bernstein. And I saw this is going to be really great. And it wasn't due to come out till 83. So I went to 82 to see what it was going to be like. I wanted to see if you could buy and sell without the people flashing there, you know, their numbers and everything. And I don't want everything to do with that. If that was the case, and boy, believe me, it's run very, very safely folks. If there's any cheating going on there, it's not in front of us because we didn't see it. And Byron looked at it all the time. And Leo was, Leo Malamba, who was running the exchange was really very adamant about that. Hey, this is a fair playing field. And let's keep it that way. We all make a lot of money. And, uh, you know, bears make money, bulls make money and pigs always lose. So he tried to cheat. That's no good. So let's take a break. We're going to talk to Mr. Mike Moore and more analytics very shortly. And we'll be right back, folks. So stay with us. Oh, I've got 45 seconds at dead time. I was afraid I was going to have that happen. But what it, you know, what I'll do on the second half of the show today, I'm going to explain to you my, one of my favorite experiences on the floor of the Chicago Mercantile Exchange to show you how honest it really was. And I think you'll enjoy that. I'll just share a few others. But right now we're going to be having Mike Moore on in three minutes. So let's be patient and we'll have Mike on in just a second. 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 have nothing to lose. Every Monday morning, I publish the Gold Report with coverage of gold, silver, bonds, the XAU, HUI, GDX, as well as more than 30 different mining equities. To see for yourself the types of profitable trades that are recommended within the Gold Report, sign up now by visiting tfnn.com. Don't miss out on the next great gold trade. Sign up today. 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 Pesavento 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. 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 8.30 am to 4 pm 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 eight 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 Think or Swim. For more information, just click the Think or Swim banner on the front page of tfnn.com. Okay folks, we have Mike Moore of More Analytics on the line today. Mike, how are you doing? Doing great today, Larry. Thank you very much. Thank you for having me on. It's always a pleasure. Listen, I have a personal question that is, you've seen just about everything in these markets over the past 30 some years. And when the Saudis come out and drop production like that, and we see this big gap up of $7 a barrel, I've personally seen it probably half a dozen times over the years, there's no way to predict that they're going to do something like that. Is there Mike? I mean, someone asked me that question. I said, not to my knowledge, but do you have any insight on what happened or what's going on? Well, let me pull up another chart for you to kind of answer that question in a different way. Give me a second. And this will be kind of an eye-opener for a lot of people. So I'm going to share my screen with you real quick. Okay, can you see the screen? Yes, sir. Word, good shape. Yeah, everything's good. These are some higher time frame calls that I made for Conoco Phillips back in 2020. And I just happened to do this, drop this chart for management just to recap some of the larger time frame calls that were in the analysis. But if you notice right in here, the market had already come off from $65 down to $45 in a matter of three months. So it had lost a third of its entire market cap. And if you see this right here where I'm circling, I said $1.50 break below $43.32. We'll project this downward $23 minimum, $35 plus maximum. Now that's $35 down from $43. That would make it $8 a barrel. Now I wrote that before this opened up on the day and got a lot of grief from a lot of people saying, oh, you know, the market's already lost a third of its market cap. There's no way the market's ever going to $8 a barrel. This, that and the other thing. Well, we came off $4.30 that day and went out on the dead low. And this is on a Friday. That weekend, we had the largest gap open lower in history. Gapped open over $10 lower. And of course, on Sunday night, they said, oh, well, that's because OPEC and Russia were having disagreements on their cuts and they decided to flood the market. So to answer your question up here, did I know that they were going to flood the market? No, I didn't. Well, what I did know is that the technicals told me that you should be short if we break below $43.32 by $1.50 and that the projection to the downside would be $3 minimum, $35 plus maximum. And you can see here as you go down in the chart in the ensuing couple weeks, you know, we were down to 20. And then after that, we went to negative $40 a barrel. Yeah. Now, negative $40 a barrel is mainly because they had that dude in Singapore strapped across the old proverbial wooden horse. Is that correct? Yeah. Okay. And nobody even knew if we could go negative. Yeah, that's right. I tell the folks what that meant because a lot of people ask me that question. And maybe coming from an expert like yourself, they'll really understand why it could go negative because go ahead. You're basically paying to store it and stuff. I mean, I don't know about all the fundamental reasons behind it either necessarily, but that's one of the reasons why when people say, can you predict this? The technicals, the basic premise of the technicals is that the current price of the market is a reflection of the sum total of the knowledge of all those people trading that market. And you can bet that some people up in here knew that those talks weren't going well and that they were thinking of flooding the market. But that's not going to be obvious to your average retail trader. So the technicals actually give you that clue a lot earlier on. And to your point back in the crude oil, let me pull this up over here. So in crude oil, I said on 327, we left the bullish reversal below, right? So taking a look at crude right now, can you see my screens okay? Yeah, oh boy, they're coming in perfect. Yes, we can see them. Just blow this up a little bit for you real quick. On 327 right here, we left this minor bullish reversal below on this bar right there. You told us that's two weeks ago when it was $67 a barrel. The reason why I know is I bought something down there and I worked out pretty good. Of course, I got out a little bit too early, but I mean, that's the understatement of the year, but it still worked pretty good. So this was your first harbinger that we were going to rally. Then we had on a lower time frame chart, we also broke above this line right in here, which I said you're bringing strength and that brought in 727 strength. And then we broke above a very significant formation above here. To your point, that news came out over the weekend, right? But already the market had told you that you should be long down here and long on a break above this formation right here. And then it also said if we broke above this formation, if you can see in the analysis, I said the trade above 7897 projects a separate $15 plus, which is a pretty significant move from 7897. But if we fail back below decently, look for a decent pressure. So I'm expecting a large move up from here. But if we fail this, then that's going to change the whole picture and turn it to look and bearish. And then this will likely come off for days. This is priceless. I mean, this really gets into the mind of a trader and what you're looking at and how you handle technicals. Mike, this is really a really great description. I hope that's on video somewhere because it does a beautiful job of showing you how you look at the price levels and what they mean and everything. And for me it is because I've been doing this for a long time and it's really descriptive of what's really been happening here. So thank you so much for that. So go ahead and continue. I didn't mean to take so much of your time, but don't forget you're going to be on twice today. You know, you could double pay today. I think it's double pay or something like that. You know, to a lot of people out there watching, like one of the questions was, could you have predicted that they would have this cut? My answer to you probably is a more retail or not high. You know, we don't have our pockets into our hands into every package of the knowledge out there. My point to you is you don't need to necessarily. Either you need to have somebody that can make the predictions for you or the technicals can do it. But this is an example like a calendar spread. This is the June D spread in Crude low. Oftentimes the 12 month or the six month spread will give you an indication early on as to the movement of the market. So for instance here in the June D, I said the break above the break below 56 and back above warned of an early termination of the move down. I warned the ensuing rally could exceed 290 ticks from 42. We've attained 343 ticks of that. Now, I haven't talked to that. There's no man past shows, but that that was a reflection of the break below this point right here. Let me show you the break below this area right here, which was 56 right down into here. And I said that the ensuing rally could could exceed 290. Now this is a spread. So you would have a lot more of these on. But 290 tick move. This is long June short days. Correct. That's this kind of a move when we've seen even more than that. But that was giving an early indication that this market was going to rally out of here. And then it took out this formation also, which also projected it higher broke above there on Friday right like right in here. And this I said I had significant projections to the upside as well. And you can just see how it popped. That's great. Listen, we're going to pay a few bills, Mike. So stay with us and we'll be right back with Mike more more analytics folks. Thank you for joining us. We'll be right back after three minutes of wonderful paid advertisement. 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 stock prices. Get the opening call newsletter by Basil Chapman and your inbox every day. 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This is a weekly chart, so each of these bars stands for a week's price movement. If you go back and look at some of the previous interviews that Larry's done with me, you can see some of the predictions we've made on a macro basis in here. But if you can see my charts right here, I said that the trade below $5.1360 to $4.9930 projects this downward to $27 minimum, $370 plus maximum. I said the maximum of which could be seen within another month of time. We've seen $3.25 cents of that lower. That was the break below this formation right here. Seen a very sizable move off of that obviously to the tune of $30 grand a lot. However, on a shorter timeframe basis, I said I would be aware of possible macro exhaustion levels at $202.20 and $179.60 to $171.10 and lower. We are currently holding the upper of these with a $201.50 low. I think a contractor's got his corn going on outside. We had broken above this bullish formation here, broke above it here, pulled back, pulled back, and then finally we pulled back right here at $201.50, which is just six ticks below the $202.20. What does that mean? In and of itself, this doesn't have a huge projection to the upside, but if it holds, and this is the exhaustion area that it does hold, we could see a rally of 990 ticks from the low. It may come down here to hold an exhaustion level, pop up a bit, and then break through it to test the lower one. If we hold this exhaustion level and we start rallying out of here, especially if we get a settlement above $226.30, that'll give further credibility to the likelihood of a macro bullish corrective move, which would exceed 990 ticks from the low. If we roll over and we take out $202.20 to $201.50, when I say take out, I don't mean take it out by one tick. I'm talking about 30 or 40 ticks. Then you'll likely head down to the $183.20 to $171.10 area and test that exhaustion area. That should answer his question. I see a thumbs up, so he's happy. Let's go on to the next one. So, when you looked at the crew, do you want me to look at the S&P and gold? Show us the things that you're looking at, the things that are important to you. That's what they want to hear. They want to think, good, get inside between your left ear and your right ear. They want to hear what's going on in your brain. Gold is at some very significant levels right now. Why don't we jump into that with some major implications? In the gold, I've been basically bullish since August of 2018 with an overall bull bias. Then that was all put on hold when we went into this macro bearish correction. I think as far as structures of markets are concerned, I think that this is likely the last stretch higher before holding an exhaustion above and maybe rolling over into a larger bearish correction. So, you think it'll make another high up in here and then have the correction? Exactly. So, if you can kind of see here, this is really a macro-macro view, but cautioned on 8.16, 2018, that the break above 11.79, we're under renewed strength. So, we saw $905 an ounce from that. Then we had a major break above 13.47, which projected this upward 80 minimum of 320 plus maximum. We got 7.44 of that. I do think we're going to see another piece of this macro projection. So, we had this bear move down here and then down in here, we got long on a shorter time frame. By the way, before I go to the shorter time frame, if we break above these highs, the exhaustion levels you got to be paying attention to are 22.0150 and 23.1840 to 23.4620. That'll stay static. That's not going to change in the weeks ahead. If we go to a lower time frame, I said that we were likely going to be in the last... So, there's two things going on here. I think that we were likely in the last stretch of a macro time frame move up and we are also likely in the last stretch of a lower time frame move up. So, you can see here we've clearly made these four waves and we're in the fifth wave up here. We broke them below and below this formation here and broke back above it. That's what turned us bullish and then we further broke above this formation. Let me give you some numbers on that just or whatever. Actually, let me back up for one minute. We've been bullish on a daily chart from right in here. We left a bullish reversal below on this day and then we broke involved different formations on the way up. But more recently, that's why I have a lot of this writing in here. This is describing the national view. The trade above 1980.140 warranted decent strength. So, we've seen $62 of that so far and then the trade above 2004 has brought in $39 of decent strength. So, what we're looking for on a lower time frame basis is we have exhaustion here at 2050-280 and then 2079-80 to 2093-80. This is two lower time frame exhaustion levels and a higher time frame exhaustion levels. So, I would definitely be paying attention to it if I got up into this area. Now, if we capitulate and fail back below here and settle below here and start taking these areas out, then we're going to probably see a moderate bearish reversal. I mean, a moderate bearish correction probably down into these areas and we would probably correct against this move up from here. So, moral of the story is we're bullish right now but I'd be majorly paying attention to each of these levels as they go up. So, if you're holding gold, your site, your long, your gold's going in your favor, but this is a time to really be watching to protect that value and I'd be looking at these different exhaustion areas above to see if they hold. If one of them holds, you could hedge or get out or put on an option or whatever to protect the value of that gold going back down. Okay, I have a personal question. Do you do work in grains also, Mike, considering you're in a pretty good grain area down here in Tennessee, aren't you? I haven't in a number of years. I love the grains. I've traded them and analyzed them before but I spend about five and a half hours a day doing the analysis as it is outside of running it. But the energy complex is, let me pull that over here a second. Well, you know, we're going to have you back on for the second half here. Could maybe we talk about heating oil and gasoline and those relationships that you pointed out to us that heating oil was the leader of the pack. I think that's also very important sure. We'll be back in two more minutes, so bear with us. 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.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.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. 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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. 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. Analytics of, you're in Knoxville. Is that where you are, Mike? Yes, sir. Just outside. Oh, yeah. My good friend, in fact my best friend is from Knoxville by Byron Tucker. He's been there once, a beautiful place. Go ahead, continue on with this one that you're looking at next and then we have just a two-minute segment and then we'll have you on again in 40 minutes for the second half of the show. I just wanted to give you a quick heads up, by the way. If you're going to my website today, go to moredashanalytics.com. I just had to move my websites over for more analytics to more dash analytics because I'm switching from Thrive-backed website to Wix. You can use either one after today, but it's right in the middle of a transition. There should be an auto trade program on there also as well for spreads. One of the spread programs actually is going to talk about the cracks that we're going to look at right now, but this is really a great time to discuss the importance of understanding what the unleaded gas is doing and the heating oil is doing with regard to the crude. Now, if you've heard me before on the show, I've said that 85 to 90% of the time, heating oil or unleaded gas will lead the direction of crude, which makes sense because the demand for those products are what drives the underlying crude that produces them. However, in this situation in the past two weeks, we've seen the opposite of that. Now we're looking at that 15% of the time where crude is leading the direction and not the heating oil in the arbao. Why is that? Because obviously they've known that this cut is coming. This is more about what's going on the back end with the crude than what the demand is for the gasoline and the heating oil over here. So you can see right in here where we had that bullish reversal below, you can bet that two weeks ago there were plenty of people over there on the other side of the fence that knew that these cuts were coming and started loading up in here. And if we look at the heat crack, which is the spread between the heat and crude, you can see in those two weeks, this market got crushed. I'm going to pay a few bills. We'll be back in about a half an hour. Okay, my friend. All right. You bet. Thanks a lot, Mike. We'll see you in a half an hour. Stay tuned, folks. We've got trade where you see number two coming up soon.