 The following is a presentation of TFNN. The Trader's Edge with Steve Rhodes. Toll free at 1-877-927-6648 or internationally at 727-445-1044. The Trader's Edge. Now, Steve Rhodes. Good afternoon from TFNN. Welcome to the Magnificent Monday, the June 3rd, magical Monday 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. Let's make sure we have an extraordinary one. And of course, the easiest way to do that, it's to always remember that life is happening for us, not to us. That's right. When you and I make that one little two-by-four shift, it means we can find the gift in every set of circumstance that life is going to toss at us. Today, you and I, we're going to go check on the circumstance of these markets. We're going to go figure out what the bulls and the bears, what those buyers and sellers are communicating. To you and I, just past one o'clock in the afternoon, I want you to know that I'm absolutely grateful for your presence here. But more importantly, during this next hour, I'm here to serve you. So feel free to pick up that phone. That's one way to contact us, 877-927-6648. If you can't call in, no problem. We've got you covered. Let those fingers do the walking. Send me an email, Steve, at tfn.com. Please, in that subject heading, put radio show question. Of course, in the Tiger's Den, well, any ping will do. So let's go ahead and get this show started on Magical Monday. Of course, this is Tiger. Financial News Network. I'm Steve Rhodes. Welcome to Lush Show. Right now, the Dow off 41 points. That should be down 12. Nasdaq 100 off 123. Russell down about 2. Semi's up 11. New York Stock Exchange up 35. Hmm. Something to think about. You got the Wilshire off 153. Transport's up 38. Nasdaq can pause it off 102. Gold's up $15. Silver's up 18. Pennies, that's a little over 1%. One and a quarter percent in the case of silver. Lights, we'd crude up 21 cents. Leading the charge to the upside. Marati therapeutics up 32% or 21 bucks. Autozone up 13. Mercado Libre about 10. El Paso Electric up 13%. About eight bucks to the downside of Amazon. And a big weight inside the NDX 100. It's up 83 bucks down nearly 5%. Google is off 77 at 7%. Chipotle is off 17. Or about three bucks. I guess Apple, I don't guess. I know Apple's holding an event. Tim Cook on the stage as we speak. Apple is up 80 cents. Trade under 175, 87. So the question in the den thus far comes from John. John writes in says, anything timing wise tell you a short-term low coming soon in the S&P and the Nasdaq, specifically referencing the futures contracts. So John, to answer that question, I won't just completely focus right there because you're asking about anything timing wise tell us about a short-term bottom. So the first clue may have been when I said something to think about. That's something to think about was the New York Stock Exchange, which is trading higher by about 37 points. Now 37 points to the upside. No big deal out there. However, however, let's go take a look at the New York Stock Exchange and let's look at a couple of different tools that we can apply to its chart. And then we can go back and take a look at other instances when these patterns were present and what they meant. Okay, so the top panel of the chart is the New York Stock Exchange. We're using all closing prices. So you're going to see all kinds of blue lines on my chart out here. If you take a look at where we're currently at, what the New York Stock Exchange did from its prior swing point, it made a lower low. Now that unto itself is not a big deal out there, but the big deal would be the market breadth of the New York Stock Exchange. And one of the ways that we take a look at the market breadth of the New York Stock Exchange is to take a look at its advanced decline oscillator. Now that's the difference of each day's advancing and declining issues, getting to net advancing or net declining issues out there, and then take a look at the difference between its 39 and 19 period, or in this case day, exponential moving average. What you will see when you look at panel number two, the center panel on my chart out here, you will see a higher low. You will see several higher low configurations with those red diagonal lines in the center of the chart matching up with, matching up with lower lows in the New York Stock Exchange, each of which led to a very good rally, not just like a one day rally, not just like a little rally, like a viable rally, something to think about. Now what we can do is you and I, we can add one additional tool out here that when it's present also signals to you and I about the question, anything giving us a signal of a short term low coming soon. If we take a look at the spot volatility, it's now well above its 50 day exponential moving average, which is 1586. It's trading at 1923. But what it also has at the moment, it also has a lower high. And in instances where we have lower highs and lower highs in the spot volatility index match with lower lows price wise, inside the New York Stock Exchange, those have been indications of a bottom. So when John asked the question, anything timing wise, tell us of a short term low. What this chart here and these tools spell out for us is the potential. Now we're not there just yet. We'll go take a look at what needs to occur to be there. But at this stage, as we speak at 112 in the afternoon, I do not want you to be surprised if you see a bottom in the stock market today, tomorrow or Wednesday. In fact, it would be surprising to not see that. Now, I don't want to be held to the actual day out here, but we'll go back and you'll figure out why I say today, tomorrow or Wednesday. John, this chart here is probably the biggest tool on one page where I could share with you what to anticipate at this stage of the game. Now, all cards are off the table. If the advanced decline oscillator dips makes a lower low. The low that I'm referring to gets back to the trading day of May 13th. The spot volatility makes a higher high. Then all bets would be off. But that's not the set of facts that you and I are dealing with as we speak right now. And so when we put that together we would ask about the ES mini out here. If we take a look at the ES mini, so let's make sure we keep this as our frame of mind as to what the markets are communicating to you and I. We forget about tariffs, we forget about news, we forget about just simply how bad things must be out there. And of course, you know, I'm being facetious. And we just simply trade the chart patterns because what we just looked at here is simply a chart pattern. You can take the set of tools. You can do this. You can get the advanced client oscillator reading on New York Stock Exchange. You can get the spot volatility index out there. You can get that stuff. You can do your own analysis. You don't even have to believe me, even though I put it right here in front of you. So it's worthwhile, I believe, paying attention to. Let's only get married to the chart patterns. Not to the markets and the news and so forth. Hey, by the way, that ES mini today is going to be day eight of a TD set up nine count. And what we know is bottoms conform on day eight, nine, or the bar following nine sounds to me like today, tomorrow, or Wednesday. And that's where that comes from. Steve Rhodes with TFNN, we'll be right back. The Taz Profile Scanner is the most revolutionary piece of trading software that you will ever try. Wouldn't you like to approach the markets with confidence? As you begin your trading day, it's likely that you'll be faced with lots of decisions. In order to make the best decision, the first thing you'll need is a strategy that will help you minimize your risks. Whether we're in a bull or bear market, a good strategy is to have the tools needed to help you scan and analyze the markets before you trade. The Taz Profile Scanner instantly scans and filters over 2,500 global financial markets, such as stocks, ETFs, commodity futures, and forex. 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TFNN has launched our brand-new website. You can still visit us at the same TFNN.com URL, but when you do, you'll see a new and improved homepage with a much simpler navigation, whether you're watching Tiger TV live in high definition or just accessing your newsletter subscriptions. We even have new pricing in six months and yearly options. Check out the new TFNN.com now and experience all the upgrades. Visit TFNN.com, educating investors. Call now. Toll free at 1-877-927-6648. Internationally at 727-873-7618. Welcome back, folks. So, Max writes in and says, Steve, could you look at the USO ETF? That's the ETF that tracks lights we'd crude. Looks like it has completed an A to B equal CD to downside. Time to go along the USO is the question. So, if we take a look at the USO ETF out here, let's do it this way. Let me come back to my e-signal charts. Let's put up USO. Let's take a look at the daily timeframe out here. And when we take a look at this, Max, it's completed more than... So, here's the A to B equal CD pattern. This is the pattern that I would be using out here for USO. We're going to go take a look at lights we'd crude. But in the case of USO, the A point for my A to B equal CD to the downside would be the trading day of April 23rd. It looks like the lowest low before there's a decent rally is May 7th. So, that's going to be my B point. And then looks like the C point, the high... I won't let me move that while I've got this down. Looks like 1320. Looks like the trading day of May 17th. So, what it's actually done thus far is it's made a 1 to 1.618 A to B equal CD to the downside. So, when you say completed A to B equal CD down, I'm not sure... I'm just trying to see what it is that you're doing. But that way I gave you these data points and you can take a look at that A to B equal CD pattern that is out here. Now, I'll pull over this other chart for the USO. It doesn't have the A to B equal CD pattern here. And what you'll see is that today looks like inside USO is going to be day number 8 of a TD setup. 9 count, day 8 can be. But it's not a lower low, so to speak. But it can be a bottom. What you don't have out here, that you really want to see at the completion of a pattern is some type of bullish reversal candle. We don't have that. Now, let's go back and take a look at LightsWeedCrewed itself. And its chart can look different than what we're just looking at for USO. In the case of... It doesn't have to, but in the case of LightsWeedCrewed, you'll see the A to B equal CD to the downside. We can see that it too very similar. So, it's down around the 1.618 expansion almost got down this morning to the 1 to 2 level A to B equal CD. But here, too, we do not have a bullish reversal signal. Here's what the July contract right now looks like for us. And today, clearly here with regard to LightsWeedCrewed, the potential for it being day 8 of that TD setup, 9 count. So, is it time to go long? It just depends on how aggressive you are. Here's what I would share with you, Max. Here's what I would do if you're itching to go long LightsWeedCrewed or USO. I would look at the short-term timeframe chart for LightsWeedCrewed. The 30-minute timeframe is what I'm going to refer you to as the short-term timeframe. Here, if we take a look at LightsWeedCrewed, we know that this morning when the bounce stopped, it did it right on cue, which was that TD setup 9 count. Right at 9 o'clock. Take a look at when LightsWeedCrewed actually broke out overnight. It was at 5 o'clock this morning. So, it was really this morning, not overnight. And from 5 o'clock until 9 o'clock on a half-hour basis, each close of those 30-minute bars was above the close of the bar four bars prior to that. Therefore, 9 consecutive closes, that's what we've identified. When you get to those 9 consecutive closes, that's where you can see. That's kind of like the marathon runner. That's like you running some type of race and whatever that race is, once you get to that end point, you may not feel like running another race. You may just be out of, flat out out of energy. Now, in the case of LightsWeedCrewed, you'll see, now these patterns don't work all the time, but boy, they work pretty good. Take a look at the high that occurred out here at 4 o'clock in the morning back on May the 30th. It was at 9 count. Actually, I identified a pretty good high down here. Another 9 count at 2.30. A little bit lower low after that candle, not unusual. And then just basically a sideways move. That's one of the other potential outcomes of the 9 count, just catching its breath. In this case here, ready to lead to a move lower. This 8 and 9 count down here, another similar type situation back around 3 o'clock in the afternoon. Looks like on June 2nd. But you can see just a slight sideways move out here. So, what is Max going to do? Get to it already, Stevo. Here's what I'm going to suggest that you do. This green line out here, that is resistance, 55-39. Just as the red line right now is support, that breakout. So, the red line is the breakout. The green line is the breakdown. If you see lights recruit, close about 55-39. I know we have many traders of futures inside the American equity futures and so forth. Maria, Peter, Z, what have you. I would say Peter wrote in here and he said, hey, if oil is bottom, then the ES mini should follow. So, Peter, I would say to you, if you see lights recruit close about 55-39, that would be your indication of a shorter term change in trend, at least under 30 minute timeframe. Max, that's what I would suggest for you as well. Otherwise, without a bullish reversal signal in a daily chart, I don't know, that bottom could still come tomorrow or the next year or not at all. But with the A to B equals CD pattern, you really like to see those bullish reversal signals out there. So, I hope that helps you out with regard to USO and lights weed crude, which really is the underlying component of that. So, thanks for writing in. Let's go to the next question that came in. This coming in from John John in Sarasota, writes has KHC. Let's go take a look at KHC. I'm not familiar with the name off the top of my head. KHC is Kraft Heinz. So, hello. Boy, oh boy. Anyways, John asks a great question. As Kraft Heinz finishes its downtrend, and is it a time for, and is it a time for a bottom in Facebook? Okay. So, you've got two questions out here. Well, let's take a look at one at a time. So, let's go take a look at Kraft Heinz, KHC. You see how often I look at Kraft Heinz out there. Basically, not at all, but that doesn't mean we shouldn't. So, John asks, now, when you take a look at this chart right here, if you're watching us on Tiger TV, what this tells us is prices below the daily, weekly, and the monthly profiles out there. And for you and I, if we take a look at this, how do we identify a bottom on this chart? I mean, really, how could we identify the bottom? So, the answer is we've got to go to Stevie's other charts that have the other handful of patterns that you and I look at that assist us with that question. So, we take a look at John's question. John is asking about the daily timeframe. As the daily timeframe bottomed out here, why isn't, there we go, this chart is opening, and voila. As if John has a crystal ball out there. Well, now, he doesn't have crystal ball, he's got Stevie's screen. And Stevie's screen says that on Friday, that low completed a TD setup nine count. Now, we know looking at 30-minute charts, daily, so it doesn't matter what timeframe chart it is, we look at, we know when those patterns are out there to pay attention. It's the spot of possibly a change in trend. Look, John, if you're looking for an early end, price was also moving lower due with less route of energy. We don't have the bullish reversal signal there on a daily basis, John. But at this stage here, if you want to take a trade, go for it, maybe it is bottom. If this is going to continue to move higher, the next level you're going to look at for a test of resistance is going to be 29-23. Give or take, that's Stevie's red line. Clearing that level then says price could move up to its most recent breakdown area. That's the bar from the trading day of May 20th. And the high out there in that session, that's that green horizontal line on my screen is, I don't know what it is. I want to know what it is, I keep pushing the button and nothing is happening. It's approximately, I'll do it this way, around 32-36, give or take. So it sounds like a pretty decent reward risk. So if you like the TD set up nine count, you have your bottom signal when it comes to craft times. Now, John's question may have been for the longer term. And if it was for the longer term, John, here's what you know. The month of May was a TD set up nine count. Could be a more significant bottom in craft times. Mr. Buffett, Jimmy Buffett too, they might like to know that. We'll be right back. I'm certain you are or strive to be one of the best of the best at everything you do in life. It's the most common trait that we tigers and tigers share. If you're looking to become the best of the best when it comes to managing your money, let me teach you to do what most wealth managers tell you can't be done, which is how to time the markets. I'm Steve Rhodes, author of Mastering Probability and for the last 12 months, Timer Digest has been tracking my newsletter signals which have earned me the ranking as their number one market timer in the nation for the S&P 500 for the last 12, 6 and 3 months. Timer Digest also ranks me as the number one market timer for gold as well. 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Using this first of its kind program the Art of Timing the Trade Charts allows you to scan thousands of stocks of Fibonacci formation setups including Gartly's, ABC's, Butterflies and much more. The Art of Timing the Trade Charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days, weeks or even months searching to find. And right now we're offering licenses available at only $79 a month. We are so confident that you're going to love this new charting software that will even give you a 30 day unconditional money back guarantee. If you want to miss out on this incredible new piece of software, get your copy of the Art of Timing the Trade Charts today by visiting TFNN.com This segment is brought to you by Think or Swim. For more information, just click the Think or Swim banner on the front page of TFNN.com It's going to go okay? We good? We good? I hope we're good. Folks, can you hear me in the den? Maybe help out there a little bit. Okay. Any assistance? Just let me know. See if you can see my screen. It's out here. A little bummer. There was a question about peak D, I think had a question. Let me see if this issue came up now. So I know you want to, I'm waiting for the chart to populate for Diatic International peak and as you can see, I've got nothing out here. This is a real bummer peak. If you send me an email, I can send you the charts though. That's the best offer I can make at the moment. So Steve at TFNN.com I just put D, Y, A, I in the subject heading. I'll know that it's from you if you'd like. And I'll have to send you those once things get up and running. Unfortunately, folks, if I shut things down and try and reload, it'll take 15 minutes for everything. Let's try to muddle through this as much as I possibly can. But obviously if I've got nothing to be able to share. There's no other questions that are in. So what do we look at gold? Let's talk about gold. Yeah, no kidding stuff happens. Let's talk about gold. I showed being up about 18 bucks for now, 13 29. So the question is I can show you where I believe gold is headed to. If we take a look at gold, if we take a look at it, this is what I would be looking for here. If you're long gold, what you're going to want to pay attention to is the price point of 1340-40. 1340-40 is where gold last broke to the downside. That's a green horizontal line on my screen. The trading day. I don't know if it's trading at 1329 or not. I don't know about my data feed right now. But with regard to where gold is likely edited to, it's from the February 25th to the February 25th. Now, if gold goes above that, that'll be a real positive out here. But the daily time frame shows us where gold is headed. Remember that level, 1340-40. And the weekly happens to match. It doesn't often happen this way. But if we take a look at the weekly chart for gold, you're going to see that it's break down on a weekly level was also at 1340-40. So 1340-40, about another $10, 11 bucks or so from where we're trading is going to be key. If price is close to above that, boy, gold is on a terror to the upside. And that's what I would be watching if you are a long gold out here. That doesn't mean that gold is not going to take a little bit of a break here shortly. Because it very well may be doing that. You can see that we're currently on a 30-minute basis. We're in bar number eight of that TD setup, potential TD setup, nine count. Remember, a top in these patterns can occur on bars eight, nine or the bar following. You'll notice off the bottom here we've seen bar nines form and then we've seen sideways-ish type moves out here. We've seen four, one, two, three, four, five of these, six of these sets of patterns out here. And each I believe have done the same. Let's take the first one bar nine and move sideways. Then a gap to the upside, get to nine, a little pullback, but basically a move sideways. You get to bar number nine again just a hiccup. Eight up here at about two o'clock on a two o'clock cup on Friday, I'm guessing here gets to bar number eight, a little bit of sideways move, the same thing out here at 2230 hours a little bit more of a pullback out there. And so it looks like at between, so it's either going to be 2230 or three inside of gold where if you get that same type of pattern expect the sideways to slight move lower inside of a Goldilocks out there. Hey, Pete, I got good news for you. We were patient out here and I think we don't have population here, but we do have population here. So we've got Stevie's other charts, which is really what we wanted anyways, right? So this thing has moved nicely if I'm assuming, I don't know if the data feed how good it is, but it looks like it's trading around 548. Does that sound about right to you, Pete, with regard to this equity? Now what you can see out here is price is actually moving higher to a less relative energy now on a big wide ranging bar. But as long as there's no bullish reversal signal that shows up you know it's A-O-K. I don't know where to start doing the wave counts. I'll just start from right here when you say right here. Let's see if I can get the tool. It looks like this bar at about April 18th that just gets us to be. Let me maybe try to do this the right way. Is there a way? No, this is too hard. Pete, I'm going to you're the master of the peaks of the Chapman wave counts out there. So I'm going to leave that to you as to where that start was. Your question I think was would you buy now? Was that what it was? Let me see here. If I can find it. Where is it? It's back here in the stuff. Oh, on a daily you're in D. Okay, that's fine. So your question was I don't know was your question should you buy it now? I can't find it. In any event out here. No, I wouldn't buy it now. Would I exit from it? I wouldn't exit now. Just be aware of this pattern that's out there price above the daily profile out here. That's just populated here. You know what? Sometimes good things happen to good people. Man, this has been on a tear out here. That's for sure. I'd stay in it if you're in it. The weekly is also moving higher with less relative energy. Not a problem yet. But that slingshot to the upside can have quite a fall to the downside. I just don't see it just yet. See roads with TFN and we'll be right back. If you're in the CD market and looking for a secure investment, the CD market program may work for you. The security for these first mortgages are building lots in the tax opportunity zone in St. Petersburg, Florida. The tax act of 2018 set up tax free zones across the country where you can build and hold for 10 years and pay no tax on the profits, which makes these lots valuable. 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If we take a look at the daily, the weekly and the monthly set of charts out here we're going to see an A to B equal CD to the downside. Now, to a certain extent hasn't really been confirmed. What do I mean by that? Well, let's take a look at the daily time frame chart out here. Doesn't mean it won't complete just means that as the B point was being passed that was on the, that was the price point of 182.85, the trading day was May 13th, the volume on that session was 57 million shares. We're well short of 57 million shares and any day since that we've been below, we did have a gap to the downside on May 23rd, that was 36 million shares. Nonetheless, it's possible possible that what price is doing is make that A to B equal CD pattern with a price projection, initial price projection of 160, 151, 18 would be the second dairy price projection out there for Apple. We can see that the price below the weekly price is trading within the monthly, the monthly point of control about 169.44. Now that being said that was the bad news. Let's take a look at the potential good news if there is good news for Apple, at least with regard to the decline you'll know if it's going to head lower if today's low gets taken out tomorrow because today is the bar following bar number nine with its nine consecutive closes of a close below the bar for bars earlier and this is where you could also see a turn. Now Apple's going to be key because of its waiting inside of the NDX 100 as well as decent waiting inside the Dow out there. So want to watch Apple first signals right now we don't have that signal but because of that nine count pattern out there we'll want to pay close attention to it over the course of the next couple of days out there. Let's see how well this works. HMY is a ticker symbol. That's what Hector is asking about. Hey, this is cool. We've got a system that is cooperating and working. I might be able to turn the video piece of it on out there. Let's not let's not do anything that could upset the Apple cart as long as we were talking about Apple. So Hector's question was is this a fake breakout? I think it should I think it's heading back to 141 mark before it hits two bucks. Well let's go take a look at that. So is it a fake breakout? Well it's a nice move off of the bottom. We did have a bottom pattern out here for Harmony Gold but I would suggest that where it's headed to is this gap to the downside which also began that Tommy DeMarc set up nine count that was from April 12th and the number is 197. Now you're going to use that two bucks I'm going to say this set it to 197 you're 187 another 10 cent higher you're thinking 141 you know prices above the daily box today I'm sorry that was Friday you know what yeah it was Friday you know yeah today I apologize today let me just expand it and you'll see so to me that's a change in trend signal here when you are above the top of the bear structured TAS market profile if we take a look at that the top of that box is 180 center is 175 so above that says hey I want higher price look at the weekly timeframe chart new profile that formed last week this says 195 so you got 190 something 197 I think it was on my other system you got 195 here and the bottom of the monthly profile is a quarterly I was looking at there I'm not going to talk about the quarterly profiles we speak right now so Hector at this stage here it looks to be like Harmony will want to continue to move higher the real key to I think what you're asking in your question my opinion because of the directional correlation between gold and the mining equities is more so what happens when gold gets to 1340 40 1328 if it clears that then you should see the mining equities continue in fact perhaps even pick up some steam not that it hasn't had steam in the past three trading sessions but really pick up some steam so I think Hector that's how I would put it together out there you're saying I get back to 141 right now I don't really have that in the cards at this stage I don't have a kind of topping signal so I hope that helps you out with regard to Harmony gold ticker symbol there HM why okay what else do we want to look at out here it's really a good question what do we want to look at out here some fairly decent gyrations in the market huh just during this last hour we've looked at the ES we looked at the bonds you want me to look at bonds is that what you're asking me okay so let's take a look at bonds what is DVC for bonds out here what do the charts say Maria if we take a look at the daily time frame is that the daily that you're asking about if we look at the daily time frame here we can see an A to B equal CD to the upside we can see a 1 to 1.272 has already been hit that was earlier today we can also see that today's bar is bar number 8 or should be bar number 8 we know that bonds can top with bar number 8 9 or 10 the bar after bar number 9 there's the but we don't have that just yet we don't have a so look at the daily time frame chart let's go look at a 30 minute time frame chart just to have some intraday type parameters so do I see anything that suggests that price stops here right now we've got the potential topping signal very much like we looked at a couple of the other equity futures contracts out there so you've got that in play right now I'm saying it's got the potential but I see higher price based upon the A to B equal CD pattern that is in play as we speak right now let's go look at a short did that chart help you out okay gonna give you a decent feel for what's going on let's take a look at a 30 minute time frame chart for you because maybe are you looking for a top if you're looking for a top then let's look at a 30 minute chart a 30 minute chart just simply to say yes where where does treasury bonds have to close below you're short okay so you're short at this stage here so then this 30 minute chart is really going to be important and helpful to you or I believe that it should be and that's this if you take a look at what you're looking for you're looking for treasury bonds overnight perhaps to be able to close below the support line I don't have another support line there could be another TD set up nine count forming but right here here's the first one the low of that count took place on bar number two that was at 130 and that was on May 31st that was okay come on and the price point there I'd write this down is 153 31 30 seconds out there so that's the price now if there's another TD set up that is count that is starting out here then it's going to be this 12 30 bar that you and I don't know if it is or it isn't so I'm giving you some real advanced potential information out here 154 and 24 30 seconds would which would be what you would be looking at but right now you got to go with the red line that's out there the first level in order for you to be right I don't see a topping signal in a 30 minute time frame chart I mean I don't when I say I don't see that certainly I do see an A to B equal CD to the upside and that was a bearish reversal candle right here at five o'clock this morning so I do see that so there is a topping signal pattern a 30 minute time frame you just need to see support broken Maria I know you can see my charts while we are on break and what I'll do here because we're about to go to break is I will put up the treasury bond along with the intraday time frame profiles out there for you Steve Rhodes with TFN and be right back since 1984 Basil Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion while originally hand drawing charts from the late 1970s into the 1980s Basil noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply later Basil found that computer software which included the standard market technical indicators enhance the degree of accuracy and calling price turns as well as market trend calls thus was born the Chapman wave sequence using the Chapman wave methodology along with other indicators Basil Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter right now you can get a two week free trial to the opening call Basil's daily trading newsletter by visiting the front page of TFNN.com cancel it anytime during that trial and pay absolutely nothing get your two week free trial to Basil's newsletter the opening call today by visiting TFNN.com It's 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White stay tuned because coming up next is the power trading hour right here on TFNN welcome back folks so we didn't take a look at the Russell 2000 we're going to do that I want you to I think it's a I think it is a I think the equity futures contract is something to be observing be observant of how about that that sounds a little bit better here's the daily timeframe I'll explain the reasons why one of the things that we know is that well first the red horizontal line on my screen out here is a support level that support level is well it's it's defined by that nine count so price has hit that hit that level on Friday and we can see that so if the Russell 2000 does not make a lower low tomorrow maybe I said this already if I did I apologize but if I didn't then I'm glad I'm saying it this is why this is what suggests to me that we could see that the bottom if there is a bottom could be today because this would be the bar following bar number nine it's the first one to get there it's right at a support level out here and so how are we going to know if this is in fact the case well at the end of the day if you get a bullish reversal candle that would be one way we don't have that just yet how else will we know today overnight and so forth I've watched the and why might that be a bottom out here good question let me switch to a different set of charts here for the next minute inside the Russell 2000 so I'm watching a 30 minute time frame chart what it did this morning was it breached just just for a short period of time it breached resistance so it's 30 minute level that green horizontal line where the breakdown actually began it broke above that closed above it right at about 11 o'clock this morning sold off came down to support so watch that level now the level by the way the price point out there is around 1475 50 I'm going to say what price really needs to do is if it gets above 1478 30 then it looks like the 30 minute chart will have given us a signal of that short term bottom at least inside the Russell 2000 out there if you look at the five hour time frame chart here's what we can see this too may have bottom with a Tommy DeMar set up nine pound batter folks thanks so much for being here sorry for a few of those technical delays but there's no technical delay because our technician David White our favorite polar bearer I believe he's up next so have a great day thanks for being here we'll see you on Tuesday take care