 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 I've run Basil Chapman organized a little bit of a technical problem but here we are the Dallas of 246 on this Wednesday the 19th of July 35,195 nicely I'll do this because some of you might not have seen it yesterday I was discussing that since November the 11th of November the 11th of 2022 I've put one of those dark news cloud cover I had it as a very short-term rectangle formation pullback and whenever I drew this in and this goes back let me show you the chart I'll scroll back a little bit look whenever we had that internal low internal high residual high internal low residual low whenever we had that there was a reversal but what I said after a period I'm going to make this a very extended horizontal narrow has a horizontal upper what I call a dark news cloud cover whenever the the Dow general market but I'm using the Dow as that's kind of the focal point here whenever the Dow went in above the 34,400 to the 35,700 area went into this range there's always bad news out there but the bad news really affected the Dow in the sense that it took it seriously and started to pull back very sharply but what I said for quite some time I've been looking at this and saying well from the visuals just not mathematically or anything I'm looking at this yes there's a shoulder on the left side a head over here and a shoulder there this could be a neckline more importantly it's not one of my favorite patterns because you got to recognize it earlier but very much earlier to bear with you a benefit from it when this level finally gets taken out after all this time it means the higher you go and the longer you can stay above in this particular case it's the high that was made in the 13th of December of 34,712 the longer you can stay above it the greater the chances are finally you're turning this whole area into a support a cushion kind of a trampoline area so that any move down to the 33,400 600 area should start to find very strong support unless it's really bad news so it's this particular point what do we have we're starting to the parts of the news that really were affecting the market like interest rates just the various factors that go into making markets nervous all dissipating and that's the reason why we spike this high so let's get out of this right now just to show you there's not only a price time match and I didn't I didn't want to draw this in earlier because essentially it wasn't it wasn't really the area that I wanted to deal with on this particular chart but I will do this and I'm going to get rid of it I mean to show you that if you go from that high that was made the 11th of November and you go to the low that was made right here and this is where we went along remember so I had a question from actually a couple of people one in particular this morning who wanted to know about my training it does it sounds like we do very short term trades well we're still long from the October low of 22 right at the low of October 22 we are still long a position in the Dow from the low that was made right here in March so and if you consider that to be short term I wouldn't say that short term but yes we do have very short term trades but we do have trades that aren't going right now that have been since April they they they're not spring trades they're more than much more than spring trades they are positions and now let me show I'm going to go from this side to the right side new parallel and this is I'm going to show up and make that green on the outside green yeah nope didn't work let's make it color green there it is now let's just pray place it right here onto the double check that that was the low yes that was the low I don't know if so it writes at price time match and it goes to I'm gonna get it exact there and it goes to right there to the ninth of June well the 16th was a high so that worked very nicely as just a bar symmetry but not not the issue the issues that be broken out were up 255 points right now money's coming in and that's very important here a couple of the week you charge of the town it broke into a leg the month charges and late me I'll go to return why because the SMH is the same doctors have actually gone to an all-time hi it's very incredible they're down with today but I'll be back 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 finding the peaks and valleys and stock prices get the opening call newsletter by Basil Chapman in your inbox every day first time subscribers also get a 30-day money-back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up TFNN.com educating investors everything in the universe is governed by the Fibonacci sequence this mathematical principle is 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professional traders during market hours the Tiger's Den available to all Tigers and Tigris is for just one dollar for the year there's no catch or added costs when you join our community of traders sign up today and become a part of this educational community of traders just visit the front page of TFNN.com 3-1-877-927-6648 internationally at 727-873-7618 Hi folks we're back so let me just show you the SMH's are down a dollar 15 right yet 159.09 but remember we looked at the weekly chart and the weekly chart showed there's bar symmetry between the high that was made at 159.35 back in January of 2022 to the low that was made in October so 159 goes to 83.49 and then it comes back and it doesn't quite get there until our last week but then last week it goes to the high of 159.41 which was the all-time high because the all-time high made a little cup formation between in the weekly chart for the week of I think it was November the 20 something yeah 26 at 159.41 then it pulled back held the 14 period moving average ran up again it made a fractional just missed by 6 cents 7 cents actually making a new high at 159.35 but that's where the MACD saw turning down sarcastic was weak on balance funding was very good and we pull back very sharp to 83.49 so in the bar symmetry the number of bars and I'm going to take it first of all to the high of the of January almost equal to within two points that recovery that was that this month so this is really interesting the MACD is very strong sarcastic's flat at 86 you love that on balance volume is actually quite low it's not overboard at all so that says over a period of 2020 this year 2023 oh I didn't mean to do that let me just see if I can change that yeah this is now officially a leg B it could be G stash B but I'm calling it a leg B in the monthly chart in the semiconductors the Vennig semiconductor ETF for one of the reasons is there should still be and now I'm putting an up error because it broke to a new high doesn't have to closely this month it's already gone above the previous high that's really important the MACD in the monthly chart is up sarcastic is a little bit overboard and the monthly stochastic is 86 the on balance volume as I say is a little overboard but the 90s way above the 14 the prices way so this is really important so we should still have a pullback to make a peak B at some point and then a new legs see that a pullback to make a peak C and then a leg D that's the way I'm looking at it right now really chart in leg D although the stochastic said 86 it's becoming a little bit overboard based on the on balance volume and if I do the on balance volume in the daily chart not it's not spreading it out looking at a very short term in a close up it is getting to an overboard situation if I stretch this out like that you'll see that the on balance volume isn't any way close to overboard as it was when it went to the high at 155 94 on the 16th but it is getting there it's very close so as I said and also the work I've done since yesterday or actually since the weekend is going into yesterday on on balance volume is suggesting that they're not because it's an all-time high I know everybody gets very itchy all-time high let's get it start looking at the short side that's not really good enough for me I have to look at it in terms of the context of where we are but if you look at the just for the semiconductors look the MACD is only now just turned positive the stochastic only for the last four sessions has gone very positive to 80 89 percent and if the stochastic suddenly turns down it goes under 87 sorry 78 percent then you've got to be really careful it hasn't done that yet so I would be a little we did take a very small one-to-one short on the Dow and yesterday we got stopped out for a very tiny loss on a very on a small position that's not the issue the issue is that was it was slightly overboard on balance volume now you're getting looking let me go back to the Dow right now look where you are on the on balance volume it's actually quite weak oh sorry I mean to say it was on the hundred and twenty minutes short that we were looking at there was a little bit overboard but the on balance volume has room to grow yeah stochastic's routing at 92 percent the MACD is good so I'm not in a hurry but I was mistaken by not saying if we break to the upside it could in fact be the first time that we've gotten this particular pattern in the week in the daily chart with a U that goes to a W formation and I should have added to the position we are still long we cope long positions but as a trading position we should have I should have done that and I did so that was a mistake cost us at least 34,000 about seven or eight hundred points I mean that's a huge say correct yeah on the Dow of opportunity and it didn't do anything wrong but opportunity so okay now within that context let me just do this I want to go through this again very quickly because I've got a bunch of questions that I need to answer SMBX is up 21 at 45 76 now I just wanted to show you why we're talking about this here are the channel we've automated resistance lines look this is the estimate we're right then 159 66 in the daily a whole bunch between 155 157 and 161 in the weekly nothing in the monthly and 162 in the 120 minute chart so we're getting close to a resistance a shorter term resistance area in the semiconductors let's go I spoke about the S&P look at the S&P nothing if we break above this for the weekly chart but the daily chart saying 45 66 we're trading at 45 76 so we started to push above it there were a lot at 43 36 in the monthly chart the very next one is 46 78 46 78 so a little bit of open territory right in this particular moment the QQQ with automated resistance and support levels we've broken above the 380 resistance and that says we're a 386 point 56 right now nothing in the weekly multi-charts way up at 402 point 52 that isn't it interesting look here's your support in 355 48 they aren't any support levels built in yet in the in the weekend month because there hasn't been a pullback IWM IWM is up $1.33 at 197.32 197.05 in the days with automated resistance levels 194 to 198 yeah no it's a 6196 in the in the weekly chart and you've got in the monthly 198 and support there are support levels until you get down to 176 so that's already interesting I thought I'd just show you that now yes the other issue within the context of the VIX index the VIX index is up 17 cents at 13.47 trying to take a stand trying to say hey there are some fund managers they say I don't believe this I'm starting to make take some positions to cover any long positions just as kind of security that's the way it's looking because the monthly chart with a great long-term gray at 13 at about 13.49 you're at 13.49 right now so it's just at the bottom end of the thick gray horizontal trend line that goes back way back so just keep in mind that the volatility index will really function well if it starts to take off and go into the 15.80 to 16.30 level hold there for one night and then all the way through the clothes the next day open at the level and go even higher and that'll say yep but now can start to give back triple big triple digit gains and the S&P as well we haven't got there yet so within that context as we're signing off right this very second and please in the debt if you had any questions put him in if you have already put him you put him in the game because I need just one monitor right now so I haven't got the liberty Steve Rhodes started his trading career as a student almost 20 years ago and the student has now become the master Steve won the prestigious Timer of the Year award in 2018 and barely missed that mark again in 2019 finishing it number two for the year an amazing accomplishment Steve Rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn and he shares his vast amount of trading 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that's going to be positive it breaks that you got to be careful well it held it a pullback now I put an up arrow only because of the technicals but actually this long extend this is in the in the evening in the evening session this is where I stretch out peak A you might wait and you get a B and then I wait you get a C and a D and I keep it as if it's a continuous contract not only that when you got your 8 30 news or whatever it is early in the morning and the market does that gyration up and down maybe you get an Eiffel Tower single leg app and failure pattern that's where I'm a little bit careful and I have alternate counts so this is made a breakout to the upside that means this whole area of 46 45 95 that's going to be key on the very short term to hold it must hold and I still think that the 9 over the 14 in the 10 minute chart of the E mini says they up they could still get a leg D to the upside the one minute did give a little bit of a pullback in time but I still see some residual strength now you remember we're talking about channel we have automated resistance levels or support levels look 46 0 9 50 46 0 9 was the automated resistance and now you've got an a broke the 46 0 6 support so it's coming down so on a very short term basis this is exactly 10 20 we're 10 32 10 20 now comes the session that says okay all those people that thought that they missed out on our cat trying to catch up in this first half hour 40 minutes 45 50 minutes now we'll see the rest of the session at least for this section that goes to about 110 when there it does it showed about 110 to 120 this afternoon right eastern time that is and we could now start to see a pullback is this the high of the day I I'd be remiss in saying it's a possibility but I still see through individual stocks I still see quite a bit of a quite a bit of buying pressure coming in now what I want to do is to just go to this particular chart right here okay so the questions came in let me get to the questions first of all gold do I see gold going much higher you know I consider this to be a nice bounce I'm calling it a bounce and quite a strong balance there are some stocks that have had a very good percentage moves very low price stocks in the gold area and we're all along the GDX but I'm doing this and saying I don't see the big move in gold just yet I do see a breakout to the upside and I think it's a trading something that I consider to be a trading long a shorter term I had a question about my opening call newsletter do I have very short term trades yes I do only if they get taken out but mostly we have positions that we would like to hold and we want to add on especially now we've got positions that have done extremely well and we keep waiting for a pullback to add more to them and they they keep going higher now it's a nice nice complaint position to have but I would prefer to have gotten a bigger position certainly for subscribers the other thing is that within the context of what we're looking at look the dollar has been given up for dead but you just never can do that with any anything in the market because that's when it starts to wake up so even if the dollar only gets back to where it was about a week ago meaning 101.50 it's 101.23 to maybe even touch 102 that could put a little bit of pressure on the gold we'll see if that happens but look EUR USD Pd as we're speaking so it could pull back a little bit it broke out above all resistance levels under in the in the monthly chart Jeffwave inside track repellent zone hasn't even gotten there said beautiful moves like an A to B equal C to D in the daily and the weekly so I'm just expecting there could be a little bit of a pullback if we look at the USD JPY that's the currency that's the US dollar and Japanese yen currency pair made a peak etop doji candle siden candle that's what we call Jeffwave methodology siden doji either one day one bar or one after one bar before it's a big turnaround and it's now trying to rally and the rally itself says it could rally but it's probably going to fail at some point so this is what I'm saying you can get this countertrend bounce and we'll see how long that lasts now let me just go to this finish it up here while I can US bonds a nice bounce 132nd today 126 26 30 seconds but after being smashed to the downside you've made it an attempt at a v shape recovery from the low that was made in the continuous contract at one 123 and 8 30 seconds but wait a minute remember the pattern we always look at the lowercase h can go to a lowercase u if it holds the left side low you can start a nice rally back to the middle part well that's what we've got here so US bonds I've been seeing for some about a year now stuck in a range that's the most important thing to think of that the yields are really stuck in there at the upper end of the range right now but I'm still thinking range bound but wait a minute crude oil is looking a little different so the question came in would you be going long a us or crude and all I can say is this 200 period moving average in the dating chart has been resistance but the MACD is very strong the stochastic at 79 pulling back getting if it goes under 80 percent I got to be a little bit careful here on balance volume though is good and the nine is way over the 14 the prices above them so I like that in the weekly chart it's got the rectangle formation with increasing support from the technicals and we are very close to the nine period moving average for the first time in ah in months crossing positive if that happens I think we can get into the 80 to 84 area that's a possibility for crude oil I'm just saying I need to see it happen because I need to see the 70.76 continuous contract daily 200 period moving average start to become a propellant rather than a magnet or a repellent so those are things that are making it as clear as I can if 77.35 no 77.75 if you close over 77.75 maybe making your legs see in the dating I'll say that's a really good sign on the shorter term for crude oil to be moving a little higher now I think I've covered up those things now what I need to cover here is questions that came in so repellent here PLTR very strong leg C it's been on our list I've got a list that I'm showing subscribers for now a couple of weeks that I've been having some stocks that just really not having very much of a pullback to get entries of Palantir is take Palantir Technologies develops data fusion platforms trading at 18.91 up 83 cents and at this particular point there the bank needs good stochastic is very good at 90 percent the on balance runs a tad overboard it's in leg C in the new buy mode and I'm just going to say I believe it's got at least another what's today Wednesday I think it's probably early next week that we start to look at some of these stocks and say okay where did they pull back to if they consolidate so yes the question was how's it acting and it's acting extremely well I must congratulate a couple of people in the den who've been talking about it and have it we have not added to this or got into it it's acting very well next one was Marvell Technologies Marvell is in the semiconductor area slightly different pattern oh it's a pattern I need to talk about I'll be right back Basel Chapman take conditions hour see you in a few minutes the gold report as a precious metal gold is still king it continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC market the US futures market and the Shanghai gold exchange the gold report Tom O'Brien publishes his weekly gold report every Monday morning for subscribers consisting of coverage of the XAU HUI GDX the dollar bonds the South African RAND as well as 25 different mining equities with specific buy sell recommendations the gold report new subscribers get a 30 day money back guarantee so you have nothing to risk subscribe to Tom O'Brien's gold report newsletter now at TFNN.com are you ready to take your trading to the next level introducing Tom O'Brien's award-winning newsletter market insights your key to successful active trading Tom O'Brien renowned for his expertise in the financial markets has designed market insights to be your daily guide to profitable trades Tom publishes his daily market insights newsletter every market day before the market open along with updates when warranted stay ahead of the game with Tom's real-time analysis and trade recommendations delivered straight to your inbox whether you're a season trader or just starting out market insights provides the edge you need to navigate the market with confidence ready to join the ranks of successful traders head over to TFNN.com and subscribe to market insights today don't miss out on this opportunity to supercharge your trading results market insights comes with a 30 day money back guarantee for all new subscribers so you have nothing to risk don't miss out on this opportunity to revolutionize your trading game head over to TFNN.com right now to join the thousands of traders who have already experienced the power of Tom O'Brien's award-winning newsletter market insights firsthand TFNN educating investors biotech is booming but for how long whether you think the biotech bull has room to run or has run its course trade LABU or LABD directions daily S&P biotech three times bull and bear ETFs visit Direction Investments dot com slash biotech today an investor should consider the investment objectives risks charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this and other information about direction shares to obtain a prospectus or summary prospectus please contact direction shares at 866-476-7523 the prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk including the possible loss of principal the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor foresight fund services LLC this program is brought to you by Vista Gold traded on the NYSE American and TSX under the symbol VGZ 33.57 cents right now so there's there was a beautiful rectangle formation at the bottom of a larger rectangle and it's also got a cup pattern also the head and shoulders not a classic one but it's got the shoulder on the left and then a head a little lower and then inverted and then a shoulder on the right and now it's moving up in leg C underneath but it is a bi mode because the stochastics at 89 the magnies good nines over the 14 prices were over the 14 in the weekly chart i'm calling that peak that was made back in May a B and it should still go to a C so i can't remember offhand what the question was let me just see if i can get the question uh was it something chart okay it's uh question was oops i can't find the question so i'll just do an analysis if the question is what should we do right now and if i'm looking at it correctly i'm going to say that at this particular point it's getting close to resistance both in the daily and the weekly chart the patterns that i'm looking at suggest that even if it makes a new high a perhaps even a new recovery high not a new high i'm talking about a new recovery high in the daily it's going to come back into this rectangle so this is a little bit of normal i'd say you can start a little position here you could answer i'm just going to say that in this instance i see maybe two points up but i can actually see three to four points down over the next two weeks if this starts to take out 62 support it's a 6652 it can go even lower and then stay within the rectangle formation so the only way i would do this is if you as a as a preparation for a buy on a big bigger pullback for later in the year where it should go to so well could go to see in the next hour or a week in the weekly chart so that'll be different that'll make your legs see in the monthly chart so i like it very much i'm just looking at like it's almost as if you've got a bit more of a 10% risk if it starts to fail here it looks like it's being lifted up because the semiconductor index has done so well but it isn't really leading as following and for that reason i'm going to say why not just have a tiny at 6644 just get up just like a tip toe in just so that you can get a feel for how it's participating together with the market and the smh's that's the most important with the smh etf then you then you could start to add so just a little tip toe here this tip toe i don't even know if i'd say you get a stop on it or you should always have some kind of stuff let's just say this one because it's you've got a whole 10 stop and i've tightened up every day but just for the initial thing to get in right now but i i look at it longer term is being really good shorter term i think it's going to have a little bit of volatility next thing i had a question of d-dog just a follower from the other day typed in in the wrong place typed in over there should be a d-dog and you remember i said it's looking actually looking quite good is even higher today it's up 286 and 116 point 66 this is a leg c i believe i don't think it made a truck a peak right that's a leg c and that's the reason why i was thinking for subscribers i don't think this is an appropriate time now to do anything on the short side just to wait because there are still a couple of very important stocks in their categories that are in c and you should get a pullback and then again i think it's going to be next week that i'm looking at it just a sudden maybe it's a news event pullback we don't have to get it i'm just saying that's kind of the way i would look at it on the daily price movement this look one two three four five six seven eight nine ten ten sessions with higher highs and higher lows so any pullbacks is a lot of buyers shouldn't be too far 116 right now one i'd say 112 to 110 is very strong support uh for d-dog next question came in a vfc i think i did this yesterday let me just double check was this the one oh what i said is the vfc vf core this is the clothing industry i mean to look it up i can't remember right now but this is a peak a this is a peak b look let me show you something here here's your starting point i'm going to put an up arrow just to show the starting point but the stochastic's not good enough to really confirm that just yet so this is leg a and then a peak a there you are there's your peak a but wait a minute the idea is from the initial concept from this you've got to count in the waveform every single peak that's your only obligation so that says peak a there peak a there gray peak a gray peak b now wait and there's another one right here look a to b c to d to e so the obligation from there is to count every peak there's an a there's an a there's a b there's an a there's a b there's a c pulls back even deeper because under all of those it's not the point you're taking it from that starting point so that becomes d e so um that's a kind of an aggressive way of looking at it but in the meantime i i want to be able to count each peak it could recycle doesn't matter but i'm calling that an e and now it's broken out just just like the dow did that from the big rectangle formation so the high that was made uh right here the double top at night at 20 round number 20 and then again a 1999 says at 20 point 13 right now that's a breakout now i can look at the next left side high and that says the next level to look at will be 21.01 the level of 18 18th of may that was that's the peak that you would look at as a target to the upside so finally i can't remember if i said anything yesterday about uh doing anything other than nibbling on it uh the monthly charter the weekly chart monthly charts look just absolutely terrible but the data is trying to form a base from which it can find support if you're looking at it just pretty visually you're not looking at it mathematically but visually look at this beautiful cup formation and it's breaking out to the right side so that says at some point it doesn't have to be now you could get a one-to-one from this trough to that high right there and you could start to look at it like a falling axe breakout by saying that's the level i'd be looking at on the upside here we go vfc is the if i have a chance i'm looking to tell you what it is in the next break and i go from that level there so that yeah that corresponds very nicely there that's the level just under 20 20.86 it could be the first one-to-one extension but that's the one thing at a time it needs to close above 20 and it's a 20.03 right now if it can close above 20 it has to do that two out of three sessions and preferably make higher highs and then you can start to look at that but it also says 19.30s is rich tfnn has just launched their new trading room the tiger's den hosted at discord tfnn has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours and now they are expanding their reach with the tiger's den available to all tigers and tigresses for just one dollar for the year there's no cash or added costs when you join our community of traders in the tiger's den you can look over the shoulders of tom o bryan and the other tfnn hosts while they analyze charts during their live tiger tv programs and join an interactive trading community with hundreds of members exchanging ideas interact with other tigers and tigresses as they share trading ideas news analysis and discuss the market action all trading day even at night and on the weekends the tiger's den at discord is accessible on mobile or tablets as well so it's always at your reach to sign up today and become a part of this educational community of traders just visit the front page of tfnn.com you might think 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watch tiger tv that's tfnn.com then hit watch tiger tv so ibrx was another question i had right here for ibrx i oh look at that sudden down move isn't that interesting i was just about to give you an analysis of a pattern that i studied years ago it's the reverse cup and handle it's the handle and cup and what i was going to say this is a pattern from my experience that very often fails on the right side you'd think that it would break to the upside like you expect in the cup and handle but this one usually does the opposite as we speaking you suddenly got some news whatever it is it's coming out could just be we don't get to the the computerized cell programs that we used to get we get something very different anyway sudden turn down but there's still some internal bugs and let me just quickly do this as we wrap up ibrx let me just go there if i can here we go ibrx oh i didn't finish with apple let me finish with apple first so apple has a potential for a little bit of a double top 194 48 to 194 33 so that could be peak c1 c2 we'll talk about a little bit more tomorrow and ibrx i believe that's what we're looking at ibrx is oh yeah so 200 pre-approving average of 3.62 is its resistance 3.3 and a magnet it's a training of 3.31 up 33 cents right now this is the rectangle formation and it's going towards the upper end of the rectangle formation it makes 291 very strong support right now let me just do this quickly the dow is still up sharply given back quite a bit of the gain it's up 120 ibrx this is the link if it is a TNT that's made here that might not be good enough to say oh now we go sharp down we wonder what happened to the stochastic if it's stochastic at 91 percent over the next four sessions goes under 80 percent that's a wonderful rest of the day stay tuned for steep roads back tomorrow have a great session