 The following is a presentation of TFNN, The Trader's Edge with Steve Rhodes, all now toll-free at 1-877-927-6648 or internationally at 727-873-7618. The Trader's Edge. Now, Steve Rhodes. Good afternoon, folks. Welcome to the January 20th, a terrific Thursday edition of today's Trader's Edge show. I'm your host, Steve. Perseverance Rhodes, who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past. Hope everyone out there is having a great day. Hey, let's make sure we have an extraordinary one and the easiest way to do that is to always remember that life is happening for us, not to us. That's right. When you and I make that one little two-by-four ship, well, it means we can find the gift in every set of circumstance that life is going to toss at us. Now today, you and I, we're going to go check on the circumstance of these markets. We'll go figure out what those bulls and bears, what those buyers and sellers are communicating to you and I just passed one o'clock in the afternoon. I do want you to know I'm absolutely grateful for your presence here, but more important than that, and that's this. During this next 60 minutes, I'm here to serve you. So feel free to pick up that phone and dial on in at 877-927-6648. And if you can't dial in, we've got you covered there, too. Go ahead and send me an email. Send it to Steve at TFNN.com. Send it early. And in that subject heading, if you would be kind enough to put radio show question, of course, in our Tigers, then, well, any, in every ping, we'll do. So let's go ahead and get this show started on terrific Thursday. Of course, this is Tiger Financial News Network. I'm Steve Rhodes. Welcome to Let's Show. Right now, we've got all the U.S. and disease trading in the green. The dial is up 252. S&P 39, NASDAQ 101.61. It'd be good if I actually show you something other than a running man out there. Sorry about that. Let's see if we can get you the right chart out here. Here we go. This is what we're looking at. Okay, perfect. So we were talking about the disease trading. The rustle's up 25. The semi is 21. Trendy is 228. They're the big mover to the upside. Spotball politics is still above its 50-day X-bench moving average and moving lower. 2237 is the print. You've got gold off $2. Silver's up $0.44. Light's recoup back $0.14. Penny's natural gas off $0.17. Leading the charge dollar-wise to the upside. You've got booking holdings. That's $85. 4% Mercado Libre, 5% 55 bucks. Shopify 34, 3% Tesla, 31, 3%. Google's up 1%. That's about 25 points to the upside. Amazon is the big leader. Off $10, not a big deal. That's 3.10%. Balneva, something or other is down $9, 19%. Peloton off $7.23% and climbing. That's $7.50 to the downside. Tascas, Inc. down $7.00 or 19%. Other some big movers and there are some big shakers out there. Of course, I want to look at what you want to look at. Let's immediately just simply go jump into the indices and we'll go to our questions out here. With regard to the indices, the first thing I want to do is, let's take me just a moment here to set up, is where are we at? I'm in Delray Beach. Where are you at? Where we're at, I was really referring to from a market standpoint with regard to the cycles. So what that means is we're going to take a look at this. Okay, perfect. So here we've got our seasonal cycle. So what do we know about what the Dow's average movement is over the last 86 years? Well, all we have to do is come to this chart. This chart is what tells us. So typically on average, the Dow tops on January 6. When did the Dow actually make its high this year or last year? January 3. Something to think about. Now, what this tells us is that on average, the Dow will move lower on a normal seasonal cycle, move lower into the end of the month, January 30. Well, today is the 20th and we could be getting signals in the Dow. Could be, we won't know until days end, but we could be getting signals that this is going to form a bottom and we should see some kind of move higher. We don't use these dates as it's got to be to the date. We use it as a guideline. We recognize the average cycle movement out here. We're in this small, unfavorable seasonal cycle, but it usually ends from the begins in the first week of January, as it did this year, and it's in the last week of January. But what you really want to do as you start to get close to those dates, and I'd say the 20th is getting close to those dates out there, you want to look for some kind of bottoming pattern. If we get that, now, even though I have a perspective, because of the TD9 counts on the annual basis, the yearly cycle out there, that we've seen the high for the year, and the markets are going to move lower, I could be wrong and we have to explore both sides of the transaction, or we should at least explore both sides of the transaction. But right now, if we do get a bottoming signal on the daily timeframe, certainly for the Dow, but we'll take a look at the other indices as well, that would suggest we could see a rally. Up into maybe the first week of February, February 3rd to be specific, but we won't tie ourselves to those dates, instead we'll continue to look at chart patterns out there. So really what we're seeing that is taking place in the markets right now is nothing more than what happens on average, or has happened on average during the last 86 years. So we don't read too much more into it than that. Now, we would read more into it if come tomorrow. So I used to go whitewater rafting in the New River and the Gauley River up in the West Virginia. I don't know if many of you, maybe some of you have actually done that experience as well. In the New River, there was a place, there would be a big rock that we would come to, and everybody would get out and people would jump off the rock. Now when you're in the boat and you're looking up at the rock and you're watching people jump off, and if you're saying, I'm saying to myself, maybe you're not saying to yourself, that looks pretty easy, but then you get up to the top of the rock, that boulder. And it wasn't really a rock because it's about 30, well it was a rock, but it was like, I don't know the exact measurement, but I'm not exaggerating when I say it's probably 30 feet. Many of you might say 30 feet doesn't seem like much. Well, when you get up there and you start looking over the side, you might say, I don't want to jump. Now I didn't say, Stevie said that, but there's a lot of people that say, you know what, it looked better when we were sitting in the boat versus being up on top of the rock. Well, what the markets were doing, where are you going to, Steve? I'm going to Whitewater Rafting. That's where I'm going. No, we're going back to what the markets did yesterday is, or the ESMini, I should say. What it was doing, it was doing that little, I went up to the top of the rock and I decided not to jump. And for it to jump, price needs to close below the bottom of its weekly profile. That number is 4549. Yes, we got below, yesterday we got down to a low of 4514. Doesn't matter what happens intercession, the body of the candle is truly the essence of price. The wicks, the upper shadow, the lower shadow, those are nothing more than the screaming meemies. That is the extreme emotions that took place during that candle session. These are weekly candle sessions that you and I are looking at. I know somebody out there said, hey, Steve, you're not looking at the Russell 2000, it is trading below the bottom of its weekly profile. Yes, and it is the weak link out there, that's for sure. But I'm more interested in the ESMini, really the NQ and the Dow, but really the ESMini because it's providing us with the best pattern. So tomorrow, and by the way, tomorrow morning, I'll go ahead and record the show between eight and nine, as well as the entire week next week out there. Of course, you say the entire week, that's just Friday, Steve. No, I'm referring to next week out there. I'll always try to make the shows as pertinent as I can for the one to two o'clock timeframe out there. But I would love you to join me live and send me requests and so forth. So everything will be the same that way. But here, with regard to Stevie and the New River out there, that's what the ESMini was doing yesterday. And it depends upon tomorrow's close. If we do get a close at 45, 49 level out there, that's going to give us a signal that we've got that change in trend. Very similar. If you take a look on the left-hand side, that little red arrow, that's what we saw back at the COVID move lower, the COVID crash, so to speak. Once price closed below that profile level, which was 3086, it was off to the downside off to the races, which I would expect to anticipate would be the same here. And eventually we may get below that level. But right now, price looked over that edge and said, eh, I'm not going to go ahead and jump. And so that's what we're dealing with. So now back to the daily time. 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 at number two for the year. An amazing accomplishment. 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It's a little bit easier to see, but here's where I can draw on those A to B equals CD patents. So in the ES mini yesterday, with price closing below 45, 72, 75, we generated an A to B equals CD to the downside and this price projection is 4504. Now this morning, as I mentioned, price got down to what, 45, 14? I believe it was the number, yeah, 45, 14, 50. So it didn't hit that price projection exactly, but if we do get a bullish reversal candle at day's end, that's close enough for Stevie's work to confirm a Gartley buy pattern. In the case of the NDX100, it's not the A to B equals CD pattern I like to use. What I mean by that is the retracement was a 91% retracement. That's the B to C leg. So it's pretty easy just to make a move of a move to get back down to the generate the A to B equals CD pattern. But nonetheless, we're still going to use it. Price got down to 1.272 expansion level at 15034. And if we do get a bullish reversal candle then, that would suggest that we have a Gartley buy. The same thing inside the Dow. So the Dow yesterday went ahead, I guess it was really two days ago, when price closed below 35, 521, that's what triggered the A to B equals CD to the downside. Price made it to more than the 1 to 1 level. Remember, we use these price projection areas as guidelines. Not that it has to hit it exactly. And so if we get a bullish reversal candle today inside the Dow, then that's going to really kind of coincide to that January cycle where we start to move lower and we make a bottom and then we bounce and then the question becomes where do we bounce to and we'll take a look at that. Now, in the case of the Russell 2000, it's A to B equals CD pattern would take it down to 1935. That would just be the 1 to 1 price projection. However, you'll see as we turn it over, and so even though, and we've done this a couple of times on the show where we've taken a look at instruments and we've seen A to B equals CD patterns and some people have said, well, why are you saying that this instrument might bottom? And it's because there are other patterns that you and I take a look at for a bottoming signal. One of those signals is that Rhodesman Dementicator signal. It is a fabulous signal out there for tops and bottoms. In this case here, you're looking at the lower right-hand panel chart. That is the Russell 2000. You can see prices stretch. That's what triggers that Rhodesman Dementicator signal. It's an entire formula that I share with subscribers out there. And right now you've got a bullish piercing candle. So if we do get that, then what we would expect or anticipate is the Russell 2000 would bounce up into about the 2130 level. That is the bottom of its profile as well as approximately where that oscillator and change line area is at. If we get bullish reversal candles in the ES mini, all it needs to do to generate that is close above yesterday's open. That is the same in the NQ. That is the same inside the Dow. So that makes it easy. That's all you've got to look for. You might say, well, Steve, I don't have access to the ES mini. What is that number? That number, good question, is going to be 457775. You get a close above that. You will have a confirmed, currently, by pattern. Inside the NQ, the magic number is going to be any close that would be above. That would be above, which keeps missing 15. Okay, I have another way to do it. Sorry about that. It's on a different screen. So the level you're looking for inside the NQ would be 1523875. You get above that. You're going to have a confirmed, currently, by pattern. In the case of the Dow, Dow Equity Future Contract, it needs to close above 35301. And the Russell's already got a piercing candle right now. So as long as it holds within halfway of the candle from yesterday, then you'd have a signal. Now, what you ideally like to see, if there's going to be some type of bottom in the indices, I'm not saying there's going to be one unless we get these bullish reversal candles out here. If we do, then we've got completed patterns and we should see a move higher out there. Now, what we'll do during the show, not right now, because there's a number of questions that have come in, and I want to be able to get to those before the end of the show. But if we do have enough time, we'll go take a look at my eight-panel charts for the ESMini, the NQ, and so forth out there. So hopefully that works for everybody. Let's get to our first question. Our first question coming in from Craig H. And Craig wants to take a look at ticker symbol COMP. That is Compass. So let me get over to our three-panel charts out here. I'm already on them. Oh, you're just... I've got to change screens. Give me a moment here. Sorry about that. Okay, so right now I've got the GDX. Actually, he asked about the GDX, or he asked about Nugget. So let me just stay with this. Now we'll come back to Compass for him. But you know if you're going to ask me about Nugget, I'm going to first come over and take a look at the GDX. Now, what we had take place yesterday, big wide-ranging bar, as the GDX was making the one-to-one price projection of its A to B equals CD pattern. That is typically not how markets end. That is typically not how a A to B equals CD pattern will end. Now, if we just have sideways movement over the next several days out here, and you get a bearish reversal candle, it hadn't ended on yesterday's bar, but you could see that, and that would set up a currently sell pattern out here. So that's only if we get a bearish reversal candle. In lieu of that, price should then go target the next A to B equals CD level. That's up at the $33.65 to $34.75 level. But even though you had that confirmed, A to B equals CD taken on a swing point, wide-price bread accelerated volume, that doesn't mean you're out of jail. And if we take a look at the jail sell out here, let's go to the weekly timeframe chart. And what I have is I've turned on my trend lines. In fact, they're on the monthly timeframe chart as well. So you got different trend lines for different time periods because it's using different candlesticks out here. But you can see that the GDX has also made it to the .618 retracement of its move from the high that was from the week of November 15th down to the low of the week of December 13th. This is an area where you would expect to see people get off the elevator, which they're doing right now. It doesn't mean it's the end of the move, but it could be the end of the move, quite frankly, why? Because if you take a look at where the top of that weekly profile is, it's at 3305. So you've got the trend line, you've resistance, you've got 3305 as a level of resistance. That is where price needs to close above, preferably close above it tomorrow, doesn't have to. But if you do get that close above it tomorrow, then it starts to get out of the woods, says you make your way back into the 3508 level. Really the monthly chart would be suggesting to move back to 3986. Of course, you can see its trend line that it needs to be able to take out. So with regard to the G, and even though we're asking about the nugget, or in this case here, Craig is asking about the nugget, I want to make sure that we take care of the GDX first. Interestingly enough, the nugget really is showing those same patterns. Doesn't always do that, but it is right now. Now the same pattern in that nugget is at the resistance level of 5401. Now Craig's question, because he's in this, is where should he expect to sell and where should he find support out here? So in the case of support, all I can do is go find our oscillator and change line level. So let me get over to a different set of charts out here, and we'll pull those over for the nugget. And so now we'll get right to Craig's specific question, which is where is support? So as we take a look at NUGT, let's actually get to current date out here. So the oscillator and change line is way down at 4874. You're at 52 bucks out there. That's almost an 8% or 9% move to the downside. But that's the only support level that I've got out here, Craig. Ideally, where price is targeting, forget the A to B equals CD patterns. I don't want you to forget them all together, but where price is likely targeting is the 5942 level, which is the TD9 breakdown here. Now that's coming from the daily timeframe chart. Don't think the weekly has anything more. The only thing more that the weekly is providing to us is if in fact price can close above the top of that weekly profile, then 64.01 would be its target out there. So Craig, I hope that helps you out with regard to NUGT. Up to the upside, looking at about 5942. To the downside, support could be at the 4874 level out there. Steve Rhodes with TF&M, we get back from this break. We'll continue answering the requests that have come in, one from Alex, one from James, one from Tom, and Hector and the fuel inspectors. Good. Having fun trading the markets, but having trouble finding like-minded individuals to discuss your trading and investment ideas with? Become an Apex creditor in the trading markets and join the Tiger's Den Trading Room only at tfnn.com. The Tiger's Den is an exclusive trading room where successful traders from around the world come to exchange trades and ideas. Join the den and surround yourself with the sharpest minds in the trading world. 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This is also for Craig. Craig, this generated a nice bottom pattern yesterday as soon as we get this white background chart to open up here. You'll see that rose-ment indicator signal that was confirmed yesterday. So we had price movement lower. We had that bullish reversal candle. You're back inside a daily profile out here. So what price should do is go target $9.37. That's where the sellers are at. And if price can close above $9.37, then price should move up to $11.02. And if price can take out $11.02, you've got a change in trend signal. That's coming from the daily timeframe. Unfortunately, this instrument hasn't traded long enough. However, it's traded just long enough for us to look at the weekly timeframe and see that last week was a TD9 count bottom. As long as price does not close below last week's low, you'll have a confirmed weekly bottom. Now, this would suggest I'm going to turn back, I'm going to turn these charts off here and go back to the black background chart to give me a moment. And that would suggest that price could go target the $11.19 area. You really want to use the daily timeframe as price moves up on this, on the rose-ment indicator signal out here. What you really don't want to see this do is close back below $8.25. $8.25 is a level where there was both the bottom and the center of its daily profile, so that should have been a strong support level. Price did get below it yesterday and the day before, but you're back above it today, and yesterday was that confirmed rose-ment indicator bottom. So that's what I see when we take a look at tickle symbol. COMP, that's not the NASDAQ composite. That is Compass Inc. out there. I do hope that helps you out. Alex writes in, and Alex wants to take a look at, boy, that small print. Sofi. So let's go take a look at Sofi out here. And what is the question? Has the recent run-up changed the outlook for Sofi? Thanks, Alex. So with recent run-up, I guess you're just referring to the last couple of days. So price is back inside its daily profile. It's back inside its weekly profile. And the resistance level for both the daily and weekly are in about the same area, Alex. $16.85 for the daily. $16.96 for the weekly. So nothing has changed there. We do have a belief we've got a confirmed rose-ment indicator bottom here for Sofi. Let's pull over the daily timeframe chart and confirm that as well. And here we can see that you had a gap up yesterday. Today you've got a bull sash candle as well. So price should go target at $16.85. The daily timeframe suggests, Alex, if price can close above $16.85, the next move, I don't mean on the very next day, but the next move over time should take us to $22.04. And $22.04 is the TD9 breakdown level. The weekly timeframe chart here for Sofi shows us what? Not much, really. It shows us that you got an oscillator and change line and price can close. We're just going to leave it. If price can close above $16.96, that looks good. So your question specifically was, has the recent run-up changed the outlook? Maybe the outlook you were thinking is this did not form a bottom pattern. And it did for the daily timeframe. It hasn't for the weekly timeframe. But it does have that bottom if price can take out resistance at $16.85 to $16.96 level. Then Sofi will have definitely given us at least a short-term change in trend signal. So Alex, I hope that answers your question. If not, go ahead and write back to me, and I'll make sure that we do that. J.J. writes in, and J.J. wants to take a look at Lilly, Eli Lilly. Hello, why is the ticker symbol out here? So let's go see what it is doing. Right now it's trading out at $247.25 inside a brand-new daily profile that formed today. Now this is bullish in structure. So James, if you get a close above the center, which is $250.22, that's going to suggest you run all the way up to the top of that profile, $262.40. Now there's resistance, and that resistance is some trendline resistance. So price closed below it on a weekly basis last week. So far the move higher has run right into that old support level, old support can become new resistance. So you want to watch that trendline. As I pull over the white background charts for Lilly out here, Eli Lilly and company, the daily timeframe tells us what? Not much. I do see an A to B equals CD to downside. Let's see if this thing has completed it enough. We'll just use the conservative version out here. So there's the A to B. Here is the C to D, and I don't know if that's really close enough for my line of work out here. But what we do have, James, is an oscillator and change line that has recently changed colors three or four days ago. So price in that should catch up to each other. So even though I mentioned if price can get above $250.22, we're not going to change that, and the change is that price would make a move to the $255.50 ish level. If price can close above that oscillator and change line, then we're looking at $262.41 to $265.88. That would become your battleground levels out there for Eli Lilly. That's on the daily timeframe. The weekly chart out here tells us what. Tells us that price is still below the bottom of its weekly profile. That could open up the door for Eli Lilly to get back to $182.92. As I look at this, this could just really be more of just a counter trend move, very much like what we're likely seeing in the indices and the equity futures out there. So James, I do hope that helps you out with regard to Eli Lilly. If there's anything else that you need, go ahead and ask. The next question coming in from, well, I take that back. We've got a caller on the line, and it is Garo in California. Garo, thanks for calling. Thanks for holding. How are you today? I'm very good. How about you, sir? Very, very good. Thanks so much for asking. So Goldman Sachs, I believe, is what you're calling about. I'll go ahead and pull your charts, my charts that I have for you on the screen. And while I'm doing that, can you just describe to me what it is that you're looking at very much. Everywhere they're talking about buy Goldman Sachs now, it's a good price, which is dropped at it done two, three days ago. I want to see what's your idea regarding, is it wise to buy it now because the daily and the weekly is horrible. What is your idea? Is it good to buy 100 shares and leave it? Or it's not the time now. Not the time that I can see. It's taking place this week as we speak, as we now have a we have a confirmed A to B equal CD to the downside. Hopefully I can draw that. What the heck is going on? I'm going to try it one more time out here to get the A to B equal CD better. Here we go. So right now, the B point of an A to B equal CD would have been the week of December 20th, and that had 9.7 million shares. We're not even done this week and we're already at 23 million shares. So this has a confirmed A to B equal CD to the downside. I'm going to expand out the weekly chart. That's where we're focused on. I'm going to turn off the trend lines out here because they're really not helping us much. You're just cluttering up the chart. So we've made the one to one level as we speak right now. But if you look at how you come off of the C point, if it's an explosive move, and I would say the last two weeks qualifies as an explosive move, girl, this tells us that it wants lower price. Those lower price ranges are $3.36, $3.16, and that's the weekly time frame chart. When I look at the daily time frame chart, we're well below the bottom of its bullish structured profile. We're also now trading below the bottom of a brand new monthly profile that formed this month. And if we see, and it's only the 20th, but if we do see a close below $359.29, that suggests that we should see lower price inside of Goldman Sachs. Now, the only chart on my white background screen that I have right now at the moment is the daily time frame. We also have that same A to B equal CD pattern out here. If you did get a bullish reversal candle, then it would suggest that you would see at least some type of countertrend move. And I show that countertrend move could take us up to about the 375 level. We don't have that signal right now. This is an inside bar, and this suggests that, no, you don't have any kind of a bottom today. Is this like an ultimate bottom that people should buy? Girl, I'm not seeing it in the charts when I take a look at the daily, weekly, monthly charts out there. Are you into a hard break here, or any kind of break? So do me a favor, and you're not taking up too much of my time. We love hearing from you, Garo, and so does everybody else that listens to the show. So do me a favor, hold on through this break, we'll come back, we'll make sure that we complete looking at Goldman Sachs. See you roads with TFNN and Garo in California. Be back in a few folks. Are you in the market for buying or selling real estate in the Bay Area, including the surrounding St. Petersburg, Tampa, and Clearwater markets? Tiger Real Estate LLC is a firm that has extensive experience in the Tampa Bay Area. Whether you're looking to sell your current property for maximum value, or you're in the market for a second home or investment property, Tiger Realty has the experience across all areas of real estate in the Tampa Bay Area to help buyers and sellers make the most informed decisions across all price levels. 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So the only patterned Garo that I can identify where that would be a possibility is that Goldman Sachs could be in a consolidation pattern and it could be at the bottom of the consolidation. What I'm looking at here is I'm really looking at the first thrust down which was back in June of 2021. Volume there was about 18 million shares. The next time that we were down in this area was back on July 19th. That was 13 million shares and this week we're already at 23 million shares. But that's the only pattern that I could see that would suggest maybe taking some kind of in a long position. But it's just the volume this week suggests that we really should see lower price. Does that make any sense to you? Yeah. My chart is showing on a daily the 329 and change and the weekly 339 and change. So that's what it shows me here that it's got a bottom there at 329 and change on a daily chart. So your numbers are very close by. It's not the same but it's very close to that but still it's not time to buy I don't think it's a time to buy I don't see any any strike at the end of the tunnel but I'm going to keep an eye on it very carefully. I want to buy that and keep it but I don't know where to buy but hopefully some time, some day that will happen. Thank you very much for your time sir. Thank you. Thanks much for calling. That was Garo in California. So let's get back to our request out here. We're starting to pile up. I don't think we'll get through all of them today but Tom writes in and this is Tom from Middleboro, Massachusetts he wants to take a look at Moderna MRNA. So let me get that up on our screen out here and let me get that fired up on one of my one of my white background charts and for right now I'm just going to stick with the daily time frame out here. So the question is a few weeks back I believe that you indicated that the $140 would be headed to $161. Looks like this is the scenario unfolding. I'd like to go long Moderna if you can hold support at $161. So we take a look at Moderna right now the next support area out here Tom is going to be at $155.36 I'm not saying that's where you buy it I'm just suggesting that that's the next support level that is coming from the monthly time frame that is the bottom of its profile. Now at $155.36 it's going to be important to watch that level. You have both the center and the bottom you've got a strong hand for buyers. Now what you'd like to see as price gets back to $155.36 for this is some type of bottoming pattern on the daily and even the weekly time frame but at least on the daily time frame and as we go ahead and expand out this white background chart we'll see we don't have anything any bottom signal now it does show wave number seven that's letter G but that'll continue until there is a higher low out there so that's one potential bottoming pattern but I wouldn't step into this Tom unless price were able to close above that oscillator and change line really for two consecutive sessions we can see that that has been really since the middle of December that has been a real deflection point so that's going to be helpful to you there's A to B equal CD patterns to the downside but those are going to take us to much lower prices out here so I don't see a bottoming pattern or signal at this date here for Moderna so let's do this again take this one step at a time price should continue to move lower could be targeting that 155-36 level watch the daily time frame as far as where we're at on the daily time frame for potential bottoms this is going to be bar number five so it could be a TD9 count and that says that that would be some time next week maybe it's Wednesday, Thursday of next week when we'd see that or if you see some type of bullish reversal candle in Moderna then check back with me and we can take a look at it but it's going to be preferably as price gets to 155 and change the bottoming signal on that daily time frame Hector and Patty write in Hector wants to take a look at I'm not Microsoft but Morgan Stanley the question is is Morgan Stanley on an ABC weekly can you do can I do a lightning bolt pattern so I don't see an A to B equal CD up on a weekly base specifically we're asking about on the weekly chart so I don't see that when we take a look at Morgan Stanley now I'm sure I'm going to just expand out this chart out here going to try to whoops going to hit the right button yeah so I think Hector you're trying to do an A to B because my guess is well let me see what do you have right here using the B point as this week as a possible C point yeah and then you're going to I'm a guessing you're looking at starting this A to B all the way back at March 16th 2020 I mean that's a gigantic move I got that yeah so I'm not really in that camp out here here's what I can share with you with regard to Morgan Stanley so why don't we get right to it and that is right now specifically today price is making a counter trend move at least up to the bottom of that daily profile that price has been below so one to one 45 so that's the first level the price going to close above in order for this to get an mojo to the upside if it does do that then we should see move up to 103 60 to 104 19 or to 105 95 those are going to be your battlegrounds again a move above 101 45 your battleground becomes 103 60 104 19 and then in the 105 level either 105 75 or 105 95 now when I take a look at Morgan Stanley on just the daily time frame I'll pull that white background chart out here if you so you can see that prices trading just above that green oscillator and change line at 100 point three five so if again that price close above 101 45 you should see more rally more rally or counter trend rally I don't really have I don't see a pattern out here other than a consolidation that this has been in so that consolidation we can draw that in here give me a moment we'll get that up on our screen and it's pretty evident I think everybody sees that consolidation certainly the at the top that's pretty easy to figure out it should be a little bit higher than that and at the bottom we're probably in about this range right here so you see the consolidation so price could get all the way up to the top that consolidation do I see an A to B equal CD to the upside I really don't although I see what you're looking at but first let's deal or let this deal with the consolidation and then what I would do Hector and Patty is if price broke out of this consolidation but it's to the upside of the downside you've got a measured move that is equal to that consolidation area okay we don't want to use the word consolidation anymore today because that would seem like I'm repeating myself so next question coming in from Brent in Martinez, California Brent wants to take a look at CFMS so let's get that up on our screen out here and CF gets conformist I believe and Brent's question is can you take a look at it you've been patiently waiting for a bottom this is the area I've gone long in the past looks like an army bottom is forming today on the daily the weekly TD account they believe is bar 9 and so let's go take a look at it form so let's pull over just the conformist daily time frame chart and what it does have so Brent mentioned he saw erodesment of indicator bottom he's absolutely correct and that's assuming that we get a bull sash candle today as long as we close over yesterday's high that's what we will get yesterday was the bar following bar 9 of a TD 9 count so that's always a bottom signal and yesterday was wave number 7 that's letter G so Brent you've got three bottoms in conformist if this is the area where you typically take a buy then I concur with that now that doesn't mean that you've got battles you do and the first battle is one that is dealing with right now and that's at the bottom of its profile and that level out there so here's your first battle that's at 60 68 cents you trade at 67 you want to see close with 68 the next battle would be 73 the battle above that would be 81 cents and the battle above that would be 86 so that's your field of play you know where the defense is at you're on offense try to take them out and approach with TFNN we'll be right back every market day from 8 30 a.m. to 4 p.m. Eastern for free each host is an experienced trader and gives their take on the market while taking calls and questions live from 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Brent I just wanted to answer your question I do not have a time count bottom on the weekly time frame so this is a chart here so if you're listening on the archive you'll be able to see that chart we're in bar number 3 on a weekly basis out there but the daily time frame does have the bottom patterns the three bottom patterns we looked at you really need to see this close above at 68 cent level otherwise it's kind of suspect out there so the two other questions one coming in from Greg he wants to take a look at Chewie out here CHWY is the so we're just going to go to the white background charts and today is going to become bar number 9 and you're thinking of playing this so the bottom can form on bar number 8-9 to the bar following 9 what I would do because there's an A to B equal CD to the downside in this is I would wait for a bullish reversal candle because that would then give you at least a buy the D point out here and I'd like to see that pattern since you've got the A to B equal CD out here now that's the weekly time frame chart that we're looking at for Chewie the daily time frame chart tells us what it shows that we have a rogment to indicator signal that's the only signal so here what you want to see is some type of bullish reversal candle you don't have that as we speak right now but if you did get that then price would need to take out 45.05 that's the oscillator and change line to say you might have something here now you would have battles at 47.93, 50.88, 55.30 and then your final battleground would be at the 61.20 level that's in the daily time frame for Chewie out there which does again looks like it's going to form a TD9 account for the weekly time frame and a real real reason to pay attention to the daily rogment to indicator signal because that would be your entrant into it. The last question which I don't think I'm going to have enough time to comes from Nicholas he wants to take a look at the ES mini out here and can you go over test any suggestions and so forth I'll tell you what we're going to do out here because the show is over basically so normally during the market update you know I go to my industry charts out here Nicholas stay tuned for that chart we'll just simply go to the ES mini and I'll try to interpret for you what those charts are communicating to us for the multiple time frames Steve Rhodes with TFN have a terrific Thursday folks don't forget tomorrow morning 8 o'clock sharp is when we'll start the show but of course you can listen to the archive version between one and two take care folks