 The following is a presentation of TFNN, the Tiger Technician Hour with your host, Basil Chapman. Call now. Call free at 1-877-927-6648. I have one Basil Chapman here. This is the Tuesday edition of the Tiger Technicians Hour. It does down 242-33807. I'm going to take just a moment to do this one at a time because tomorrow I have my webinar and one of the things that we'll be talking about is how do you use some of these technical tools? I mean what, you know, it's kind of a plethora of stuff I've got here. I could go to, actually why did I do that now? Look, I'll go to the naked chart and just move this away. Pick out this one right here that's sitting behind. Pick it out right there. I'll drag this down. There it is. Okay. So what do we have here? And this is what I'll be going through in great detail tomorrow. Just to show you some of the techniques, what we're using in the Chapman wave methodology. We try to identify the lowest low bar, merely count each successively higher peak, alphabetize them, alphabetize them, A, B, C, D, E, F, G, uppercase on the way up. But you'll never get an H. That's the most important thing. But at the fourth highest peak, peak D, other things can happen. Let me just get this out of the way. Remove that. All right. That was an up arrow. I didn't update this. So the down goes to peak A. Remember, if this bar had a very strong move up, but still underneath that last high, you could, the bar of the March, the, was that the 13th? I should know it by now. March the 15th. You can't call that A. You have to make a trough. You have to make a higher low to start your wave count. So here it goes. It's a very simple technique. All I do is alphabetize. That's all you need to do is know your A, B, C, D, E, F, G. Never forget when I started doing this way back 20-something years ago at TFNM. We had Greg in the den and Greg, I commented once. I said, we could go to a D, but we could also go to an E. And then Greg said, oh man, I just finally learned my A, B, C, D, and now you're adding an E. Well, it turns out you can go E, F, and G. So look at this. Now, one of the things I'll be talking about tomorrow night is when you put a down arrow for a cell signal and when is it upgraded to a cell mode? That's number one. Number two is I did have a down arrow, but then I took it away because I said, you know what? With the nine period exponential moving so much above the 14 still at that P, E, you can get a pullback and if that pullback holds with the green still above the 14, that nine period moving average holding above the black moving average, that says you can go to the next highest peak. Oh wait, I'll skip something. Sorry, that's an E. This is a D right here. I was talking at the same time. And that just says that I took away. It's very seldom that I do that, but if you have not got the crossover, I have to give it the benefit of the down. Now there's a chance I'll still put a red plus sign. I always put a plus sign above a D, E, and F because that's where other things can happen. But I can't put the down arrow yet because this has to close sharply lower for a cell signal to be upgraded to a cell mode. You'd have to see this nine period moving average move sharply below the 14 and it would take about another 500 points to do that. Maybe 400 points. So in the meantime, back at the range, that says there's a warning here and I can do this and now I can add the other things. In the microwave methodology, we're looking for two outer points that are resistance for a trend line, preferably three. And then what I do is I draw in a little narrow three sixteenths of an inch or whatever it is. It's not very mathematical, but it's about three sixteenths of an inch or even less. And I draw pink on the bottom and green on the top and that just says very simply if what you're following has made these points of contact that become resistance. This area here is the microwave inside track repellent zone. Well, if you're going to do that, you need to do it on the upside as well. Normally off a low, when you're drawing after that, the lows that come in place, usually it's too sharp from the low to the arch formation following low to get a trend line that's reasonable. In this case, it's actually very good because it comes in almost, no, I wouldn't say perfectly, but I'm going to say almost perfectly. If there's such a thing as perfectly as perfectly, how can you be almost perfectly? Well, it's almost perfect. So this is the area that we're looking at for key support. So I like to go one step at a time and we have shorted the S&P again. We did that right there at that peak. The very next day we shorted, sorry, this is the down. We have short the S&P. So let me just do this. This is going to be your support area. So this is green and this is going to be pink. So the day is young. Anything can happen. I mean, we've got bad news now that does down almost 300 points. It's either speed or it's going to be time that's going to rotate to get this nine-period moving average negative. Look at the S&P. Now I'm taking a little time on all this. I did have a question I'm going to go to in a moment for Jason and others. But I wanted to do this because it's so, this is such a critical moment in the overall spectrum on the shorter term trend because you've also got the Fed coming out tomorrow. My suspicion is that the Fed is going to say, let's test to see if we can say something a little bit more negative to see how the market holds. I got a feeling that it's not going to be just smooth sailing and all of a sudden the market turns around and it screams to the upside from here. This is just a feeling. This is not based on any technical analysis because it's the Fed. I don't know the data they're looking at. But in the travel rate methodology, when you get to a G, in this case it could be a G slash A. It just doesn't look right now that you're going to start a brand new buy mode to go to four peaks higher. I think this is a G and it pulls back and then we will start some kind of a test of strength. So what I do is I like to do this. I take out the highs and I join them up. Yeah, you've got a whole sequence of them. Then I do the inside track repellent zone right there. I'll show these again tomorrow in the web and I'll just explain what I'm doing because as I say the days, yeah, we could get a turnaround later today. We've seen that before. I think it's going to be hard to do, but that's not the point. The point is that you've got to do what you've got in front of you and right now that's what I'm looking at. So that's the resistance at this peak G right here with the doji candle, especially it is so rare that you actually do get these major turns in tiny little plus sign doji, it's called the doji candle with the open and closes about the same, but in this case we want tiny little wicks to the upside and downside. And that's the same to me. This is a moment to be very, very careful. That's all. That's nothing more than that. And I'm going to join these lines right here so I can give you everything that you need to know. For at least this moment as we've flipped to the downside. So we did this morning go short the S&P via one of their ETFs. And the idea is that if we timed it correctly, you never know. I mean, we timed it just off the low of the day. Remember, it's reversed. It's going to be going up when the market goes down. At least we've got a cushion. If the Fed comes out with something all we need to do is put it on stop and say, okay, well, that's our stop. And we prefer to deal with that. Meantime back in the ranch, I'll give you the levels right now as we're going to the break. This is the level of support. Now we're looking at for the daily chart of the S&P. And that says that the area between, it depends where it comes in, but the area between 4,110 and 4,092 is going to be key support. I'll be back in a moment. Down's down three. If you're looking for potential trading setups in the stock market, then Rocket Equities & 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 & 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 in 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. This is a weekly report from Veteran Day Trader Larry Pezzavento on stocks you need to pay attention to, and you can trust Larry's analysis. After all, he's got 45 years' experience as a day trader. Larry will also provide daily charts, videos, and data on the key markets that he's tracking. Expect notifications from Larry on market movement you need to act on at any time. First-time subscribers also get a 30-day money-back guarantee. If you're not satisfied, let us know and you'll get a full refund in 30 days of signing up. Subscribe to the Fibonacci 24-7 newsletter today. TFNN.com Educating Investors. To 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. Toll-free at 1-877-927-6648. Internationally at 727-873-7618. Hi folks, we're back. So we're looking at the e-mini down 35-4,180. So what I want you to show you again, I've got this as the continuous contract. The reason why I have it, I can have it in all-time frames and it goes back forever. If I just do the futures, I don't get the futures long enough. So this is the daily chart. What I will be assessing this evening, going into tomorrow's close, is what happened at this doji candle Pd. And that was on April the 18th at $0.419825. This travels in $0.25 increments and it is the futures. It's at $0.4148 and the actual futures are at $0.4148. So for a long time it stays exactly the same. And then it starts, as you're getting to the next month, it gets closer. There's a big divergent, sometimes even eight points difference between the cash and the futures. But that's not the issue here. So what I'll be doing is you see this vertical, this is the MACD. This is the nine-period moving average over the 14. This is the sarcastic flat in the 80s. I said that's good. On-balance volume was good. Made a little peak right at the top and then a pullback. And then you had this, a pullback to the 200-period moving average. I'll be talking about the importance. This quarter coming up, the second quarter, the 200-period moving average is going to become even more important than it ever has in many of the charts. I'll be assessing yesterday's doji candle close at a potential peak. Yeah, I say potential. I have to wait. It's a daily chart. I can't talk about it as if it's made a peak. Anything can happen. You could have a rumor come out all of a sudden about the Fed. My thinking right here, just as we stand, is that the full assessment of what the Fed says at the end of the Fed speak, maybe by about three o'clock or so, is that there's just too many questions. Nothing's as clear as we thought it would be a couple of days ago. It's not the quarter point. It's other things that they're going to talk about. I've mentioned this before. The home builders are spectacular. There's just so many conflicts here that I'm not sure if I would not like to be a Fed decision-maker right here. So I did have a down arrow here, but this is at the point where I look back and I say, okay, this is one of the few times that I'm going back. Remember, your idea here is to keep this as clean as possible. So at this particular point, I went to make a change to say, hey, I didn't get a sell. I had a sell signal, but it got negated by a new high. So that plus that down arrow. Sometimes what I do is I keep the down arrow and I put in an inverted V shaped pattern. And that says, that's your top. I don't know if I can do now put it in, but that's what I would put there. And that says that's just like residual high and an internal high. No, internal high and then a residual high. And what we're looking at here is within the context of what happens next. That's all that matters. I'll keep it in for now. But now it's accelerated down. Now that does on 315, the SMB is down at 38. Not bad. Actually the SMB is holding a little bit better. So this is just a process. And now look at the Chapman inside track repellent zone from the week. Yes, for two weeks at three weeks. Actually four weeks is gone above this green trend line. It's closed there twice already above. No, once it closed this week. It went higher. Now it's pulled back. So this is a gray peak a and a great peak B great because we aren't really sure yet whether there's a new buy signal because the stochastic is almost at 80%. The magnate is good. Nine is good. But you need to go above the previous highs. That's the high. That peak D. So all I'm saying is this is a process. The process said to me, I almost did not do it. And then for the last month I said everything you've been doing since during the day yesterday in the evening early this morning said there should be a pullback here. You've got a peak G in the S and P. There's no other way to counter it at a peak G. Other things can happen. Even though there's a chance it could be an A. There's a much greater chance that it's a peak G if there's a lower high today, especially if it's a sharp move down. So that's the reason. So now I can put in that we are short and we'll have reasonable stop. I mean, I've got to stop as it is. We've written it in. So we short right here and we'll deal with that. And now what I want you to talk about is just I need to go to. I want to do a couple of things here. One is I had a question from Jason about E. E is I always love to do these letters and when I do the letters, the alphabet letters every once in a while I just say, you know what, it's just time to do A, then B, then C, D, EF, etc. And sometimes they miss him because they haven't changed them in the format because they used up the letter. No one's acclaimed a new letter or replaced the letter. So in this case, we've got E, which is the daily E, many, I think, SPS. He said that it was. Let me just double check this now. I'm not going to find it. Yeah. Hi, Basil. Can you look at both EQ and R Norway and E, which is Italy on the show for longs? E is Italy. I thought I had IW. They're both European oil oil oil companies are trading at a discount valuation wise to the US oil companies. Not not much is going on either short term charts, but both seem to have held a high consolidation from their 2020 to 2021 lows. That's Jason. So Jason, let me just do this real quickly here. But peak A, peak B, peak C, and there's your D. Remember the Chubway methodology says a buy signal gets upgraded to a buy mode. If the technicals confirm that should take you to at least a peak D, the fourth high speak. Then other things can happen. Well, it did. Had a little double top. Look at that high there. And look at this high retest from there with much weaker technicals. Sharp move down today. Weekly is A, B, C, D. Let me just put that in. It's easy enough to set. Let me show you how I do it. Identify the lowest low bar. Start your wave count A, B, C, and D. And it gets a down arrow because it closed sharply below the 914 crossover with all the other technicals weak. And that says, right, you're in a sell signal. We'll see what happens here. That would have been a sell mode upgrade. I would still put it in the category of sell mode upgrade. Monthly charge is peak A. I may as well do it. This is what I'll be doing tomorrow evening to show you the power of these notations and the power of some of these technical tools that can really tell you whether or not the trend on a shorter term level, on a longer term level, what is the trend doing? So this does have to go to a sell signal than a sell mode with a fabulous retracement. Where is it now? When the shorter term, this could be a buy signal in the monthly chart in an overall sell mode. So it's a complicated thing. But I would look at this and I say, wait until the 200-period moving average of 28.10, you're at 28.89. If that gets tested and it doesn't find support there, then you possibly could see a dreaded H in the weekly chart. This is just telling us, I hadn't gotten to crude oil. I get there right now. They're crude oil and someone had asked me the other day about the SCO and I said, I'm just not sure about it. But as I started position, maybe you could nibble on it, but you have to really wait for the night period to cross over what it has. And now you're in legs. See, this is SCO, which is the ProShares UltraShort crude. So this is what we're looking at right here. And this is overall, even though there were fantastic earnings from Microsoft and a couple of the others, I'm looking at this and I'm saying, you know, they're just a handful of stocks that are really dragging the markets up. And I think you can see that. So let me just go back to what the question was, E. So I agree. The next one was EQ and REQ and R. I think if I looked at it and did the same thing, yes. 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Educating investors. I did some work on it. It's gone to that instant restart low that was made back on the 18th of February of 2022, 26.78. And that's suggesting that it's made an arch formation with the second peak D right there, and now it's come back down. It seems to me that the 26 to 25 area is going to be critical support. So let's look at it together. Give me a yell if you see it. Get there and we'll see if that's going to be a basis of some kind of at least support level to consider. Now, the other thing that I wanted to do is I like the fact, I do this periodically, I haven't done it for ages. If you have a particular product that you use all the time, it's kind of nice to let that product pay for itself. So yes, it was a little too soon for me, but that has been my thinking for a little while. And my thinking was that in the context of Uber, which I told you I took on Friday and then through the weekend, that probably that surge charge at the head, I mean this is extreme, it went over the $32 that I was quoted just before landing and then it went to 48 and then it went to 60 something, which I thought I had booked. Turns out it was 80 something that I had booked and of course with the tip and everything, it was almost 100 bucks there. So I said to myself, yesterday I almost did it and I thought maybe that's a little too soon. I was going to say, I know earnings are coming out. How about we buy some Uber? Never did. And look at this. Uber yesterday before the opening, 31 area was the close on Friday. Monday, it's open, sharpie hire, screens up to 33 today, gaps up again and it's up to the 35.24 high today is now 34.97. That's a good way to do things. I got to remind myself that this is a nice way to do it. I didn't do it though, but that will be a nice way to do it. Let Uber pay for its own experience and surge of pricing. Meantime, back in the rock, this is a brand new A because it made a lower low going into the 29s. A five point gain. That's really very, very nice. It's about 14, 15% rallies from the lows. So it's something to look at, but now this is what I wanted to show you. The stocks that soared and this is what I was trying to articulate yesterday and I was saying that if there is a sell-off to the downside that is very sharp market-wise, with these stocks having gone over the last week spectacularly higher, they are in play because to get Microsoft back down to the 270s, 35 points from where it is right now, 305, wow, this is going to have to be a way more serious decline and I don't think I can see that and that's telling me that in the webinar tomorrow there are things that I need to focus on. Like the XLK, what is it telling me, the S&P, Sinec Tech Spider Fund, pulling back sharply today from a potential peak F, failure pattern we'll see. It's a leg GSash C in the weekly chart, but it is important because this is your average of the sector. In other words, you've got a handful of really spectacular stocks, Meta, etc. Meta is doing what? Has it given back any today? It's trading at, it made a higher high today. Leg E, it went all the way to 244.92. So for it to come back and even get back, even to full, some of the gap, or to go to the last high, the 223 area, there's a lot that's going to happen. That's why I hesitate and then I said no. All your technicals are saying there should be a sharp pullback coming either today or even after the Fed speak tomorrow. You've got to get in position because if it starts to move and you don't really want to send out to subscribers an inch a day update, do it now. So we've got our short position. Of course it's up, you know, what maybe 4% or something like that. But that's not the issue. We've got a stock that was a spectacular winner and it's down 10% today. I don't know why I forgot that there were earnings coming out today. For a long time now I've been typing it in for some reason I overlooked this particular one and we're still long from lower down. It's had a spectacular move. We've taken a little bit off of it. We did get a trading position yesterday, which did extremely well in today. Today you got taken out for a tiny loss. Thank goodness that we had stops in place. But most importantly, what we're looking at here is that if you've got a handful of stocks or a matter, but let me see. I think Google was actually a bit weak and it's weak today again. It's down 276. Amazon was not doing all that well. Amazon right now is trading AMZN. Yeah. Oh, it's up today at $1.34. It's one of 3.42, but it has made a peak F top. It's actually in a sell signal, but at the green, 9 green moving average is still over the 14. So that means it could be changed. So I think we're in the red plus sign to say we're in the process of maybe upgrading, but we haven't done it yet. So just keep that in mind. And the weekly chart just stuck in the rectangle formation. Talk about the rectangle formation. Look at this, TLT. Look at that. I drew in the midpoint right here. We haven't closed under it. It's trading at way back in April 13th. I called and I said at 10, 10 to 11, and I typed in at 106. I said, I wouldn't be surprised if when we get, oh, that's why I did that. Why did I move that? It was at the end of the rectangle. I said, I wouldn't be surprised if we get to this date right here. Then we get back to that. This date, right? That's why it was. Okay. Right here. And that was the week of May the 26th. We're still saying TLT and 106, because I think it's just stuck in this range and we're going to be following it closely. But it is. You can see the data went under the rectangle for a day. And now it's closed above. A nice move up today, up 2.38 that has to do with yields. So most importantly right now, and the reason why we've actually maintained quite a high level of cash is that I use SMHs. I'll talk about that tomorrow. SMHs, you can't have one or two stocks like in videos. So moving to the upside without the group, or at least a good portion of the semiconductors skyrocketing high, and they've just stalled at this particular level. That to me is a market indicator saying, you've got to be a little careful here. So the other thing that I want you to look at here was I did that. I did that. Now let me go back to the question. I wanted to see if this question is still pertinent. Yeah. Rachelle says Merck. I'm not sure I just saw the symbol. So Merck is trading at a new all-time high. And that's the selectivity of this. And a big farmer, I've been saying that the PPH, we do not have this as something we've been focusing on. I haven't actually put the position in yet because that's the broader. This is the overall of an egg pharmaceutical ETF trading down 3 cents today at 79.27. There's a pattern that I call the falling exformation. It means you go to a PDE or F and you start to come down. You make lower highs and much lower lows. Then suddenly it stalls and it turns around. Could this be a tough formation saying that this is still in favor of GSK? Was it GSK, as someone mentioned? Yes, GSK is. Isn't this Glaxo? Yeah, Glaxo. There are a couple of stuff that are not doing well. I'll be doing a little bit more of the pharmaceuticals. Baselchap and Taycan commissions are preparing for tomorrow's webinar. It should be an exciting webinar. There's a lot to look at. The Gold Report. As a precious metal, gold is still king. 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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 trusted investors such as traders and active investors. Distributor, Four Side Fund Services, LLC. This program is brought to you by Vista Gold. Traded on the NYSE American and TSX under the symbol VGZ. So let me just show you this. This is part of the chambering methodology. The low in the e-mini, the S&P e-mini, watch contract, June contract, is $4131.75. $510 in the morning of the 28th of April. It's screamed all the way to the high of $420. Was that $08 or something? Let me see if I get it right. $4205 didn't realize round number high. Had a peak D and then many, many different peaks, but this final one is a peak D and then it comes down. I drew this in this morning as I was starting my show and I said, wow, I've got to go back to see where the base level is. And I drew in a left side, right side price time match. That's called bar symmetry. From the low that was made right here, let me just give you that exact figure. It was at 9.30 on the first. That's yesterday at $8150. I need to do this over one more bar. And then I drew in a travel wave inside wedge target resistance side. I had no idea where it would go because I was is in the middle of my show. I drew it in over there. So I put it in and I said that I just, I didn't know what the measurement was. I just knew that this was my plumb line and I didn't have a chance. I normally put it in an X. So we're talking about, I'm not going to put it in bars. These are 10-minute bars. But you can believe me, they're about, there's way over 200 bars, right? 210-minute bars. Look what it did. It was a few bars early and it went right to the low so far to there. 41, 24.25. Here's your support level travel wave inside wedge target support line. It hit it, then broke it. It didn't, just in exactly the time period that I saved but it went below that. So now it's a little oversold. But oversold doesn't mean to say, look, the stochastic said 6.15, 5.99. All the books on technical analysis say over 80% is overbought, under 20% is oversold. Well, over means that it's over a level that it should come back again. I don't like to do that at all. I like to say it is in the deep selling area or the deep buying area when it's over 80%. And that's where we are. And now you have to go from a shorter time frame. I don't want to do the 5-minute here but I've got the 1-minute and it says it's attempting but the on bounce volume is still very weak. Price is still very weak. I wanted to just quickly do that. Now the things that I wanted to do, I had a question about Zion. This is Zion Bank, I believe. Zion, Z-I-O-N. It's the same pattern we just looked at. So these patterns repeat. They fractel of human nature. It doesn't matter because you're going to repeat the same patterns over and over and over again. So here we are. We've got this left side, right side. Oops, it's adjusted exactly right. There. And we're going to go to the right and put it in. There it is. It's a daylight. So this is the Zion. I'd be really careful here. I don't know what your position is. If the question is about Zion, I would just say this is really ugly action. It's absolutely imperative that it holds the 23 to 22 support level. If it closes under 21, then it's now almost at the level that it was at in the monthly chart, March of 2020 when it made that load before going to peak A, B, C, D, E. The peak E in February of 2022 and then it's come down in a shorter time frame. I'd be really careful about this. And the other one was KRE. This is the S&P Regional Banking ETF. Oh, it's already done exactly what I was talking about with Zion. It's taken out the base of the rectangle which made a lowercase H, which goes to a lowercase M, YAC. I don't know if that's an appropriate thing to talk about a bank YAC. That's probably more important. This is not good at all. One of the reasons why we stayed away from the bank stocks, remember Bank of America we've had every year for the past seven years, really good profits to get out of it then wait and wait and wait and get back in this year just stepped aside at least not this year I'd say from about the third quarter of last year we got out and now we're just watching it. This is what worries me and that's why I'm saying the Fed might not make it easy at this particular point. Another thing I need to talk about was where was the question? Oh, I saw it. I wrote it. It's called the GDX. So the GDX the gold miners, look how nicely it's held, but holding nicely means that it's not finding tremendous energy for an upside move, but it's also not finding energy for a downside move so it's stuck. So what I like to do is to say within the context of this cup formation I have to also add I'll talk about these patterns tomorrow how you can use them, why they're so important how we've used them and we are quite prepared to see them broken but we have parameters and we have we've put in very tight stops not prepared to be messed around by the chart I might have an analysis but the chart might have its own independent thinking I wonder why. So here it is so look at the stochastics at 18%. The mag D is negative the nine-period moving average has held so far it was so close if it was a week session today we'd have pink but it's green and that says it's still internal support the stochastic at 18% is weak it can go weaker but this is where if it's going to rally it's going to get to 20%, 21% within another two days this is going to be really important the on balance volume is pretty good relative strength at about 53 I'm eyeing it is really quite good and the weekly chart is good so I don't and the reason why I've been waiting for a little bit more of a drop in the GDX and say we've got to think independently how many how many times over the last year or more have I been saying think of your bondy crudy, Dolly, Goldie and Vixie independently in other words it used to be where the dollar came went up Gold would go down when the dollar went down Gold would go those relationships now are not they're not they're just out of the realm at the moment and this might change within the next three months or so look at the Vixie index the Vixie index today is trading up very sharply now I said 19.21 was trading in the 15s the other day I said just what do you look for the Vixie index if it rallies sharply and then closes in the 20s 19.50 I think I said but in the 20s with a very strong triple digit down move in the down a more than minus 65 in the S&P then you've got to take it seriously and it's in the area that this is kind of where you'd expect if I did the same technique that I use on the upside for the S&P and I said look this is your trend line right here we went to the Chadwick inside track the upper part of the support level it broke it before and that's green so that just says using this particular technique it says if the Vixie index in the next week starts to trade under 15 that's very negative for the Vixie index and very positive for the market but at this particular point with the Magdi turning positive sarcastic bouncing to the 24% level and the 9 period moving was very ugly but now it's turning up if the 9 goes over the 14 to turn green this sounding pressure could last a lot longer so I'm just going one step at a time and I'm saying these are the things we're looking at here's your resistance level there's a trend line resistance in the Vixie index breaks that you've got to take it very seriously so as to trade with the 20s that means we're going to be going down I'll be back I'll be back in 2016 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 Tigris's for just $1 for the year there's no catch or added costs but there's a community of traders in the Tiger's Den you can look over the shoulders of Tom O'Brien 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 Tigris's 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 to more 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 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? 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yes it is a buy but not here I love the fact that the monthly chart has gone all the way from the low that was made in the 88 area to where it is right now 244.92 today as a high in a single leg A and that just says be careful because there could be a pullback to the 218 to 194 area if this is going to be a deeper correction so I'm saying yes but I would stagger my entry points and I'll talk about it maybe tomorrow or Thursday where I wouldn't do it right here because I do not want to have a 15% risk on something like buying at a recovery high and even if it's a starter positions I do want to pull back and then we can start maybe looking at it in a different way and the other question was what would you like right now what would I like I would like this concerted down move that we see in today to continue as I'm talking I drew this in live and here we are we're right at this key support level I'd like to break it I'd like the doubt to try to test one more time the low 33,000 maybe even 33,000 and then start fresh for the next big move that's what I would like what I would like the mark doesn't even blink it doesn't even know it couldn't care so that's what I'm saying right now I would like this rectangle formation in the in the Dow the S&P is the same thing there's nothing different here the S&P the S&P I haven't got it on this chart I drew it in the other one I'll have to redraw it and now it's starting to look a little messy so I'm going to have to clean it up I don't like to clean it up until I've really got all the picture everyone I feel people understand what we're looking at so this is it we're at the support level right now that we're looking at a little differently to the Dow but this is the first support so by the end of the day if the selling intensity doesn't have a relief rally that holds so the Dow becomes only instead of down 500 maybe down 235 after 230 this afternoon that'll be not bad actually if the selling continues