 The following is a presentation of TFNN The Trader's Edge with Steve Rhodes Toll Free at 1-877-927-6648 Or Internationally at 727-873-7618 The Trader's Edge Now Steve Rhodes Good morning folks, welcome to the October 12th, the wonderful Wednesday edition of today's Trader's Edge show. I'm your host, D.B. Perseverance Rhodes, who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past. Hope everyone out there is having a great day. Let's make sure we have an extraordinary one and 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 shift, 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 out 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 at just past 11 o'clock in the morning. I do want you to know I'm absolutely grateful for your presence here, but during this next hour, I'm here to serve you. So feel free to pick up that phone, dial on in if you would at 877-927-6648 and if you can't dial in, hey, we've got you covered there too. You can always send me an email, send it to Steve at tfnn.com, send it early and then that subject heading if you would be kind enough to put radio show question. And of course, if you're inside our Tigers then, well, any ping will do. So let's go ahead and get this show started on wonderful Wednesday. Of course, this is Tiger. Financial News Network, I'm Steve Rhodes. Welcome to the show. We've got a bit of a mixed bag out there. You've got the Dow up 140 points. That's about a half a percent. S&P slightly positive up five. The same thing for the Nasdaq. It's up 15. Russell's off 16. Semis are down 10. Trannies are up 115. Gold's off 10. Silver's down 56 cents. Light's recouped is off about two bucks. Natural gas is up three cents. 30. Treasury's off nine ticks. He's trading at 124.12. If we take a look at the leaders to the upside, dollar wise, you've got Moderna. Up 12 bucks or 10% into it. 10 bucks, two and a half percent. Bayana Tech up nine bucks, six percent. United Health Group up nearly eight bucks or one and a half percent. PepsiCo is up five percent. That's $7 in change. To the downside, Mercado Libre. Mercado Libre, M-E-L-I up 27 bucks. That's a little over three percent. Albi Morrow up five percent or 14 bucks. SBA Communications Corp up 10 bucks, four percent. Palomar Holdings off 10% nearly $9 and Viva Inc is off nine bucks in change and that's off 15%. So we've got some things to look at. Of course, I want to look at what you want to look at. Let's begin by taking a look at the Dow Equity Future Contract. What I just noticed as we were coming on the air is there is a new profile that is forming here inside of the Dow. Dow Equity Future Contract it is. So the indices right now that is rallying is trading right up into resistance. I'll just simply expand out this chart here. This is a daily timeframe, December contract. You'll see that new profile. So support out here. Now, I can't tell for sure if I need to get confirmation on this one tonight. I'll say I do at this stage here, but it seems pretty solid at this stage of the game. So support 29010. At least this is the game plan for today resistance. It's a bear structure profile. So it's bearish in structure because at the top is where sellers are at. At the bottom is where buyers are at. It's in the center and that doesn't mean that it's in the center. It just means in between the top and the bottom of the profile. That center is where buyers and sellers believe there's fair value inside that range. The range again being the top to the bottom. Well, turns out so there's buyers and sellers both there. This is Stevie's viewpoint and they're at 29574. Well, since you've got some sellers located there and buyers as closer to the top of that profile, then for me that gives it a bearish structured tone. And so sellers exist between 29574 and 29761. So if there's going to be a rally, it looks like it's going to be pretty minimal. Now, if price takes out the top of that daily profile, that changes things. Changes things doesn't mean it changes things and we're now entering a new bull market. No, that's not what Stevie is saying. It just changes things with regard to where price might take off. But we don't have to deal with that right now. Right now what we do need to know is where the resistance levels are. And that's courtesy of those TAS market profiles. We do not have new market profiles forming on the ES, which price is trading below the bottom of. That's really a bearish signal. The NQ also trading below the bottom of its profile. That's a bearish signal. Even more bearish than the ES. Many because price took out the low of October 3rd yesterday. That was the buy the D point pattern. So that's been negated. It's got no bottom signal. ES does have bottom signal. The Dow does have a bottom signal. The Russell also. So inside the NQ it's going to have to get its mojo back before there's going to be any kind of concerted rally to the upside out there. Again, I'm not calling for anything other than just a relief rally. And if we go take a look at the New York Stock Exchange, let me just see where that advanced client oscillator is trading as we speak right now. Is this still above the extreme-ish oversold level? It's at minus 126. That's certainly oversold. You start getting down below minus 150. And that's when you get to that extreme oversold area out there. So that's not necessarily helping. Let's take a look at the spot follow tunics out here. You can see that it's trading out at $33.58 out there. Now you can see all the forward future contracts here. Price is trading. The current spot fix is above that level out there. Is that going to change anything? No. Nothing's going to change out here at this stage of the game. So there's no real signal that's coming from the spot follow tunics that's going to assist. Other than rug pulls, we'll see quick moves to the downside. Let's move from here and let's go over and take a look at the, let's stick with the Dow here for the moment. Let's go take a look at its multi-time frame charts out here. So we'll change our windows. Momentarily you'll see about eight different panels pop up on your screen, the upper left being the daily time frame. No reason for us to really spend time on the daily because we already did that and took a look at new potential profile that's forming out here. I don't have a bottom pattern per se on the five-hour time frame chart. What price is doing right now? It's trading right in the center of that profile. It's consolidating with inside that daily profile. I don't have a bottom signal on the four-hour time frame chart. I don't even think there's an A to B equal CD to the downside that would be easily identifiable. Let me just expand out the screen and just confirm that. Yeah. So that's not in play as we speak. The price is dealing with that at 240. So the bottom pattern on the 240, but I take that back is all the way back here at about $2,200 on October the second. And that was confirmed right here at 10 a.m. on October the third with that double ocean golfing candle. So we do have that bottom and price really here. You can see the 240 chart kind of tells the picture. The consolidation with inside the Dow is between the 28, 876 level and 33, 79 to 34, 60. That's the consolidation area. The price will need to bust one side or the other to suggest that there's some kind of change in trend signal for the four-hour time frame chart out there. We go from the four-hour down to the 60-minute, 60-minute earlier today, 4 o'clock this morning, that foreign day roads meant to mitigate our bottom pattern out there. Now, why did price stop where it did? Is there any indication as to why it did? Not on the 60-minute time frame chart. That doesn't show up. On a 30-minute time frame chart, was there some level of resistance that price was hitting? The answer there, not that I see as we take a look at that. So not much else to really report on for you inside of the Dow equity future contract. So if that's the case, why don't we, well, we've got a few seconds. Let's see if we can get the NQ to populate here. The NQ right now, the Nasdaq wanted up 27 points. We'll want to keep an eye on that. Now, what my expectation and anticipation before we go to the break is we should see a bounce that lasts for at least two days. I would say two to five days. And it really should start today. The reason it should start today is because we just had five consecutive down days inside the NQ out there. Typically, after five consecutive down days, we see some kind of bounce. So that's where we're going to go look at. We'll come back after this break, look at the NQ chart, see what they're doing. And of course, I would love to hear from you at 877-927-6648. With booming inflation, we are purchasing powers eroded. There's no better place to protect your hard-earned money than in gold. VISTA Gold's flagship asset is the Monk Todd Gold Project in the Northern Territory of Australia. This is Australia's largest undeveloped gold project. We are talking a world-class gold project in a tail-one mining district. 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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 With anyone who wants to learn, and he shares his vast amount of trading knowledge every day in his Mastering Probability Newsletter. Steve's award-winning newsletter, Mastering Probability, is delivered every trading day with updates throughout the afternoon. Sign up for Steve's Market Newsletter, Mastering Probability, and you'll receive access to seven of Steve's educational webinars absolutely free. At tfnn, all our newsletters come with a 30-day money-back guarantee, so you have absolutely nothing to worry about. Visit tfnn.com and try Mastering Probability 30 days risk-free today. tfnn Educating Investors Toll free at 1-877-927-6648 Internationally at 727-873-7618 Welcome back, folks. We've got the Dow trading up 157 points. The S&P is up 8, the NASDAQ 100 is up 30, and we're going to turn right now to the 30-minute chart here for the NQ. And as we take a look at it, here's the story that is painting for us. That is yesterday at 4 o'clock in the afternoon on a 30-minute timeframe what the NQ did was generate an erosement of indicator bottom. That's confirmed by the diagonal black lines that are drawn and then the bullish engulfing candle at the 4 o'clock, that 30-minute session out there. That has led to just really a slight rally. The key level here for the NQ throughout the day, that would suggest that the NQ would have some legs out here, would be a close above 11.029.25. 11.029.25 is the TD-9 count breakdown level. And that was tested once yesterday. That was at 1 o'clock in the afternoon. Price got up there and simply turned back down, got back to lower lows out there. We don't have lower lows this morning, not since yesterday afternoon. I do know that at the 10 o'clock session out here, that 30-minute bar has a gigantic volume in it. So right now, the picture of the NQ still has that valid bottom, but the real key level out here is going to be 11.029. Now, the NQ on the 30-minute timeframe has got three battles in front of it right now. The first battle is the oscillator and change line, which is red. And that's at about 10.895. If price can close over that, then it's going to move into a bearish structured profile. And that's in the 10.930, 10.953. So those are the two, three battlegrounds that the NQ has to deal with on a 30-minute timeframe. Then the final battleground would be up at 11.029.25. If price can take that out, then the next battleground above that is going to be at 11.153.75. So that's taking things step-by-step on a 30-minute timeframe. If you're looking at the other timeframe charts out here, just looking for any other signals, you know, the NQ for its 60-minute timeframe, generating roads with the indicated bottom signal, so to the 120-minute timeframe chart. You've got a TD9 count bottom that's in place here for the 240. We don't have any kind of bottom pattern just yet for the five-hour chart. That would need a bullish reversal candle to confirm a roadsman to indicator bottom out there. In fact, the NQ daily also needs the same thing to confirm a roadsman to indicator bottom signal. Now, 11.050 is the current daily oscillator and change line. So that's a real key level of resistance. You know, if the market does rally, you're certainly going to watch that area towards the afternoon timeframe out there. So that's what's going on inside the NQ. We don't have any questions just yet. Nothing inside the Tiger's Den as well. So let's move on here. Let's go move on. Let's take a look at what's going on with the Goldilocks. So let's get the December contract up here for Gold. This will take just a moment to populate. Gold trading down $9.10 right now. She's trading out at $16.7680. So let's get this. Now, Gold has got a TD9 count bottom. It has a roadsman to indicator bottom. If you caught the 11 a.m. market update, we do know that price is pulled back to the center of its bearish structure daily profile. This is the area that needs to hold the support. That's at $16.6880. Now, we'll really need to see for Gold to suggest that it's got some mojo and wants to make a run back for the 1740-ish area. It's a close above the top of that profile. That profile level is at $16.8050. So that's a key area that Gold needs to close above. On a five-hour timeframe out here, as we open up this chart, that's a 300-minute chart out here, what we don't have is really any kind of a bottom signal. However, a bottom signal can form when price pulls back to where stocks broke out. Or this instance, the five-hour timeframe chart broke out. That's established by the TD9 count breakout area at $16.6650. So price got back there. It didn't really test it, but that area is held. But even though it's held, five-hour timeframe chart for Gold is nowhere near out of the woods. Why is that? Because price has been deflected by that oscillator and change line. And in fact, it changed colors back here at about $2,300. And that was the NBS price was moving back to that break. It got level of support. And when it changed colors, it told us that price on line should test each other, which it did. And it did that at 2 o'clock in the afternoon. Yesterday. And then it was resistance. And that took price right back to support. So really what we have here. I just had the five-hour chart. Let's just make this simple. We have a bit of a consolidation going on with insiders, profiles, bullish and structure. $16.7150 of support. And $16.90140 is the resistance level out there. If we take a look at the four-hour timeframe chart, it has erosement and mitigator bottom. $16.8780 is its key level of resistance that it needs to overcome. The 120-minute chart erosement and mitigator bottom pattern out there. $16.9660 is a real key area of resistance. $16.90170 on the 60-minute timeframe chart. Also erosement. So you've got a lot of different bottom patterns out here. What price has been unable to do is take out resistance. So you've just got a good old-fashioned, somewhat of a consolidation. But if price can close above $16.8050, that will be a bullish outcome for Goldilocks. We do have our first request. This one coming from Joey D. Inside the Tiger's Den. And Joey wants to take a look at Facebook. Of course, ticker symbol there, M-E-T-A now, Meta. And so we'll get this populated out there. I looked at Facebook, Joey, earlier this morning. I just can't remember what it was. I think it has erosement and mitigator signal. Yeah, it does. So now this just popped up out there. So Joey, what this needs, and I don't know you say Meta, please. I don't know what you're looking for here. So I'm just giving you the rundown. What Meta does, needs, doesn't need. It needs a bullish reversal candle. If it does that, then it would generate erosement and mitigator bottom. And then what price would need to do, Joey, is close above its red oscillator and change line. That's currently in the $131.06 area. You've got to give that a little bit of room. If price can overcome that, then its next battleground would be at $135.67, and above that $140.31. No bottom pattern yet, a signal of a potential that could form but the market needs to do what it needs to do, and that is to create some type of bullish reversal candle. If we're looking at a weekly timeframe chart, Joey, what Meta is telling us is it's going to continue to head lower. It's below profiles. It doesn't have a bottom pattern. Yes, there's an erosement and mitigator signal. That requires a bullish reversal candle. You're in bar number seven out there. So this is suggesting Meta, that is, that it wants lower price. And the monthly chart says, yeah, this is not a good long-term hold. And the reason that is saying that is because it negated, that is last month, the month of September, negated a TD-9 count bottom pattern. And it did it really after just one to two, but basically did it after two months out there. That tells us about a strong momentum to move to the downside. Now, Joey, just like we took a look at, what were we taking a look at, that other symbol, gold, what's gold? Yeah, I think on one of the timeframe, five-hour timeframe, pulling back to the breakout area. On a monthly basis, there is some potential hope for Meta. And that's at the 115-51 level. We're trading at 127-85. And why is that? Because that's its breakout area. But it's hitting that breakout area in a monthly timeframe without any kind of a bottom pattern out there. So on a monthly basis, the best hope would be some type of bullish reversal candle. That would confirm it by the D-point pattern out there. But short of that, Meta looks like it wants to continue to have lower. And I'm not even saying that 115-51 is where price is going to form that bottom. So hope that's the information that you were looking for. Thank you so much for the request out there. Always makes the show go so much quicker out here. And plus I provide you with the information that you're looking for. So no other request just yet. Let's go take a look at Microsoft. Is the market going to bottom without Microsoft bottoming? Probably not without Apple bottoming. Probably not without the SMH's bottoming. Probably not. So we get back to this break unless we have some request out there. We'll take a look at Microsoft, which has no bottom signal. It does need a bullish reversal candle to confirm a roads meant to mitigate our bottom out there. Boy telling us that the markets are really stretched. Steve Rhodes with TFNN. Hope you're right. If you want to take advantage of this sector, now is the time to subscribe to my Gold Report. The Gold Report is a comprehensive look at the metal sector as well as the markets that move gold, which is the currency and bond markets. News subscribers get a 30-day money back guarantee so you have nothing to lose. 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The Art of Timing the Trade Charts is designed to help you create trading patterns that many investors spend days, weeks, or even months searching to find. And right now we're offering licenses available at only $79 a month. We are so confident that you're going to love this new charting software that will even give you a 30-day unconditional money-back guarantee. Don't miss out on this incredible new piece of software. Get your copy of the Art of Timing the Trade Charts today by visiting tfnn.com. Sharpening your skills as an investor is like getting better at playing a musical instrument. You have to practice, sure, but you also need excellent instruction from experts. At tfnn, you'll get advice and guidance from the authority in technical market analysis, and it's not just dry, tedious text either. tfnn airs live financial content streamed live on tfnn.com and tfnn's YouTube channel with Tiger TV, live every market day from 8.30 a.m. to 4.00 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 around the world. From the moment the market opens until the closing bell sounds, Tiger TV has eight different shows with expert hosts to help you make the right moves with your money. Watch online at tfnn.com or on tfnn's YouTube channel and become the investor you were born to be, tfnn Educating Investors. This segment is brought to you by Think or Swim. For more information, just click the Think or Swim banner on the front page of tfnn.com. Welcome back, folks. A bit of a mixed market out here. You got the Dow's up 142, S&P's up 9, Nasdaq 143, Russell's off 11, some of us are down 7. We're taking a Microsoft here, which you can see Microsoft trading lower, no bottom pattern that's in place out here. The lowest reversal candle, it would confirm a daily rose momentum indicator bottom. That would suggest a rally up to the 231, 43-ish area. At a price could clear that, I would say the market would be 241, 08 out there. 237, 13 would be a battleground. On a weekly timeframe, you can see that it is in bar number 8 of a TD9 count. What we know about the TD9 counts is that you need to form that low on bars 8, 9, or the bar following at a bar number 9 must complete. If you have a low on a weekly basis next week, but Microsoft, in order for that pattern to come to fruition, Microsoft will need to close below the close of bar number 5, and that's at 237, 92. So if it's this pad that's going to identify a bottom, we're not really looking at much of a rally really taking place in the case of Microsoft. That would say not much of a rally inside of the markets out there, but it does have bar number 8, it doesn't have bottoming potential. Now if we take a look at Microsoft on a weekly basis, coming off of the highs out there, the TD9 count bottom at form was on the bar following bar number 9, that was on March the 11th. What that did was that led to a test of resistance, resistance being both a very structured profile as well as its oscillator and change line. The next time a TD9 count bottom forms it does it on the bar following bar number 9, also wave number 7, that's courtesy of the Chapman Wave out there, and that took place on June the 17th. What did that do? The same very thing that led to a test of resistance, in this case here, of resistance level being the top of its profile as well as the TD9 count breakdown area. So, is the third time a charm? Well, if that's the case in the case of Microsoft, then we know that it would be the bar following bar number 9, bar number 8 is this week, number 9 would be next week, that it would be the following week that Microsoft would get that bottom signal that would then take price up to resistance, which right now is its oscillator and change line or 253.31, but things may change between now and then. So, that's what the weekly chart is communicating to you and I with regard to Microsoft. Do we look at Microsoft on a monthly basis? You are in bar number 9 out there as prices approaching its TD9 count breakout area at the 211.94 area. I used area a few times, my apology for that. So, it's got potential, but right now it's saying, nope, no bottom. Now, if we look at a 30-minute timeframe chart, let's do that, let's pull that over here, see what we've got as far as signals are concerned. So, you've got a couple of attempts of a road's mentor indicator bottom, but in that last 30-minute session, the one that ended at 11.30, you did get a bullish piercing candle. So, price right now, in the case of Microsoft, what it should do is it should seek out where those sellers are located on a 30-minute basis, and that's up in the 226.59 area. If Microsoft can clear that, then we should see a rally back to its prior highs out there, maybe about 229, maybe 232, and the price you get above that, you're looking at 235.12. But right now, that battle is going to be a 226.59. That's courtesy of that 30-minute TAS market profile. We've got a request to take a look at TBT. That's for G-Man inside the Tigerton. So, we'll punch up the TBT chart. Now, that is the 2X being short the 30-year treasury out there. Now, I don't know is what G-Man is looking for, but what we'll do is we'll go take a look at the TBT charts, and then what we're going to do is we're going to go take a look at the 30-year treasury, the underlying instrument. So, we take a look at TBT and as a Roadsman Dementicator signal needs a bearish reversal candle to suggest a top and it would need a close below its oscillator and change line. That's currently printed at 3286. The weekly timeframe is in bar number 9. It also has a Roadsman Dementicator signal, meaning it would need a bearish reversal candle to confirm a top. The monthly chart is also in bar number 9. So, there's a lot of potential here for the TBT to at least form some type of top. Intermediate term, short term, could be longer term out there. So, those are its signals. Now, let's do this and if there's any information that you need, G-Man, about the TBT, hopefully you've got them on your screens. I know you do. You can write that down if there's something specific that you need. Just go ahead and ping me. But in the meantime, let's go take a look at the 30-year treasury charts out there and get a feel for what they're communicating to you and I. And we look at the monthly timeframe. The monthly timeframe shows it formed a TD 9 count bottom last month. We did it on the bar following bar number 9 and if we get a close below that level, that level is $123.30 this month, it's telling you that you want to really stay with inside TBT. Now, when you get a valid bottom like this, what typically will unfold is price will make a run up to resistance, which in this case on a monthly timeframe for the 30-year treasury is in the 142 area out there. You don't have to that's just the potential for where price might go. You'd look at the weekly and the daily resistance levels that have to fail in order for that to come to fruition. Turns out on a weekly basis, the 30-year treasury is also in bar number 9 of a TD 9 count also has a rosement and indicator signal and thus would need a bullish reversal candle to confirm that rosement and indicator bottom. I also see wave number 7 that needs a higher low tomorrow to confirm that pattern. Resistance here in the $128 area, that red oscillator and change line. In the daily timeframe, it has a did it negate that pattern? Give me a second here. The pattern I'm referring to would be a buy the D point pattern or TD 9. So the TD 9 count pattern was negated yesterday, two days ago. But the buy the D point pattern remains in effect. And that's a close of September. That was a September 28th candle session out there. The price on a daily basis still finding resistance that are in change lines still below profile levels out here. So this suggests staying with that TBT trade. Now, I don't know where you're at. We did have somebody that wrote in yesterday, they were from a long term standpoint inside the TBT and it most certainly made sense for them to stick with that trade out there. But you do have some monthly, weekly and daily bottoming signals out there. Nothing that has been confirmed just yet other than the monthly TD 9 count bottom. So continue to watch this, but I don't see any signal yet to suggest that that you would jettison your TBT position out there. So hope that helps you out with regard to TBT and your request and thank you so much for that. Just checking the email, see if there's anything that has come in and then the question, the answer is no, there is not. So let's take a look at let's take a look at the market. The market, the market market. Let's go take a look at we did this yesterday. Let's do it again today. Let's look at our three time frames out here. Let's look at the SMH's and while I've got the I'm going to change screens. So give me a moment to do that. We'll get back to the black background screens. The reason that this is important or the reason that Stevie believes that this is important. Well, it really goes like this. Let me get back to actually a different chart out here. So I'll share this with you. Here's the semiconductors versus the S and P 500. Now, this is a line chart that we're looking at which means we're just taking a look and I have this line chart set to on market close. So we're just looking at closes out there. So those green vertical lines, what they do is a lineup and they show a bottom that formed in both the S and P and the SMH is out there. The yellow lines show a bottom that formed but the SMH eventually with the SMH was it was it failed first out there. And when it failed that simply stopped the move higher inside of the inside of the inside of the spy. So if we take a look at the most recent bottom that formed out there that was back on the trading session of September 30th. The SMH took that out. That's the top panel that's the top panel of screen that we're looking for out here. So not until we get a bottom in the SMH is out here. Okay, the semiconductors are we likely to get any kind of sustained rally inside the rest of the markets in this case here we really take a look at the S and P 500. So that's the first element to take a look at. The second element is well what are the SMHs doing? So that's a great question. And now what we know we take a look at the SMHs for those of you that love the A to B equal CDs. Well here you got a trifecta and that trifecta says you have a confirmed A to B equal CD to the downside on the daily timeframe price projection the first one being 142. The weekly has a confirmed A to B equal CD first price projection in the 128 area. The monthly has a confirmed A to B equal CD to the downside. It's price projection level also in the 128 area. That doesn't mean we're not going to see short term bottoms but longer term the market has not put in the significant bottom. Steve Rhodes with TFNN, we'll be right back. You might think that if you want to be successful at trading in the stock market you're going to need a crystal ball. 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 and 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 Technology around us is changing every day. With so much happening it can seem impossible to keep up with all the information. David White's investment newsletter, the Technology Insider, is designed to give you all the information you need to understand the technology that shapes today's markets and tomorrow's future. 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If we take a look at Eli Lilly on a daily timeframe, here is what we know. We know 323.55 and 337. What do we have? It really looks like a good old-fashioned consolidation here and a price is up at the top of that consolidation, so to speak. Let's look at the weekly time frame. The only signal that Stevie has out here, I'm going to expand out the chart, is wave number seven and that was confirmed. So it does have a confirmed top. The weekly chart would say that the buy point might be at $300 even with 12 pennies out there. The other levels would be $279.30 and $286.24. It's a possibility that price could pull back there because it is below its oscillator and change on. It does have wave number seven out there. It would be more helpful to generate a bearish reversal candidate to confirm the roadsman to indicator top as well. The monthly chart shows that we're in bar number eight out there, but it's bar number seven. Last month that made the high and price above its oscillator and change is just consolidating or finding resistance, what I really should say out there, Tim, and that resistance level at the top of his profile, 335.33. So you're looking for an entry point. This is up near, let's just expand out this monthly chart out here. It's at its all-time highs, near its all-time highs out there, at least going back to 2008 timeframe. So what you need to see is let's look at a 30-minute time frame chart out here because I'm not getting a great feel on the daily, the week there, the monthly, where to tell you to possibly enter this. And so, voila, here you go. What you really need to do, Tim, is I would come down and take a look at a 30-minute time frame chart and I would wait for some type of bottom pattern as an example, really two examples out here. The first one is the TD 9-count bottom. That went ahead and formed at 1.30 in the afternoon on October the 3rd. And that took price right up to resistance as TD 9-count breakdown area. When it formed, it went ahead and formed a TD 9-count pattern lasted for a while and then just simply resumed higher and took off from there. And then it formed another TD 9-count top. It does it on a bar following bar number nine. That was at 10 o'clock in the morning on October 6th. That topping signal went ahead and took price lower. It did create a TD 9-count bottom out there. That lasted, price ran right up into resistance. This was a bullet-structured profile that had formed above price. That became the counter-trend rally resistance level, very much the opposite of what we looked at inside of gold and silver on a daily time frame chart. But here you get to see why Stevie says the things that he does. It's not just because I pull him out of my arse or anything. It's because of watching these patterns repeat time and time and time and time and time again. Now what took, when now what took place out here is you've got a nice rogment in the indicator bottom at 11 o'clock on the 11th. That was yesterday. What did that do? Took price right up to its TD 9-count breakdown area, $331.52. Now there's no pattern up here to say that that's a top, but oftentimes getting the resistance where price broke down is a top and now you've got price moving lower. So what you want to do is wait for the next pattern on a 30-minute time frame to form, you know, to consider taking a long position out there. I would prefer that you wait to get a much deeper pullback on a daily time frame or something, but it's just not in the cards just yet out there. So just use stops. Maybe it's more of a short-term trade, Tim. So I do hope that that review helps you out and thanks so much for taking the time to write in. We've got a request as well inside the Tiger's Den to take a look at ticker symbol GNK. And this is for pork belly, which sounds to me like bacon. Sounds like good juicy bacon out there. So maybe I should have a baconator for lunch. What do you have for lunch today? I don't know. I'm thinking maybe a good hamburger with some avocado and some bacon on it. But if we take a look at GNK, and I don't know what GNK is, I don't need to know what GNK is to tell you what it's doing out here. And right now what it's doing is got a nice little TD 9-count enroachment indicator bottom and it's taking price right up to resistance, resistance on a daily base. It was 14-16. It got up to that area. It did that on the trading day of October the 7th. It got up to a high of 14-12. Remember 14-16 was resistance. It backed off in a pulled back to find support at the bottom of a new daily profile. And it's bullish in structure. Price should now go target 13-90. But that means it will target 13-90, will likely target that 14-16 level again. GNK, if you are looking to, if you're in this position, what you're looking for is a close of a 14-16 to suggest that you have some type of change in trend. The weekly time frame chart, I don't have any kind of a bottom signal out here. It doesn't mean that it hasn't bottom or the price won't gravitate up towards the top of its profile. And the 14-85 level, I just don't have a weekly bottom pattern nor do I on the monthly. The monthly has wave number seven. That's letter G. Price is below its profile. So longer term, what GNK, Genco, shipping and trading is going to likely do is go target that 580 level out there. But right now, you got that nice daily bottom. You know our resistance is at at 14-16. I hope that helps you out. Port Belly, thanks so much for taking the time to write in. Hector wants to take a look at the IWM, the Russell 2000. Hector says happy wonderful Wednesday. Back at you, my friend. IWM, buy the D point again on lighter volume is very bullish, correct? So there's a couple of different patterns out here. So you've got a nice TD9 count bottom pattern that form. You were talking about a buy the D point pattern. And so you most certainly have that as well. I'm just going to expand out the daily time frame chart. The actual A to B, let me just give that was a small one at one time that we were looking at. So let's get rid of that. Here's your A to B. And I'm just simply going to move this. There's the B point. Now I'm just going to move this line over to the C level out there. And so, yeah, you've got a buy the D point pattern that buy the D point pattern formed on September the 28th. But you also had that TD9 count bottom. And that completed on September 27th, one day early. What did that do with regard to the IWM? Well, what it did was it took price right up into resistance. Remember, this is a new profile, bullish in structure forms above price that says counter trend moves would typically find resistance at the center of that profile. That is exactly what happened. 175-75 on a daily timeframe for the IWM Hector and Patty, that is a real key level of resistance that if it can overcome would be telling us something. But it hasn't so far. So is it bullish? Yeah, but I don't want you to misinterpret the word bullish out there. Now, what's not showing, nope, that's, I take that back. That is incorrect. What price is doing right now in order for it to get any kind of mojo back in the IWM, it needs to close above that red oscillator and change line Hector. And that's at 167-78 as we speak. So that's a daily timeframe. So you're buy the D point pattern, absolutely. But just also understand, you know, the patterns that formed earlier, the TD9 count, as well as that buy the D point and where price ran into resistance. And that's why Stevie says, bullish absolutely from a buy the D point or TD9 count bottom, but running into resistance that where the countertrend rally should have ended and that's what it did. I'll go with more neutral. Now, if you take a look at the weekly timeframe, weekly timeframe needs a, well, it still has roads meant to indicator bottom, that form back here on the week of June the 24th, that's the only one of the four index ETFs that have that signal out there. You've also got a TD9 count bottom on the monthly chart. That would be negated with a close below 162-78. So Hector and Patty, thanks so much for taking the time to write in, much appreciated. And we get back to this break. Nicholas writes in, he says, good morning, Steve. Thank you for covering SMH today in the newsletter as well as in the show. Have a great day and a better one tomorrow. Well, I guess that's not a request. Thank you for taking the time to write that message, Nick. And you have a great Wednesday as well. Steve Rhodes with TFNN. We'll be right back. Vista Gold, executing a strategy to create shareholder value. 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. Everything in the universe is governed by the Fibonacci sequence. This mathematical principle is responsible for everything, from the most aesthetically pleasing artwork to patterns in the stock market. To stay on top of stock patterns you can take advantage of, sign up for the Fibonacci 24-7 newsletter at TFNN.com. 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If we take a look at the speed dials, the ATAS market breadth, for the four different time frames that we track, the hourly, the four hour, the daily, and the weekly, you'll see that those speed dials upper right hand corner, they're all set to red. Red tells us that there are more instruments trading below the bottom of their profile than the top. For example, on a 60-minute basis, 127 above the top, 254 below the bottom. That's for the S&P 500. The NASDAQ 100 out there, same situation. For a 60-minute time frame, 22 above, 53 below. So you've got to expect a very choppy market. If there is a rally, it's not like it's a one-way move to the upside. It's going to be met with sellers for sure. David writes in from Tom Ball, Texas, he wanted me to review the yearly ExxonMobil potential, A to B equals CD to the upside. So I'm using, from my A point out here, happens to be the low from 1970. My chart only goes back to 1968 when it comes to ExxonMobil. So I'm using that at $1.57. The B point that I'm using out here is the high from January of 2014. That's at the 104.76. And the retracement, the B to C leg, was almost a 0.786, was 72%. And that low took place in 2020. And that low out there was at 30.11. The 1 to 1, A to B equals CD gets us to the 103, I'm sorry, the 1, yeah, the 103, a 19 area. I would think this will do more than a 1 to 1 and get up to the 131.26. Now, this is over time and price needs to first close above 104.76 on a yearly basis in order to generate that A to B equals CD to the upside, which would be confirmed because the volume on that swing point, well, that was about 2.9 billion. We're already this year at 5.3 billion shares for ExxonMobil. And finally, the question out here from David in Taumball, Texas was to take a look at Fuel Cell, F-C-E-L. We'll switch over to that screen here momentarily as we take a look at it. He's looking for a buy point. Well, we don't have one. You've got an A to B equal CD to the downside. That's what I see right now. You're in bar number five. I don't see any kind of a bottom signal out here on a daily. I don't see a bottom signal on a weekly. And I don't see a bottom signal on a monthly timeframe. So with regard to Fuel Cell technology, other than an intraday type grade out there, which was the 30-minute timeframe chart is suggesting that you could see it bounce up to 2.99 or maybe $3.12. David, I don't see a bottom pattern yet inside a Fuel Cell on the daily timeframe. Folks, stay tuned. You've got great programming lined up. I'll be back with you tomorrow on Terrific Thursday. But please, first, have a wonderful Wednesday. Be safe out there. We'll see you again soon. Take care.