 The following is a presentation of TFNN. Trade what you see with Larry Pezzavento. All now toll free at 1-877-927-6648 or internationally at 727-873-7618. Now, Larry Pezzavento. Okay, looking good. Billy Ray feeling good, Lewis. We're going to take a look here at the wheat market. This is May week. And as you can see, we had this bottom down in here. We bought some on a pullback. It rallied up today a little bit. But frankly, folks, I think we're going to have a pretty good chance to get this wheat at a little bit lower price, hopefully down in this area here, down about 17 cents, down around 5.30. I'm waiting for that. The reason why I say that is we made the ABCD pattern here for these last couple of days yesterday and here today. The problem is, folks, it didn't go very much. You can see the last one that we had, you know, would have gone that far that missed it by about 12 cents. So my assumption is we're still going to pull back. If we look at this on the smaller timeframe, you'll see this is where we were today. You'll see where we came up to why I'm showing you. You're going to probably have a good chance. Remember, this is the last three weeks. This is a bear market. So what do you look for? You look for a 382 retracement. And that came in here at 51. It went as high as 55. And now it's trading at 46. That's why I'm assuming it's going to come down one more time down into this area. What we're watching is a potential for the market to come to this level right in here and what we would like to do. And of course, we don't always get that choice is to wait for one of our little favorite patterns that we see occasionally. And if we saw something like this, this would make us very happy, especially if it took three or four days to do that, folks. That would really be a beautiful one because you'd have the ABCD pattern and this one right here. And hopefully it's not a very good word for trading, but by golly, that's what we're watching here today in the wheat market. All right, now let's move on to the gold market. We said the gold was going to go down. It had a very strong probability of going down and is, in fact, has gone down quite a bit. It got down as low as 2160. There's where we were. Well, let's just look at the weekly because that's where it got the whole thing started. There was your ABCD right up here and we've gone from 03 down to 60. So we've dropped 43. Oh, well, it's exactly $43. So we should get a little bit of a bounce in here and we're starting to get a little bit of a bounce. Just look at this on the smaller timeframe. This is one I miss, folks. As you know, I've been pretty bearish just gold these last few days and we had this break right here and then we had the move come up and I said, I wonder if that's going to be a 61% retracement and it misses it by 80 cents and I missed the whole thing. And then the market has a comes down. Well, well, it was 60. I didn't see that. It went to 58 and a quarter. Then we had this nice little rally here over the last few hours. The next question you want to ask is, is that rally a 382? Well, you'd first would be looking at this one and you'll see that it's just a little bit above the 382 on this one. It goes to the almost to the fifth. Well, it does. It goes right to the 50% level. But the high back here at 203, that should count also. And I can just tell by eyeballing it that it doesn't make the 382. But let me explain something that I think is something worthy of you is to watch that 382 today or tomorrow because that could be a really nice one right in here. That would be the 382 coming in from this high right up here that 203. Remember, that's the weekly ABCD. There's your ABCD right here. And if you blow this up just a little bit, if you blow this up a little bit and take it from the last time, we'll just take it from this high. You'll see the ABCD will come in here. Probably at 61% retracement. And where else would it be? 32. We're only $8 away, folks. So that's where the game plan would be. You sell it here, put your stop up in here about $8. And that's what you'd be watching. If you like this type of analysis during the day, TF&N is going to be offering something pretty interesting here. It's all been pretty much solidified. But I'm going to do one hour, three hours a month. Instead of doing three or four hours every six months or so, we've had a lot of requests to do it for every month. It's going to be a, we're going to be trading live for three hours from, I believe it'll be from nine o'clock in the morning till about New York time. That's right in the middle of the heat of the battle, which we like to have. Your whole thing is if we make money at it, re-subscribe. If we don't, don't re-subscribe. That's pretty much it. Because if you can't make any money off of it, it isn't worth paying for. And I shouldn't be charging for it. Neither should TF&N. So that's what we're planning on doing. And it should come out sometime in early April, would be my guess. If I'm looking forward to it, I can do three hours a week without too much trouble at all because I love the live trading part. And we have the feedback coming in from students and stuff. And that makes it really, really a lot of fun to do. So that's something coming forward. All right. Let's move on to a couple of things that people have asked me about that we haven't seen of. We've talked about it, but I haven't put any orders in mainly because I'm, I have so many other things going on with crude oil and soybeans and all these other things. I haven't had a chance to focus on the Euro, but I want to bring this Euro up here right now. We'll get up here to see it because we just made that 3-8 excuse me, 61% retracement again. We'll move this over. See it. Here's where we were. There it is right there, folks. Let's do this correctly. This is 30 minutes. Let's do the daily first because the daily showed you, there's where you were. There was your 61% retracement. Then you broke down. And then today, looking at it today, if you like the old 3-8-2, shut the front door and raise it around. I missed this one too. Dog got it. There you go. From your high down to your low. How do you do, Mr. 3-8-2? It goes just a tiny bit above it. It just about makes the perfect ABCD. Let's measure that. There's ABCD and it misses that by just a few pips. But there's your 3-8-2. And you can see it's dropped. That's all dropped $300 from that level right now. And just looking at it on a short-term basis, you'll see that here again, that 3-8-2 was telling you this market still had a bearish connotation to the downside. As long as it doesn't get above that 618, it still has a really good probability to move to the downside. Okay, now let me try to get another chart up here that I want to see. Hold on one second. I'll do that at the break. Someone asked me to do something as a consultation. And I... Well, never mind. That doesn't make it. I'll show you what we did in just a second here. And after we take this next break, but we wanted to look at Apple because I've had three emails about Apple. Evidently, a bunch of people have bought that down there at that 170 level. And it still looks good. Let's just get this up here. Here's the daily. I haven't seen it yet today, but you don't want that getting below this one right here, below this 169 level. See, this is a little bit of a bounce. And boy, that's not much of a bounce. Looking at this on a shorter-term basis, you'll see all we did today is we went right up to that same level. The rally back only got to this level, so we really need Apple to get moving to the upside. That's one thing that we want to look at. Also, when we come back from this next break, which will be coming in a very short period of time, 50 seconds, I can do this right now. We talked about the stock of ADM yesterday, and some news came out on ADM, believe it or not, and it's had a pretty big move. Remember, we were talking about this level being the exact 1.618. And look what's happened. You got up to this level. Now, let's look at it a little bit closer. Move this over. Let's try this pattern now for size, boys and girls. Are you ready? 877-927-6648 The newsletters is 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. Are you ready to take your trading to the next level? Introducing Tom O'Brien's award-winning newsletter, Market Insights, your key to successful active trading. Tom O'Brien, renowned for his expertise in the financial markets, has designed Market Insights to be your daily guide to profitable trades. Tom publishes his daily Market Insights newsletter every market day before the market open, along with updates when warranted. Stay ahead of the game with Tom's real-time analysis and trade recommendations delivered straight to your inbox. Whether you're a season trader or just starting out, Market Insights provides the edge you need to navigate the markets with confidence. Ready to join the ranks of successful traders? Head over to TFNN.com and subscribe to Market Insights today. Don't miss out on this opportunity to supercharge your trading results. Market Insights comes with a 30-day money-back guarantee for all new subscribers, so you have nothing to risk. Don't miss out on this opportunity to revolutionize your trading game. Head over to TFNN.com right now to join the thousands of traders who have already experienced the power of Tom O'Brien's award-winning newsletter, Market Insights firsthand. TFNN, educating investors. Are you ready to take charge of your financial future? TFNN is your gateway to the world of trading and investing. Whether you're starting out or scaling up, TFNN empowers traders and investors of all skill levels with top-notch investing systems, strategies, and techniques. It's time to protect and grow your money with insight you can trust. Join us live, Monday through Friday, during market hours for exclusive content that moves with the markets. At TFNN, we bring the trading floor to you. Our seasoned hosts are here to answer your calls and questions live on the air. Check out the Tiger's Den for just $1 and follow us on YouTube and become part of our vibrant community. And remember, at TFNN, we're so confident in the value we provide that we offer a 30-day money-back guarantee for your subscriptions and services. You have absolutely nothing to risk. So why wait? Tune in live to Tiger TV and transform your trading journey because when you know better, you invest better. Join us and experience the difference today. TFNN, educating investors. Okay, back to ADM folks. I'm going to work on the 25th of January. Market made a low at 50. It rallied up to B point, which is 56. Down to the C point, which was 52. The ABCD measures to 5841. The high so far on the day has been 5846. That missed it by Nickel, so I apologize for that one. Not working, but we had a little gap here. That might have been the difference. Why it went up a little bit higher than that. I show you these patterns. I don't show you the ones that lose because we would be on the show for probably 36 hours a day because there are a bunch of losers in here. I'm being a little facetious there, but you're going to be right. Probably two out of three times. Show me a golfer that wins two-thirds of the golf golf thing. Show me a baseball player that bats 660. Show me a bowler that averages 288 out of a 300 series. So that this doesn't happen. You've got to focus on the losers, folks. And believe me, there are a lot of those. You just got to I'll tell you. Let me just show you today how frustrating I was. I did this because I was going to bring it on the air. Here's where we were this morning. We had this early morning with a market sold off here in the Dow Jones. It went up to this level right here. Then it made a, remember, this is an 8-minute chart, so this took a little over an hour to do. You can see from here that it makes this beautiful ABCD pattern right here. And that's at 3175. And it immediately rallies 300 points. Now it's given up a couple hundred of that back, but that was just an absolute perfect trade. And I wanted to show you that I was sitting here thinking because of this really big bar down that we were going to go down a long way. So I was making my breakfast, which was a little oatmeal with raisins and by golly, by the way, we were there and I missed the whole thing and the way it went to the upside. So when you're trading shorter term and you're looking at an 8-minute chart, remember, 8 minutes is going to be every 3 of these. It's going to be a half hour and 6 of them is going to be an hour. So you're going to be right on the ballpark of these. So that's what you have to focus on. Now if you're trading on 8-minute chart, stick with the 8-minute chart. Don't go looking at the daily. That's silly to do that. We'll get this up for just a second here. And one second here. All right. Tesla starts with a T, doesn't it? There's where we go. That's when I don't do stocks. And then what I'll do is I'll go through what the Tesla is coming back down again, folks. Boy, it just doesn't have any friends. Has it made a new low on the day? Yep. We made a new lower than yesterday. So it better hold this level. It's going to be in big trouble. Looking forward to the next one. I'm going to go ahead and do this today just quickly for, see, because we did make, yeah, we made a slightly lower low, but it's important we hold that low because if that one doesn't hold, remember, this is a $170 stock. So it jumps around quite a bit. All we've done so far is to go up and make a 61% retracement of the range of yesterday. You'll see there it is right there. You think these guys that do this programming well, they must because they stop right here. Those numbers a great deal of time. Now let's get on to what I this is part of what I do for friends and relatives and whoever wants to get involved for consultations and stuff. Let me come up here and get up here with Bitcoin. First of all, I'm not talking about Bitcoin here because I want to focus on something else. Let me blow this up. This is trade station. And I just wanted to show you I had a, oh dear, I still hope it's in here. Please tell me it's still here. If it's not, I'm going to be sad. Shucks. You know, it's not here. I wanted to show you the Swedish Krona versus the British pound. The gentleman has a lot of money in Swedish Krona and he wants to, you know, make, oh, I've really screwed this up. I'll tell you, I want to mess this up right now because I'm going to be a little bit upset about 4x and the stuff for, uh, that's crypto in the futures. Well, son of a gun, I'm stumbling here and I don't like to do that. Here's a good lesson here for short-term trading. You see the little three drive to a top pattern here. Look at this. You take this top out by just a heartbeat and boom, bang, 382 and down you go. We're going out to 68. That's $5,000 move, but that's nothing. This one was $5,000 too. So what we're doing now with Bitcoin is we're setting right at, it looks close to the 78% level, which would be coming in. Let's just move this over if we could all see it. That would be coming in here at 6850 and we're trading at 68 and change, 69 and change right now. So that's pretty much it. During the break, what I'll try to do is to bring that back up a little bit. Let me see if that last doesn't know that doesn't have anything to do with it. All right, let's see what we got here. I had this in here. I spent a lot of time. I don't know why it didn't save it. Well, that's not my fault. Well, yes, it is. Let's move on to the next one here. Get back to some of these other ones that people are asking me about. That's Tesla. We had one other stock to cover and that we've already done ABM and I want to do a little walk-in and roller for quite a while. Here's where we are so far with Taiwan Semiconductor. Very important day today for one reason only. Guess what this is boys and girls. We're going to go down to a half hour chart here for Taiwan Semiconductor and a nickel to a dime. Guess what this is boys and girls. Holy moly guacamole, please let me trade stocks today. There's your ABCD and there's your 382 right on the money honey to the tick 146 now trading 143 60. So this should be bearish whether that has anything to do with anything else. That's the question that the person asked me and just looking at this. I mean, it was supposed to be really strong today. Yeah, it's it's above yesterday a little bit, but it's almost down on the day now. So that's not a good sign. So in fact, it hit that exact 382 is a very important spot. All right. Now when we come back, we've got another break coming up here in two minutes and I had one other one that was just a minute. Someone asked me about Goldman Sachs. Give me a second here and I can get Goldman Sachs up here. Oh, I want to do the gdx to dark on look at these. Here's Goldman Sachs over the last few days. It's been staying up in the air. We were a little bit higher. Oh, it's did the same thing. It's made a 382 retracement on Goldman Sachs today to 6 to a nickel. Let's see what it is. There's the ABCD to the downside from yesterday. The rally today went to the high. There's where we are up and down over and out. I'm wrong. It went a little above it here. That came in at 387 and a half and a high was 388. So I missed about a buck, but now it's starting to move to the downside. So that's it. When we get back, I want to go over gdx because that's the one that I've been watching along with the gold. One of the reasons why I was so bearish on the gold market was the fact that this gdx couldn't do anything. It couldn't get out of its way. And so look what it did. All it went up to the 61% retracement yesterday. We popped above it by just a little bit. Okay. That was and then boom, look back. We're down again. So this is not why the gold miners with gold way up here in the stratosphere. Why aren't the gold miners going up? I wish Tommy and Brian would tell me that because usually when the products are there, the other stuff tags along with us, but this is not what's happening. Let's take a little break. Pray that we get old Peter Lides on the line here, folks. We'll be right back. 877-927-6648. Gold report. As a precious metal, gold is still king. It continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC market, the US futures market, and the Shanghai gold exchange. The gold report. Tom O'Brien publishes his weekly gold report every Monday morning for subscribers consisting of coverage of the XAU, HUI, GDX, the dollar, bonds, the South African Rand, as well as 25 different mining equities with specific buy-sell recommendations. The gold report. New subscribers get a 30-day money back guarantee so you have nothing to risk. Subscribe to Tom O'Brien's gold report newsletter now at TFNN.com. 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For all the details and to start your 30-day Tiger Forex Report subscription today, visit the front page of TFNN.com. TFNN 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. When you subscribe, you'll get 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 within 30 days of signing up. Subscribe to the Fibonacci 24-7 newsletter today. TFNN.com Educating Investors. This portion of Trade What You See is brought to you by Directions Daily Leveraged and Inverse ETFs. Whether you're a bull or a bear, you choose the direction. Visit Direction.com Investing in the funds involves significant risk and should only be utilized by investors who understand the impact of leverage and actively monitor their portfolio. They are not designed to track the underlying index or security for more than a day. Before investing, carefully consider a funds investment objective, risk, charges, and expenses contained in the prospectus available at Direction.com. Read carefully. Distributor, Four Side Fund Services, LLC. Okay, folks, I've been asked to take a look at the Russell. It's the second most popular based on open interest. Of course, the first is the S&P 500. Second is Russell. Third is the NASDAQ. And fourth is the Dow Jones based on open interest. But if you like ABCD patterns, they're there. This is, remember, this is just a minute chart. So there's your first ABCD pattern coming in right there. And then you have another ABCD pattern coming in right up here. Okay, and straight down now. So the question you want to ask is where is going to be the first retracement so you'd watch and since it's bearish, okay, your openings way back here. So you'll be trading in the direction of the open. Look for a 3A-2 retracement. We almost got here just a few minutes ago and we still might be trading in the direction of the S&P. But that would be a place to be looking at. You don't have an ABCD, but that's a process of elimination because you can't trade all of them. You've got to find the one or two that like to trade. This is very good. It's $5 a point, I believe. And I think I've only traded it three or four times in my whole life. Mainly because I was in, I started trading the S&P back on August the 16th of 1982. 1982, August 16th. That was right before the day before J.P. Morgan's and also Arch Crawford's birthday. Alright, that's what we're looking at with the Russell. If you'll remember on the long-term daily now, this is the actual June so you won't see all the data, but this picture right here go look at your trade, what you see newsletter, that high right there that $21.42 was the exact 1% retracement on the long-term weekly. We can show that Larry shut the front door and raise their end. It's just right here. You go right here, hit your weekly chart, boom, and there you're going to see it right there and there's where it was right there, right on the money. You can't see it exactly, but see it says 239. Oh, you know why? Because they rolled over the option, but it hit it right on the money and now it's starting to back off just slightly, but it's backing off. Okay, now we had a question about the British Pound. I wanted to show you this British Pound contract because this was the question that the gentleman asked me. We'll get the weekly chart up here now. What he's been going on now is he's been in the, been long the British Pound, short the sweet, the Swedish Krona and now if you looked at the Swedish Krona which I don't have, but what I will have tomorrow will be Bob Moyner. I will have that Swedish Krona and I will walk through what he paid me a nice substantial piece of money for and I donated it to the charity which I know they will like it, but I want to show you the thought behind moving wasn't a lot of money. It was six figures, but anyway, I wanted to show you the reasoning behind it. If you looked at the Swedish Krona versus the British Pound on the weekly basis, you're looking at a really bullish chart for the Swedish Krona, really bullish and I said do you need the money? He said no I don't need the money. I said leave it there. I said if you could go long, I said you're basically in a risk-free situation now and you should get a good return. It's near lows of the last six years. They've been in tremendous recession over there and that's what the pattern looks like. I've never traded it. I've been to Sweden many times, but frankly if you look at that chart tomorrow you'll see what I mean by that. Part of my history of being in this business, I did expert witnessing with Eddie Horowitz from 1986 through 1988 and well, all of 86 and 87 and early 88 was my last case and I did 33 cases over those two years. I only lost one. That was the one I absolutely didn't think I could possibly lose. I thought for sure I would have won that one. But basically the judge said look, this guy, he's got everything he's done in his life is risky. He understands risk. He deserved to lose the money. It was a case against Dean Witter but anyway that's needed here to there. The reason why I bring this up is when people have large amounts of money and they lose large amounts of money the first thing they want to do is they go and sue somebody. So they hire an attorney that does financial law plus someone that understands an expert witness like myself that Eddie taught me how to do this. You go back and reconstruct the trades and why they did certain things and why they didn't do certain things. And it's really amazing the stuff that you've learned over the years. I had a few famous clients but it was fun going to I've been in federal court just about every court you can get into but I've been through all of them and I stopped it because I got really involved in financial cycles and trading again after the divorce and glad I did because it was high stress but it was fun. I really did enjoy it and I lost Eddie last year. He finally passed away at the age of 84 and still his mind was active as ever and really miss him a great deal. His birthday will be coming up here on the 1st of April which I'll have to celebrate. Anyway let's move on here so we've got someone in the room hold on a second here see I don't see the messages but let me turn this off Peter I'm on the line buddy I'm sorry pal just give me a second I'll get this out of the way okay Peter fire away buddy I'm here are you there? Yeah I'm here the trouble is when I'm doing this and I'm going through talking about whatever I was talking about Eddie as a matter of fact everything you said I would write back memories. Oh God yes anyway that's what I was doing but I can't see please tell us what you've got here for us folks because Peter is kind enough to show us the stuff that he does and it's really quite good so show us what you're looking at Peter. Well you had asked me in an email Larry about and I looked at we in a long time but I did look at that I sent you a couple of charts but if you don't have them available to show I can show them on my screen yeah please do yeah show them right on Skype and we'll be ready to go okay let's see what we got here probably what we're going to come up with so we're going to have a break here in just a few seconds I believe and then we'll let's just see what the break situation just keep talking Peter because sometimes I miss these times by a lot we got a minute and 30 seconds in this segment so keep going okay so I'm bringing it up right now this is wheat and what I'm going to show you is I don't have the offset on there that I want first of all I want to do this 39 to 40 week which has been I believe met no we're close to it so this red area down in the bottom right here is the target for wheat now when I when I say wheat trade station doesn't give me the quotes for the wheat future itself but so what I have up here is W E A T which is the ETF for wheat sure I don't know I don't know how well the prices correspond to a very high prices they currently high yes okay good so here's the downside projection now there are two ways to look at these projections Larry this is a linear projection but Peter Peter that we have to pay bills now so give us two minutes we'll be back with Peter Lighting's folks stay with us please 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 are you ready to take your trading to the next level introducing Tom O'Brien's award-winning newsletter market insights your key to successful active trading Tom O'Brien renowned for his expertise in the financial markets has designed market insights to be your daily guide to profitable trades Tom publishes his daily market insights newsletter every market day before the market open along with updates when warranted stay ahead of the game with Tom's real-time analysis and trade recommendations delivered straight to your inbox whether you're a season trader or just starting out market insights provides the edge you need to navigate the markets with confidence ready to join the ranks of successful traders head over to tfnn.com and subscribe to market insights today don't miss out on this opportunity to supercharge your trading results market insights comes with a 30 day money back guarantee for all new subscribers you have nothing to risk don't miss out on this opportunity to revolutionize your trading game head over to tfnn.com right now to join thousands of traders who have already experienced the power of Tom O'Brien's award-winning newsletter market insights firsthand tfnn educating investors for traders who crave risk directions daily leverage and inverse ETFs provide opportunities to magnify short-term perspectives with up to three times a daily leverage utilize bull and bear funds from both sides of the trade and trade through rapidly changing markets these are highly leveraged ETFs with daily resetting designed for short-term trading not long-term investing whether you're a bull or a bear you choose the direction for up-to-date pricing and performance go to direction.com investing in the funds involves significant risk and should only be utilized by investors who understand the impact of leverage and actively monitor their portfolio they are not designed to track the underlying index or security for more than a day before investing carefully consider funds investment objective risk charges and expenses contained in the prospectus available at direction.com carefully distributor for side fund services LLC this program is brought to you by vista gold traded on the NYSE American and TSX under the symbol VGZ folks and Peter that is the chart I remember this from a long time ago and you were saying wheat was going to go under $5 it's got a chance doesn't it because it's been to 508 yeah actually what I wanted to point out is a couple of things here Larry where the prices crossed below this offset which is a 39 or 40 week offset for what I call nominal 78 to 80 week projections there are two ways to do this calculation you can do them on a percentage basis where do the prices cross below the offset what percentage decline was that you had the equivalent percentage that's what this particular chart is this is a logarithmic chart that does logarithmic percentages but here's and I think probably the more accurate one the numbers given here are 444 to 595 but all that is telling us is you stand a good chance of getting a rally from here but what has happened in the meantime Larry let me go out to the longer offset this is a 100 week offset and it gives a nominal 4 year projection I didn't prepare this knife but I should have done there's a little nick filter here let me put that in quickly change this picture okay this is now the projection that is in line for wheat and it's a nominal 4 year projection so it doesn't mean you go down there immediately but this is the ultimate downside goal for wheat it's as low as 258 to 443 and so it's interesting isn't it this is a very bearish chart and what does that say about inflation Peter you showed me this chart when wheat was trading at $12 a bushel do you remember that and you thought I was crazy right Peter I've known you for 60 years I know you're not crazy maybe a little eccentric but not crazy now that's a spot on I think we're getting I'm just looking at nearby May wheat and we're really close to a pattern that I think is certainly tradeable but I remember this and I was glad you were able to pull it up I had several people ask me about it that's why I said well I know I remember him telling us that so I'm glad you were able to pull it up but folks he does this work on a lot of different things and I've seen it over a lot of years and boy he's pretty accurate you've done a great job Peter just to be short this stuff do you realize how many people it was living up when it was $13 a bushel and now they can't give it away at $5 a bushel it's amazing isn't it you and I know that's how the technology is determining factor amen except for the stock market just buy that and hold on what's your feeling on the market Peter I have been bearish for the last 34 years oh you have got that's not true I know I know I'm labeled as a as a perma bear and I got big time downside projections a little over a year ago Larry the stock market has rallied against those big time downside so we're still in a position where almost all of my material is bearish here but I'm waiting to see what the projections tell me and we we met some upside projections and I could say a week or two ago that we had met all upside projections on a minimal basis now when that happens you set yourself up for what I call loop projections they usually tail and short term cycles that provide a little maybe last minute ditch to the upside after all major upside prices have been reached and I think that's the only thing that's left to the upside here is these little what I call loop projections I we had one of those in the last week or two we came exactly up to it and I did one of my few recommendations that I ever do for my subscribers and we actually picked virtually the exact top in the S&P and the NDX but now that we've come down a little bit from those highs the market appears to be attempting to rally here again I've got to watch it for the possibility of another loop projection to the upside here I see the same thing I was really surprised on Tuesday or Monday when we made that slightly lower low and then it rallied but guys I'll tell you the amount of news that comes out is just it's just truly amazing I have one other question the folks have asked about and I don't know if you follow cryptocurrency but do you have an opinion on Bitcoin Peter? I'm laughing a lot when you say that because I'm going to show you I laugh at myself a lot too you can still see my screen right yes sir okay I'm glad that I gave you that quick lesson on the difference between logarithmic projections and linear projections this is a logarithmic projection on Bitcoin and I looked at it and I said no that's not possible 105,427 to 143,512 now let me temper that a little bit because I just told you what the difference was between logarithmic and linear projections this is a log projection but if I go to the linear projections watch this we're in the projection window right now wow so let me say honestly that because of the difference between the low and high projected I believe the log projections at these levels are more accurate but I don't neglect what I see here in this linear projection either the fact that we've come right up into this projection window Peter between the two of us we have over a hundred years experience and I respect you because you're a couple years older than me and I learned a lot from you but I have never seen anything like this it's bigger than the dot com bubble and even the tulip to see what this thing has done from going to about a hundred dollars or ten cents whatever it was to what, 72,500 today I've never seen anything like this and the craze that's in the internet about it I mean my goodness you hear these young kids I don't know whether I'm going to buy two Ferraris and one Lamborghini or two Lamborghinis and one Ferrari and I'm saying save your money you won't be able to have gas money in a few months it's pretty hard to trade it let me ask your question Larry is there any intrinsic value in bitcoin Peter I don't know what a bitcoin is all I know is you can't put it on your desk you can't put it in your pocket you can't put it in a vault it's numbers and zeros and x's and o's and whenever I see that boy that is and then you hear these exchanges that close down for four or five hours or two days and don't allow the people and then when they do sell stuff they have to pay tremendous commissions to me it's the biggest it's bigger than the bigger bigger than the tulip but maybe it's okay I'm not making any money off of it so I don't really care yeah I guess we're just too old Larry I don't know you're still a young kid anyway yeah you got me by two years that's all you know the problem Peter is we've lost so many friends oh my dear God I just lucky we've lasted this long but this business keeps me alive so that's why I do it and I've certainly had a blessing of good health and meeting a lot of great people but we had a lot of fun back in the old days that's for sure remember we didn't have quotes all we had was a bunk of rainbow board remember that we didn't have quotes coming in like these folks do I used to do channel 22 and I heard click click click click click clicks behind my back I remember I remember thanks for joining us Peter we'll have you on again soon if you can okay always fun to talk to you Larry thanks Peter ladies folks we'll be right back if you're looking for potential trading setups in the stock market then rocket equities and options report is a newsletter you should try Tommy O'Brien delivers options and equity trades when the markets present them using a combination of fundamentals and technicals sign up for rocket equities and options report today with a 30 day money back guarantee so you have nothing to risk for all the details and to start your subscription today visit the front page of TFNN.com TFNN Educating Investors 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 when you subscribe you'll get 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 within 30 days of signing up subscribe to the Fibonacci 24-7 newsletter today TFNN.com Educating Investors Are you ready to take your trading to the next level? 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