 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 afternoon folks October the 15th. It is terrific Tuesday and welcome to today's Trader's Edge show. I'm your host Steve Perseverance Rhodes. Look, I'd absolutely love to hear from you. You can give us a call at 877-927-6648. If you can't dial in, you can send me an email like Robert here did. Do that at Steve at TFNN.com inside the subject heading. Please put radio show question, of course, in our Tigers Den like Kota did. You can send me any kind of ping private or otherwise. I just simply want to be able to get to whatever it is that you're interested in looking at. This hour is really all about you. Let's keep it all about you out there. So let's go ahead and get this show started on terrific Tuesday. Of course, this is Tiger Financial News Network. Let's go ahead and begin by taking a look at the equity markets all to the upside. You've got the Dow up 269 points. 1% everything is up 1% the semis are up 2 and 3 tenths percent 36 points it's trading out at 1627 spot volatility next to what it's supposed to do trade lower down 92 cents 6% to the downside out there trading out at 1365. Speaking of 13s, did we say 13 we did the spot bill to do so 13 gold is up $13 and change silver down 29 cents light sweet crude basically flat. It's off six pennies. Natural gas is up four pennies out there and bonds are off by one full point trade out of 1603. So the things that we're going to have been requested so far is Robert wants to take a look at natural gas and treasury bonds. He wants to go along natural gas either by buying UNG or UGAZ two of the ETFs out there. One's a single one is a triple I believe any other would be the short the TLT by buying the ETF TBT. I believe that is a triple inverse ETF out there. So Robert would like to do it. He wants to do it right now. So if he wants to do it right now, let's go take a look at those instruments, try to assist him in any way that we can. Kota wants to take a look at the GDX kind of longer term. We'll take a look at it for each of you out there for longer and shorter terms just so you can get a feel for what the message of the markets is based upon the charts. But let's be let's begin by taking a look at treasury bonds out here. And if we take a look at treasury bonds, we're looking at just the daily timeframe. What we know is that we know that we use the task market profiles just simply to help us identify support and resistance. This is our virtual football field. This is your opportunity to become Bill Belichick or whichever coach it is that you want to become out there. And here's your team. Your team are bulls and bears out here. So you've got the top view and you get to figure out what they're being what's being communicated to us. So bulls and bears and you get to be Mr. Belichick out there. If we take a look at treasury bonds, here's what we know right now. 109 in the afternoon. Prices trading below support. Support is the bottom of the daily profile. That's 16101. John in the den wants to be Bobby Knight. That's fine. That's good. I don't know if he's in a chair throwing mood out there. I will not throw any chairs at you. Never thrown a golf club. Have had many golf shots or should have just simply thrown the entire golf bag. But everything in life happens for us, not to us. And I've made eagles from some of the weirdest spots and positions that you ever could. And that really kind of helped to teach me about everything happens for a reason. But if we do take a look at treasury bonds here right now in the daily timeframe, we know that prices trading below support. Now here for treasury bonds, you're going to see there's a lot of data off to the left that we don't see because of the December contract. So we really want to do what we really want to do is try to use Stevie synthetic contract out here. The reason is because what we're going to also do and sometimes the profiles will change there. Oh, that didn't work. Oh, I know it didn't work because here's this is one thing I have found with e signal. Actually, I found this with every application I've ever used. If you type in the wrong thing, you can get the wrong thing. And so now we've just typed in the correct symbol out here. Now that what I wanted to do for Robert was to say, okay, prices below support, if we just simply use our task market profiles, where's the next level of support? And for that, what we would do is we would look for the weekly timeframe. So let me go ahead and put the weekly timeframe profiles out here. And so in this case here, you can see that what Robert is doing is he's gunning for he would be gunning for 156 20. That is the top of the weekly profile. Okay, so we've got that there. Is there any reason here that Robert should not take the trade in TBT? The answer is no, there's nothing that I see. Now let's go take a look at Stevie's white background and charts out here. Let's get a different picture, a different view of the 30 year Treasury bond. What else do we know? Well, we know that price is trading below Stevie's green line. So that says that price wants to continue moving back further. We also know that there's a breakout level where treated where T bonds actually broke out was at the price of 153 27. Now, how could T bonds get all the way back there? Well, one way is they could not saying they're going to just yet, but they could form an A to B equals CD to the downside. And the one to 1.272 A to B equals CD to the downside gives your price projection of 153 45. Now that really doesn't come into play until bonds close below the trading session of the B point, which is September 13. So it's not there yet. But that's the potential in essence that Robert would be looking for. So when we take a look at the daily timeframe charts, and in essence, the weekly timeframe chart, because we looked at the weekly profiles, there's absolutely no reason here for you and I to give Robert the X-nay on the short X-nay, so to speak out there. However, however, the question becomes when's the ideal time to enter this trade? Is it right now? And the easiest way for me to answer that is to go look at a shorter term timeframe. Is there any signal coming from a shorter term timeframe? So to do that, I'm just simply going to fall back to our 30 30 minute timeframe chart. And here's what we know about the 30 minute timeframe chart. Well, if you and I are suggesting to Robert to just sit tight, sit tight because at 1130 this morning, 1130 this morning was the TD set up 90. It was actually 11, but the bar following bar number nine made a lower low. That's a part of the program. The low would either take place on bars eight, nine, or the bar following nine. That is one. And so until that low gets taken out, and that's 160, even Stephen, Robert, there's the potential. It's not a likely potential, but there's the potential that you're going to see some type of rally. Where would that rally take it to about 160 47 right now? That's DB's red line out there. But I think you're looking at this is more of a long term type of a trade out there. And so if you're asking me at 113 in the afternoon, is there any reason to not take this trade? The only reason would be because you're really trying to time it. And you're trying to time it from the standpoint of trading the bond of futures contract. And you're not trying to do that. You're trying to either short TLT and ETF, which trades for basically six and a half hours. Sure, there's some extended trading, but you're going to get typically ripped off during those time periods, not always. And the TBT, another ETF that is out there. So maybe the timing of it wouldn't even work for you because the different tests that we'd be looking for could happen in overnight early morning type trading out there. So I'd say fire away if you want to go ahead and take that. I can't find the reasons to not take that trade. The last thing we would look at would be we'd want to understand. Hey, how are Chibans trading in all the major currencies? Well, they're totally lower in the case of your about pounds out here, made a slightly lower low in yen, lower low in euros, slightly lower low in dollars. You've got the green light to fire away. Steve Rhodes with TFNN will be back. We'll take a look at natural gas contract and then the GDX. If you're not currently using the Taz profile scanner when looking at setting up your trading opportunities, then your arsenal is short a mighty weapon. 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Oh toll free at 1-877-927-6648 internationally at 727-873-7618. Welcome back folks. So we're going to switch over and take a look at the natural gas contract out here for Robert. Give me one second here. I'm trying to do two things at once. That's always a dangerous thing. There we go. Okay. So let's focus on what Robert wants to do is he wants to go along natural gas. And Robert one thing that we know is that the natural gas contract has formed a new daily TAS market profile. That's the right hand panel screen that we're looking at. And so resistance there is $2.35. Now the structure of this box is bullish. Meaning that the center is closer in proximity to the bottom than the top of the profile. And so if you are to be bullish natural gas you really need to see a close above that level. So you're very close. You're 234-235 is the area. And I would say you're going to stay put and you're going to wait to see if this is how this test unfolds because you could find that the top of this box is resistance. I just don't well we know it's resistance. But I mean resistance enough to go ahead and see another pullback inside of natural gas even maybe a low or low. It's a possibility. So here's what we know. So you're so close to resistance you would never well you could do whatever you want to do but I would never suggest that now would be the time that you would fire away. We couple that when we take a look at natural gas with the fact that it's also taking on its oscillator and change line. Now granted prices above it but just by you know just by a smidgen out there 2.321 is Stevie's red line. So a close above both of those levels today would be positive. And what that would say it would say that this Gartley by pattern that's we're looking at here is in play and you would anticipate that price would make its way up to its recent breakdown level. That's at $2.63 maybe hard to see. But there's a solid green line going across my screen out there. That is resistance. Now if today we see price fail and close underneath Stevie's red line out there. That says prices headed back to support that might be 220. It is 220. That's the bottom of its profile. So I'd rather you enter that long position there. So what you really need to do in order to say yeah now is the time to go long natural gas is you'd want to go ahead and do this on a momentum move with price going ahead and closing above resistance. Now the profile levels are slightly different than my e-signal system versus Ninja Trader. Both are really right. How can I say that they can't both be right. Here's what I'm going to say we're going to do out here Robert. You're going to rely upon $2.356 to be exact. And that's coming off of the e-signal system out there. So you've got one go ahead and one maybe go ahead out there. If I take a look at natural gas and pull over its 30 minute time frame out here. It looks like it should be able to take out those levels in looking at the 30 minute time frame. The reason I'm saying that we can see a little TD setup nine count that did not contain price whatsoever. But nonetheless it's just pennies away out here and wait to see price clear that level and ideally close above $2.356 out there. So thanks right then. I hope that that helps you out and best of luck with those trades. We had a request as well to go ahead and take a look at the GDX from a long term standpoint. Then the question was do I use the TD setup counts on the monthly chart to go ahead and take a look at gold or the GDX. And the answer is that I do. Oh shoot I changed that gosh darn it. Okay let me do let me do this out here. Hey Koda if it's okay with you and I'm going to assume the answer is yes. Just something simply so I don't have to change this. John was asking about ZS and I accidentally went ahead and changed that I didn't realize was changing that over the GDX. So let me just come back to the GDX real quickly because I can answer his question then go to then go to that. But basically what John was asking me about. I mean a minute here. Let's come take a look at soybean. Give me a second to put that up on our chart out here. And I'm just worried that I stick it. And no I heard you tell me where to stick it. I heard you loud and clear. Let's go take a look at the soybeans. Let's take a look at the daily timeframe panel. That's the right hand panel out here. And we do have a new daily profile that formed John and that new daily profile is below price out there. I know you're saying to yourself what. No that was me saying that to myself because but but when you see that the interpretation is supposed to be and this comes from the Taz Savant out there Mr. John Logan that this is a bullish very bullish outcome to see that. However what John doesn't have or use so to speak out there is some of Stevie's tools out there. And so if we go take a look at Stevie's other tools and John was in essence asking for a price target out here well price is sitting at the price target. So here we're taking a look at the November contract and when we looked at this a week or two ago right we took a look at this a week or two ago we took a look at the bullish activity and suggested that price would make its way to nine forty one point two five that is where price broke down that's using the TD setup counts out here and so if price can clear this and there's nothing here to indicate that it won't but it's the same kind of thing that Robert was asking about and right now we're looking at resistance which we can see has held over the last couple of days out there. Now this is the daily John in the den said hey go switch over to the the continuous contract and take a look at it. So we'll do that we won't look at the daily we'll just simply take a look at a monthly time frame chart see what we can figure out here see if there's anything that helps us and I really don't see much out here on the monthly time frame John. Hey Koda by the way here's a monthly chart here's a TD setup nine count for soybeans this is back in September of 2012 it most certainly identified the top or the high out here you also had a rose momentum indicator signal on that same bar out there but I don't have anything at the bottom that gives us some type of great bottoming signal like the high did back there in 2012. So let's go take a look at I don't have really a price projection for you there. Let's take a look at the weekly time frame chart and the weekly time frame chart does have its promise the weekly time frame shows that when price was making a bottom back in May May 17 2019 specifically it did so with a rose momentum indicator signal and pattern how did it do that price was moving lower doing less relative energy and it just so happens that on that same candle it generated a Japanese piercing candle but what it also did what it also did was it created a key reversal session out there that's when the high and low of the prior bar gets exceeded that's when the close is in the opposite direction of the trend it did that and that is when you are in an extended condition well we know that it's an extended condition especially because what we have out here is what we have is we have the rose momentum indicator so now that price is above a B point first long-term John just like we took a look at on the daily time frame long term what this should be gunning for is 1050 75 that's the breakdown on a weekly base that takes you back into May 25th 2018 so that's one pattern out there that's one projection area the other projection area just simply becomes using some levels of A to B equal CD patterns the one to one is up at 970 the one one point two seven two is a thousand five then you've got a thousand fifty out there so those are the price projection levels there's nothing on the weekly time frame chart to suggest that the run is over but the and the confirmation of that will come when the daily time frame chart for soybeans goes ahead and clears that first level that we gave you first level that we gave you was 941 and a quarter otherwise on a pullback 926 is the area to buy hope you're right I'm certain you are or strive to be one of the best of the best at everything you do in life it's the most common trait that we tigers and tigers share if you're looking to become the best of the best when it comes to managing your money let me teach you to do what most wealth managers tell you can't be done which is how to time the markets I'm Steve Rhodes author of Mastery Probability and for the last 12 months timer digest has been tracking my newsletter signals which have earned me the ranking as their number one market timer in the nation for the S&P 500 for the last 12, 6 and 3 months timer digest also ranks me as the number one market timer for gold as well the fact is markets can be timed and I'll teach you the exact set of tools that I use that is transforming into one of the best at what I do sign up for Mastering Probability today by clicking on the newsletter tab on the homepage of TFNN.com and get immediate access to workshops where I take you step by step how to use an extraordinary set of tools as well as provide great market calls to sign up today the path of least resistance is David White's daily trading newsletter and if you're looking for active trading ideas then now is a perfect time for a 30 day free trial to this powerful 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click the think or swim banner on the front page of tfnn.com folks uh we got a call around the line we got Brent in Nortinas, California Brent thanks for calling thanks for holding how are you I'm doing this fine Steve how are you I'm doing well thanks so much for asking and U.S. silica holdings the sand company the sand man out there uh tell us what you're doing and how I can help you I don't have a position at present but I was hoping you could take a look at it as uh it potentially bottoming it just seems like it's getting down to level where it's kind of basing and seem to be doing that with less relative weakness so I just wanted to have you take a look I wasn't sure where the counts were at sure sure okay so let's go ahead and take a look at it so the first thing that we know U.S. silica holdings folks ticker symbol is SLCA if we take a look at its daily timeframe there's a brand new profile that form bullish and structure bottom of the box has been tested the last two days it's held and that bottom of the box level is 7.62 top is 8.49 and the center is 7.91 so not until we see a close above 8.49 will some type of resistance have failed to suggest that price would go higher on this price is below the bottom of the weekly profile and below the bottom of the monthly profile so let's just begin with the monthly timeframe out here see if there's any kind of signals longer term and what we can see is prices broken below the breakout area which was 11.82 folks this thing had gotten in September of 2014 up into the 75-ish area we're talking about a trade at 7.76 right now but on a monthly chart what we can see is that price is moving lower doing with less relative energy out there wave number 5 to the downside and bar number 6 on a monthly basis of a TD set up nine count if it were to form a nine count you're several months away from this generating a bottom signal it doesn't have to because there's another pattern out here if we were to see a bullish reversal candle this month or next month or any month as long as this pattern exists out here that would suggest a bottom if we look at the weekly timeframe we're going to see that prices also stretching to the downside with regard to any type of counts out here no TD set up well you're in bar number 3 of a down count so this would be many weeks away if that were the pattern that was going to form out here bullish reversal candle would suggest possibilities or at least a counter trend rally and the reason I say that is because we did get a road momentum indicator pattern back here in June of 2019 but that just led to a rally and a small rally for really just a few more weeks out there so that didn't work let's take a look at the daily timeframe out here the daily timeframe for SLCA shows what it shows that today should be a bar number 7 of a TD set up nine count we know that the lows would occur if this is the pattern that will identify the bottom of bars 8, 9 or the bar following 9 so you're days away at least on that no roads momentum indicator signal present at this moment on the daily timeframe an A to B equal CD to the downside for sure let's take a look at that pattern this this could set up maybe a butterfly but let's not worry about whether it's butterflies or Gertleys it's just the A to B equal CD pattern Brent that says watch the 698 area that would be the one to one extension of that pattern and if price could get down there give you a nine count generate some type of bullish reversal candle you should see at least a counter trend rally well first it would be to the top of the profile the other might be to 1145 where this last broke down so that's what I see when I take a look at silica holdings out there okay yeah that helps considerably I just didn't think it was quite there and that kind of confirms that so it helps to have you go through the counts and this will last generally with the with the downward movement here yeah do you know anything about them fundamentally I think one of the reasons that they ran so so fast to the upside was more fracking related so has that business for them do you know if that's that could you know anything about them fundamentally I guess that is one of the areas that they of course are involved with but they do have other applications for their that material that's used in a lot of different industries but I think it is most closely tied to yeah the oil industry in the fracking like you said got it got it okay okay well hey look that's what I see and again was there a earthquake out there last night some guys in the den asking the question I was going to comment on that yeah there was as a matter of fact the epicenter was about why about a mile from my house really that was uh yeah really close and it's I've been through I've been in California my entire life 58 years so I've been through a lot of them Loma Prieta and and just there was another one on the Greenville fault it's kind of I don't know if you know where Livermore's at and kind of around the Bay Area that was back in the 70s and I've just been through a lot and we had one in Napa there's been quite a few but that one just because of the proximity to our house it was yes I definitely felt it there's a few things fell off the shelves and open cabinet doors in the you know in the kitchen and scared the heck out of my pets and you know my wife a little bit too it gets your attention I was just kind of going to the sleep when it happened so okay I'm for sure wow so so so your your your pets do they do they anticipate it just a tad before it's actually I mean you may not have recognized it or noticed but I just wondered I mean they're they're close to the ground they can feel things maybe a little bit easier than you and I can or they have other senses so anything smaller one the other day that we thought our cat kind of let out in the ad before it happened but it could have just been a coincidence you know but I do think yeah they think there's some you know that they can sense that a little bit and my wife did feel there was a smaller one I think it was the one that was the bigger one was close to five and the one she felt prior to that was I think at 2.2 and so she thought she had felt something about 10 minutes before that one hit and that was the case I guess so yeah there's sometimes we get the little ones before other times we get after shots it depends well we're glad to hear that you're you're okay that everyone's okay and if you ever get tired of those earthquakes we'd love to have you here in Delray Beach that's one of the few things we have to deal with here and they are a little weird because there's no I would think so no forewarning you're going to you know have that thing hit you but it's just that's I'm kind of used to it now I could say they've been here a long time and but it is kind of gets your attention for sure all right hey thanks for sharing glad that you are safe and we'll look forward to speaking to you soon all right thank you for your help Steve I'm glad you're back and feeling good you're sounding great so just take care and have a great week thanks much appreciated all right so let's go get to the GDX out here for Kota and he's going to believe that we're never going to talk about it but we are going to talk about the GDX out here and so that's the first chart or our three charts I should say that we're taking a look at out or doesn't really get to his question just yet but here's what we know right now the GDX is trading below the bottom of support bottom of support below support for the daily and the weekly happens to be the bottom of its daily profile well above the level on the monthly chart because the top of that box is a 20-29 out here so support has been broken daily and weekly with regard to the GDX and you know do I take a look at the all of the tools that you and I just looked at to assess what's the market's message to you and I so the answer is yes and we took a look at some symbol I think it was soybeans we saw the TD set up nine count that identified a top out there we take a look at a monthly chart out here for the GDX we have an ongoing count right now we're in bar number five on a monthly basis but we don't know if a nine count is going to persist out here for a monthly time frame we know the price is above Stevie's green line but I want you to notice is the phenomena see how this green line turn color was used to be read until July of this year this tells us my line and price are going to catch up to each other so Coda right now the monthly chart is suggesting the GDX is headed lower but we'll be right back we'll take a look at the daily and the weekly time frame try to figure out where it's headed to maybe it's 24 18 we'll be right back if you are in the cd market and looking for a secure investment the Tiger First mortgage program may work for you the security for these first mortgages are building lots in the tax 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carefully before investing the prospectus and summary prospectus contain this and other information about direction shares to obtain a prospectus or summary prospectus please contact direction shares at 866-476-7523 the prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk including the possible loss of principle the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor four side fund services LLC don't forget you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com and hit watch tiger tv that's tfnn.com and hit watch tiger tv for the latest market information we were taking a look at the gdx on a monthly base before it went to break here's another view it's the bottom panel on this chart on the of the gdx on a monthly basis the top panel is the continuous contract for gold so you can clearly see the directional correlation you and I have proven that by taking a daily time frame charts and using my correlation tool and just simply show us a positive correlation up or down whichever direction so it means we also in analyzing the gdx we should really pay attention to what gold is doing but akota one of the things that that i would have you pay attention to is the 3135 area and 3135 seems to be a real key resistance level now slightly above that it's the August first tie you may have noticed that that was a bear sash candle and that high is 3179 so between 3135 3179 is real significant resistance what did the gdx do when it got up there got up there and in it turned back created that little dark cloud cover you got now got a shooting star but you're only halfway through the month out here likely longer term let's say between now in January what price might be doing is it might be just simply targeting its rising trend line that takes you back into the 2015 time frame that low and then the September 2018 2018 area and that would take us into about the 19 or $20 type area on the gdx and I'm being serious about this do not underestimate that as one of the potentials that we have out here now if we take a look at the weekly time frame why would Stevie say such a thing blasphemy out there blasphemy you not blasphemy but if we do take a look at what the weekly time frame chart here for gdx has generated for us it is a major cell signal you've got that rose momentum indicator top pattern out there price moves higher does less relative energy big old bearish and golfing key reversal candle that's the week of September the sixth the very following week price gets below Stevie's green line out there suggests we want lower lower price we're now making a new low on this move lower out there we know that that means you've got an a to b equal cd to the downside and at 2028 is where on a weekly chart the gdx last broke out so significant topping pattern price trading below support on the daily in the weekly profile out there and now you've got the a to b equal cd pattern so maybe price doesn't make its way to 2028 and maybe it's just simply a one to one a to b equal cd gets to 2522 maybe it's just the one to 1.272 at 2403 like I don't know would just simply have to pay attention to the charts because it's really the the role of you and I as a technician is to just simply use the new information that gets provided to us it's also about using the information that's currently on the chart and the history the history what the heck is that but the history of the chart take a look at other patterns that are out there so at this stage here the clear message for gdx and no td set up nine count I don't even think it was a a wave count let me just see where where it wasn't really to the upside if I start from here that got the wave number well that got to kota that got to that got to peak d I don't have peak ds in the den but if I really started from the lows out here from way back in 2018 what did it get to not wasn't wave number seven or anything but it was the roadmap indicator a topping signal that has has confirmed that price wants to move lower and that's what we see going on right now now if the gdx is doing that the question is is gold doing that here's the daily by the way before we get out of dodge here and no nothing on the chart out here to suggest otherwise the chart here that we're looking at the daily says the next stopping point on the move lower I'm not talking tomorrow in the next day is 2275 but that really is the next price target to the downside you're trading at 2631 right now and really that's the same message that we're getting from gold gold hasn't broke through support it's got its next level of support to deal with which is 1472 for the past couple of weeks it's trading between support the bottom of its box at 1472 and steve's green line currently about 1505 is what we'll call it out there but the and it's got a road momentum indicator top on its daily on its weekly timeframe out there so really all the signals are for gold to move lower now now hold on a second here because some of you are going to say you're going to see some type of rally over the course of the next several hours and say you know that guy didn't doesn't know a hill of beans actually you don't even need a rally to be able to make that statement however with regard to that hill of beans and why you might see a rally would be by taking a look at that 30 minute timeframe chart like robert and you and i did we took a look at natural gas say well it's now the time to jump on that short train out there and the answer would be maybe not why because you take a look at the 30 minute timeframe and you look at 11 30 you're going to see bar number nine of a TD set up nine count and that can be a bottom you're going to see a daily or not daily but a 30 minute profile that's out there was supported 14 82 60 this says that you could easily see a bounce up to 14 86 above 14 86 14 89 and even up to 14 99 even if you saw that it doesn't change our weekly in our daily picture that we just took a look at so now would not be the appropriate time just because of the bottoming signal on a 30 minute timeframe for gold and if you're like John in the den who's trying to take some long positions here you can absolutely understand doing that because he sees the TD set up nine count now I don't know if that's the case but we are providing him with with the tools that he needs to understand what the 30 minute timeframe chart for gold is communicating to us and he's also got that important Taz profile on a 30 minute base of 14 82 60 and he doesn't really want to see a close below that so Kota I know it took a while to get there my apologies for that but that is what the charts are communicating to me as I see them with regard to the GDX SNP will get to JDST but let me get to Lee he wrote in earlier and Lee was asking if we could take a look at GBTC I think that is a Bitcoin trust out there GBTC out here so let's take a look at that and Lee wants to know can he give me your thoughts on GBTC possible buy target out here so with regard to Bitcoin we're going to get right to the heart of it we're going to take a look at Stevie's white background charts here's what we're going to notice we're going to notice a price is moving lower doing less relative energy out here you got to add a minimum weight for some type of bullish reversal candle to form on it on this as long as this pattern is in play out here but it's got the potential we can see a nice hammer candle that low has not been taken out this hammer candle from back on the trading day of September 27th the low is nine and a quarter out there you just want to see some type of bullish reversal candle that's what the daily time frame chart is telling us what happens if you don't get a bullish reversal candle well the weekly chart would be suggesting that price wants to move lower lower to where well we can make the case that 448 is one of its price targets that is where price broke out on the Bitcoin trust 448 you're at 954 it's possible this is making a TD set up nine count on the weekly you're in week number eight it's not the lowest low out there so we can't go that far and make that make that statement that would say that you'd see a lower low next week or the week after out there so maybe this is suggesting patience to you when you take a look at the weekly time frame chart and finally when we look at the monthly time frame chart out here you know fact this says it could go back to a buck to we won't go there we will just say you know not let's not focus on the monthly time frame charts for Bitcoin trust all righty so we get back from this breakout here SNP wants to take a look at JDST we'll do that to well oops got to type it in the right spot to do that we'll do that when we get back from this break since 1984 Basil Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion well originally hand drawing charts from the late 1970s since in the 1980s Basil noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply later Basil found that computer software which included the standard market technical indicators enhanced the degree of accuracy in calling price turns as well as market trend calls thus was born the Chapman wave sequence using the Chapman wave methodology along with other indicators Basil Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter right now you can get a two week free trial to the opening call Basil's daily trading newsletter by visiting the front page of TFNN.com cancel at any time during that trial and pay absolutely nothing get your two week free trial to Basil's newsletter the opening call today by visiting TFNN.com If you're a trader in the market looking for exposure to gold or gold mining equities then now is a perfect time to sign up for Tom O'Brien's gold report the summer is over gold is trading back above $1,500 and the 10 year treasury is hovering at around 1.5% Tom O'Brien has been writing his weekly gold report for almost 18 years there's no one that knows more about how the gold market trades and how gold mining equities react new subscribers get a 30 day money back guarantee so you have nothing to lose every Monday morning Tom publishes his weekly gold report with coverage of gold, silver, bonds, the XAU, HUI, GDX, the dollar as well as more than 30 different mining equities as of September 3rd gold report subscribers have five active open positions with an average unrealized profit of almost 38% for each position to see for yourself the types of profitable trades that are recommended within the gold report sign up today by visiting tfnn.com you know what's cool taking something that's good for you something specifically formulated to help 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because coming up next is the power trading hour right here on tfnn welcome back folks okay we got two questions to get to in the next two minutes out here I think we can do both SNP wanted to take a look at the jdst jdst is a junior gold miners index etf here's what we know about it it's trading above the top of its daily profile that's 1702 that is nice that suggests higher price for you price is dealing with the top of the weekly box out there so that says SNP on friday you'd like to see a close above 1759 out there we take a look at jdst kind of opposite of the gdx but here makes a roge momentum indicator bottom pattern does that on september 6 the eventual target for jdst should be its resistance level up at 2727 it'll probably take some time to get there but that's what the charts currently communicate to you and i so i hope that that helps you out with regard to the direction daily junior gold miners index bear 3x out there the last question is from url url writes in he says as the october low been made as the santa claus rally begun and the answer to that question is it's very possible that it has now i'll give you some back up i'll get oh shoot i don't have the bat where did it go oh i know where it is give me one second here to pull open that chart here if we take here's what we know we know that from a seasonal standpoint quite frankly it's october 13th or 14th and what is today october the 15th when a october bottom is supposed to occur here's what actually transpired inside the dow equity futures contract this formed its td set up nine count bottom back on august the sixth it also created roge momentum indicator bottom and it confirmed that on august the 28th out there price then moves higher moves higher up towards resistance its breakdown level 27329 and it pulls back to where it pulls right back to support 25910 and is taken off from there the answer to your question is october fourth very well may have been that bottom and the way that we'll know is we'll see a close above 27329 or 27262 we'll go with the former because it's a little bit more difficult to get to but any close above that says this consolidation period may be over for the rest of the year folks thanks so much for being here and we'll look forward to seeing you tomorrow