 The following is a presentation of TFNN. The Trader's Edge with Steve Rhodes. Toll free at 1-877-927-6648 or internationally at 727-445-1044. The Trader's Edge. Now, Steve Rhodes. Good afternoon from TFNN. Welcome to the April 25th. The terrific Thursday edition of today's Trader's Edge show. I'm your host, Steve. Perseverance Rhodes, who absolutely knows. I mean, absolutely knows that each of us should always be pioneers of our future versus prisoners of our past. Think about that one. Yeah, how many people are prisoners of their past? Not a good idea. In fact, the good idea is, and I hope that you're having an extraordinary day, is that we should have an extraordinary day. And the easiest way to do that is to always remember that life is happening for us, not to us. That's right. You make that one little two-by-four shift, and it means you can find the gift in every set of circumstances that life is going to toss at you. Today, you and I, we're going to go check on the circumstance and markets. That's right. We're going to go figure out what the bulls and the bears, what those buyers and sellers are communicating to you and I just past one o'clock in the afternoon. I want you to know that I'm absolutely grateful for your presence here, but more importantly, I'm here to serve you. So feel free to pick up that phone, dial on in at 877-927-6648. If you can't dial in, we've got you covered. You can always let those fingers do the walking. You can send me an email, Steve at TFNN.com inside the subject hitting, please put radio show question and in the Tigers Den, hey, any ping will do. So let's go ahead and get this show started on terrific Thursday. Of course, this is Tiger, Financial News Network. I'm Steve Rhodes. Welcome to LUS Show. Right now, the Dow trading up 107 points. 26488 is the print. S&Ps are up too. NASDAQ 100 up a half a percent or 37 points. The NASDAQ composite of 21 points. The other indices are in the red out there, including the spot volatility index that's trading out at 1303. It's well below its 50-day exponential moving average out there. Gold is basically flat up 50 cents. Silver down two pennies. Lights we'd crude up 16 cents. Leading the charge to the upside. I'll have one of those. That is Sam Adams Boston beer up 23 bucks or 8.5 percent. Service now up 17 and change at 7 percent. Amazon up a little over half a percent or 12 buck runes. Land research up 6 percent or 11 bucks. Leading the charge to the downside. It is that hot sauce of Chipotle. CMG is the ticker symbol of 4 percent or 27 buck runes. 3M is the big one. It's the killer of 27 bucks, 12 percent. Putting a hurt inside of the Dow but that's the way that it works. Xilinx is off 16 percent or 22 bucks as well. So plenty to look at. Of course, we are going to look at what you want to look at out there. So interesting things going on in the charts but let's first get to the first requests came in at 4.30 yesterday afternoon but Stevie went ahead and saved it. This was coming from Josh S. Josh wrote in and asked what do you think about Siri? S-I-R-I out there. Is it more likely to get below 5.50 or above 6.10 first? Now that's quite a question out here. Let's go take a look at Siri and see what it is that we know for Josh Aruni out here. And Josh, when I pull up these three time frame charts, the left hand side is the daily. The middle is the weekly. The right hand side is the monthly. The very first thing that shows up are the market profiles. The bottom of the boxes are support or should be support. The top of the box are resistance or should be resistance. Above resistance, bullish. Below support, bearish. Now we could take a look at the daily and the weekly and the monthly time frame because just visually we can see, hey, below the bottom of the daily, below the bottom of the weekly, but where are we at on the monthly chart? The answer, my friend, is lying, not in the wind. And not even the wind that I'm going to spew out in the next couple of moments here. The wind is really in, not the wind, it's the chart. It is the price point specifically of 5.66, $5.66. Now, if price like it did last month closes above that level, well, then what you have is the basic trading range between the bottom of the monthly profile and the point of control. We're both buyers and sellers believe there's fair value. $6.20 is that number. Below $5.66, well, your question will have been answered. $5.50 will come first. You're asking about the 6.10 level. That's really the trading range. This has been in that trading range in essence for four months out here. So there's nothing that is on this stock chart. Yesterday, a big move to the downside, volume-wise, but guess where price stopped? Right where it should have if it wants to maintain. It's a more bullish outlook. It's more bullish structure. As we expand the chart out here and pull it back, there's also quarterly timeframe profiles on here. Those are the red ones, but what we can see here as far as the big redwoods, is that on the top of the series, Siri has been trading above the bottom of its profiles, well, really going back to 2010. So on a longer-term basis, that bottom of that monthly profile of $5.66 is really important. Not only would it go back to $5.50 if it closes below that, I'd have to say $4.59 is where the door would open up on it. Now that's looking at the monthly timeframe chart. We can see, what else can we find out about Siri here? We can see that it formed its top out here as it should have with that TD setup nine-count. It did it on the following bar nine. You had that bearish and golfing. It was a key reversal session as well. So it was signaling the top that was out there. Or at least sellers were signaling to you what their intentions were. They were making their intentions known. And their intentions once known then tell you and I that price, what sellers are going to do is they're going to try to ram that stock down to a level of support, which was the solid red line, which is where price found support for just a bit of time out here going back into October of last year. So as we speak right now, the answer to your question, my friend, will it get to $5.50 or $6.10 first? Here's the way we answer that. As long as $5.66 holds, it'll get to $6.10 first. And if $5.66 fails, it won't be $5.50. That's the wrong question. The question will be, will it get to $4.59? At this stage of the game, we're going to say yes it will. So Josh, thanks for writing in and I hope that helps answer your question with regard to Siri out there. All right, no other questions. So what is it that's unusual or what is it that's interesting in the stock market? We just looked at in Siri and somehow segue them into what we're going to look at next. That's always a trick, right? You got to kind of weave. You got to bob in and out out here. And so the easiest way for me to do that is, hey, we just looked at the top inside of Siri. It created that TD set up nine count. So let's do that. Let's go take a look at the current TD set up nine count. That's in the NQ, which is just simply going to the moon, right? Today is the day following day or bar number nine made a higher high, no problem there. That means today's high could be the high. What we also can see is you can see the A to B equals CD pattern. That gave us a price projection of $78.55. Probably the first time I put that out there, you said, that guy's out of his mind. I am totally out of my mind. So good I want to give you my out of my mind reading of what's going on. Now today's candle, is that a bearish candle or not? I leave that to you to answer while we go to break and I'll answer that when we come back. Steve Rhodes with TFNM. The Taz Profile Scanner is the most revolutionary piece of trading software that you will ever try. Wouldn't you like to approach the markets with confidence? As you begin your trading day, it's likely that you'll be faced with lots of decisions. In order to make the best decision, what you'll need is a strategy that will help you minimize your risks. Whether we're in a bull or bear market, a good strategy is to have the tools needed to help you scan and analyze the markets before you trade. The Taz Profile Scanner instantly scans and filters over 2,500 global financial markets, such as stocks, ETFs, commodity futures and forex. 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It is formed thus far as a 1 18 in afternoon is what's referred to as a key reversal session and it is a bearish or it can be bearish or it will be bearish if there is if this closes one tick below the open by the way the open on this candle session but it's and this is confirming the A to B equal CDT upside what's what it's not doing though and you know we we may be easy but we're not easily fooled around here is what price did was it came down and also tested and rejected Stevie's green line at 7814 and change out here you would need to see a close below Stevie's green line in order for this to generate any kind of a topping a confirmed topping signals really what I should say we'll talk more about this but we got a caller on the line who we've got to go to that is Brent in Martinez, California Brent thanks for calling thanks for holding how are you on this terrific Thursday well Steve thank you for taking the call a my pleasure so it's the fossil group out there that you are interested in tell us what you're doing how I can help you to get your analysis to look like there might be some potential of a bottom being put in here I just wanted to get your thoughts on it and have you take a look at some of your different criteria that you use okay absolutely so the one nice thing that we can see in take and look at fossil and I'm going to go back to my Ninja Trader Church as we know there was really being stretched to the downside meaning it was making lower lows but doing so with less energy out there and that's always the sign of either a bottom or at least a bounce now this didn't bounce it didn't come into effect and really until yesterday and so it's trading above the oscillator and change line that's the red line of 1294 this daily chart would say the next to resistance level might be 1395 I don't have the preferred Bowlers reversal candle Brett here that I'd love to see but with price trading above the 1294 that red line number that says okay it's still worth considering for bottom and what it's doing right now as we speak I don't know where the close will be but the top of the daily profile is 1345 now I'll open up the daily time frame chart and in this instance we can see that fossil if there are times where it trades above resistance the top of the box and then eventually sells off and moves lower so we can't really in the most recent time that it did that traded above the top of a profile was back in January of this year which gave a buy signal back on December 26 but unlike the rest of the market this thing eventually failed in early January and it continued to head lower out here so even though it's trading above the top of the profile I'm going to say that probably not best for me to just rely exclusively on the daily time frame for its signals out there so that's the first thing that I see so if we do the same kind of thing and pull over the weekly chart Brent I will take a look at my Ninja trader chart what we can see is that price made it to wave number 8 doesn't really exist out here but it did that this week and but what price did do interestingly enough is there's a solid red line on my screen it doesn't go all the way over to the right hand side that is established by a setup nine count and that says that support would have been that low and that low was 12 04 which I believe either was price got down towards that area I don't know if it actually tested or not but that's a key level support so the weekly chart now for fossil says price came down to support now the cool thing here is unlike the daily chart where we did see there were time periods where price was able to close above resistance which on a profile chart is the top of its profile the weekly chart we can see Stevie's green and red line out here which has really acted as resistance so now what we have is a real key level that would be able to identify for you whether a change in trend is taking place can this bounce to 1389 absolutely most likely that it will based upon what we just looked at on the daily time frame chart but the key is going to be will this close over 1389 I would say if it does that then you're on to something inside of fossil at least enough of enough of a a group of some information to say okay make sense to go ahead and try to take that trade now the weekly time frame chart also shows that there could be resistance at the bottom of its profile and that's 1425 so getting inside that box closing inside there would then say okay I want to run to 1616 or 1808 so the question becomes hey do you want to take the trade now maybe do you want to watch for 1389 that will be your next real key level on any kind of bullish move and then $14.25 and above that then I'd say you're off to the races now the cool thing about fossil is during the pullback out here its real breakout took place the week of February 12, 2018 and Brent I'm going to guess you have been looking at that because you see that wide ranging bar and you see that accelerated volume the problem is that price hasn't pulled back to where that breakout began which would either be 797 or 716 but in this instance it may have bottomed and so we're just waiting to see can price take out those resistance levels so that's what I see when I take a look at fossil and weekly the monthly as I just take a quick peek at it doesn't really provide you and I with enough information to spend any time there so were you looking at that breakout by any chance on that weekly basis that big volume to the upside back in February 2018 I did not glad you mentioned that I did have a quick question if you're on the weekly itself is it worth to close around this where it's at would that not be reversal candle because it look like it might have gone lower than the previous bar and above the previous bar is that right absolutely so it absolutely is a reversal key reversal session and it's actually a bullish candle to it's actually a bullish engulfing because it's entirely engulfed the body of the prior session but when I see those occur and since I've incorporated over the years the task market profiles and the oscillator and change line whereas I used to just simply rely exclusively on a bullish or bearish reversal candle what I have come to learn is that my trading has been improved by confirming that price was able to get beyond key resistance levels so we feel much more comfortable if on the weekly chart not that it just form that bullish reverse a bullish engulfing and a key reversal session but also got above and closed above this oscillator and change line because when we take a look at this longer term view we can see that price has rejected that or been below that level since August of 2018 and there have been plenty of times where price has moved tire into that level where somebody might have thought hey this is great fossils finally turning around only to get you know just slammed by this resistance level kind of a hidden resistance level but and so the answer to your question is yes but the bigger answer is going to be can price get above this area of resistance that has contained price for such a long period of time that makes perfect sense I really appreciate that little bit of information is critical if you appreciate that thank you very much for your help my pleasure is always Brent in Martinez Tina's California a great trader investor folks a great trader and investor we'll be right back 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 trade 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 Mastering Probability and for the last 12 months timer digest has been tracking my newsletter signals which have earned me the ranking as their 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charts allows you to scan thousands of stocks for Fibonacci formation setups including Gartley's, ABC's Butterflies and much more the art of timing the trade charts is designed to help you when scouring the markets for stocks 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 gonna 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 folks so Mr. Z and Aden has just bought Dr. Copper out there and not risking much and the question is do I see support in this area and so John what we've got on our screen right now as you can see are four different time frames but five different profiles out there that's the beauty on the left hand side you're looking at the one hour time frame the 60 minute time frame then you've got the 120 then you've got 240 so 60 times two on 20 times two boom and then we get to the daily which is 480 which is not really right you've got what 60, 360 480, 480 versus 240 that'd be the four hour I don't know my mind is and then we've got the week daily chart excuse me with the daily chart that has both the daily and the weekly profiles here's what you've got red shoots red bars out here meaning that prices below each of these time frame support level so the key level of support and by the way this is the July contract that we're looking at for copper I put up just in case John just to try to look for it I put up my synthetic version of the contract just to see if I could get some different profiles and the answer was I did not so now I've got the July version out here and the bottom of that weekly box is 2.875 we're 2.867 out there so the question would be if there is no support in a worse price likely headed to out here and obviously it's traded into the swing point I'll assume that you've taken a look at something to say you know prices pulled back to the swing point from March 25th of 2019 the high of that is 2.869 in essence you're looking for a rejection of that area out here but with regard to let's say profile support it does not show up on my Ninja Trader charts I only have the May contract that don't have July so I've got my continuous out here so the price is going to be slightly different but we're using this you and I just to try to identify support and I don't have a support level here either we just see a consolidation sideways so we see the what looks like a consolidation sideways we know that the highs have held what we really don't have is the lows really being tested out here we take a look at the daily time frame if I look at the weekly then the only support that I can find here is right here right now where we're at that's on the weekly chart that is Stevie's green line which is just maybe a penny or so above where we're at right now but this would be the only level of support you ask me can I find any support in this area this is it so you're not risking much so that makes sense so you're not risking much because if this level here falls fails then the prices likely headed lower now you want to watch the week of I would say I don't know where you're I don't have to take a look at the exact details of your trade out here but the low the bullish and golfing from a weekly standpoint that would be 2.8345 so I would say below that level it's probably sayonara to the downside for doctor copper out there will almost look like I had deleted my daily time frame chart so I hope that helps you out with regard to what Stevie sees as support or not in the case of doctor copper we got to let's go to our next question this next question coming in from tomorrow from Seattle hey Steve I mean inter-day options for IYR so let's get over to the 3 time frame version for the IYR out there so and then that's the US real estate ETF let's continue reading the question wait a minute what the heck happened there oh that's the second one I forgot to mention looking at the 5 the 15 the 30 and the 60 tomorrow does not like the daily weekly and monthly time frame charts $85 puts this morning I held on too long and missed my opportunity to sell for profit now in the red I'm wondering if I should get out ASAP or wait until it closed and see if this goes down usually in IYR gaps down on the day continues that trend it did not do that today okay so here's what I can share with you with regard to IYR here's what I'd like to share with you with regard to IYR so here's the daily time frame I know you're on the short-term time frames out there but I'm going to give you my daily view based on what I have seen out here so when instruments make tops there are several patterns that they can follow along the one that the ones that you and I look at for any time frame any instrument really it doesn't matter to you and I that this is the IYR or anything else that we put up on the screen I just want to say that so that people know what it is we're looking at but when the roads momentum indicator got one of the best things that I invented since sliced bread I did not invent sliced bread but I did invent this tool out here we can see that prices moving higher doing less relative energy on April 12th you got the bearish reversal candle like Brett and I were referring to on April 16th now in this case here it was a close below Stevie's green line so there was your confirmed failure then becomes a question on these charts I don't have the TAS market profiles I like to use the ones on these signals so we go back and forth but certainly that would be a place that you would look at on a daily basis now what this system does show you is it shows you some red and green solid line so if this is going to continue lower which I don't know if it will or not just yet but the price target to the downside would be 80 to 98 now resistance here is 86 91 and he bounce up to that level that rejects it could be set it up in a to be equal CD to the downside that's what that daily time frame chart shows well now if we go take a look at price moved to when it made that hop we'll take a look at the daily profile at that time there's a new one that formed yesterday price never broke through support it got down yes on the 22nd that was Monday on the 22nd got right down to what a levels of support you know that that was a bullish structure daily profile because the center of the box was closer to the bottom then the top and that's where price got down to that price point eighty four oh five in hell price got above it on the 23rd back to its bullish mode so the the indicator call the top in the top said I'm going to go pull back to support whenever we see a top or a bottom all it really really is it's like watching a ball game and telling you the other side just got the ball whether it was through four downs interception of fumble a bad pass on the ice of whatever it is a bad draw on the it just tells you the other side now is in control and their role this case here sellers their first role is to just push price down to support there's nothing wrong that's what buyers and sellers do buyers push price up to resistance sellers push price down to support you know when one side is stronger than the other because they bust through those levels well in the case the IYR came down to support well now you've got a new profile if this is going to move higher we got steve's red line or green line whichever one it was on the daily hour at eighty six ninety one but at eighty six fifty six we've got the top of a bearish structured profile now says eighty six fifty six out a hole to close my baby six fifty six and go back to the highs or at least steve's eighty six ninety but then above that definitely going back to the highs has the IYR broken down no gave us a topping signal sellers thus far have shown you their muscle their force and all it did was just get back to where the buyers were hanging out so what was your question no I think I know your question but I think you were asking about a certain time frame here well this is all that I can share with you at this stage here still bullish as far as steve's but struck and stuck in a range eighty six fifty six to eighty four forty eight tomorrow I hope that helps you out thanks so much for writing in after this we go to the baseball eyeballs email we'll be right back if you're 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 opportunity zone in st. 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zero that's eight seven seven five one eight nine one nine zero if you haven't checked out the newsletters page of tfnn.com what are you waiting for all of the tfnn newsletters are informative up-to-date affordable and must have for every trader looking to gain a competitive informational edge in today's markets tfnn newsletters cover every aspect of the markets to offer you the very latest in market news plus new subscribers get to test drive our newsletters risk free for thirty days from all aspects of the markets including stocks bonds metals commodities and tech there's a newsletter to fit your needs exclusively from tfnn stay informed each day you trade and get the competitive edge that will help you stay ahead of the game visit our newsletters page by going to tfnn.com and click the newsletters button near the top of the page tfnn.com educating investors biotech is booming but for how long whether you think the biotech bull has room to run or has run its course trade lab you or labd directions daily s and biotech three times bull and bear ETFs visit directioninvestments.com slash biotech today an investor should consider the investment objectives risks charges and expenses of the direction shares 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 4767523 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 then hit watch tiger tv that's tfnn.com then hit watch tiger tv for the latest market information the next question goes to Hector was that from Hector was it from Hector I think that it was give me a second here I think it was it just vanished from my screen and he wants to he's asking about new age beverages core which kind of when I look at this chart reminds me of I don't know why it reminds me you guys and gals you folks out there remember the song shanty it's back quite a ways who was the guy who sang shanty remember that it was kind of you know lay around the shanty baby and get a good buzz on so that's what I kind of think of when I think of new age beverages which is name and name Jonathan Edwards is that the guy's name I think I think that is who who wrote that song in any event let's get the new age beverages but the question that that was that Hector was asking was you know is today's gap up it is a slight gap you can see that yesterday's high was 558 today's low is 559 is that a good thing or a bad thing all gaps to the upside are a good thing out here and I guess I don't know if your question was centered around are you worried about that there's a one penny gap out here for new age beverages I wouldn't be more worried about the gap at 488 but I really wouldn't be worried about that so to speak out here because that's really a breakout that is a wide price range breakout here and all price did was in essence pulled back the breakout now preferably it would have gotten down to the April 5th high at least which would have been 488 it didn't do that does that mean that it hasn't found a bottom well here's one thing that you know because bulls leave their signature out here and so we can see that there are people that are trying to buy this and there are bullish reasons to buy it you'd love to buy something that broke out as this did and I think maybe as Carlos I'm sorry as Hector did got a nice little hammer candle out here on April 17th nice bullish reversal signal yesterday a gap to the upside during a bullish structured box out here price ought to at least get back up to the 649 level if you're wondering why did price stop where it did then all I can do is bring over the weekly time frame chart show your steve's green line is and you'll see it while law that's really a level where you'd like to see price close above to get it's a good buzz on so to speaking continue to move higher and that's at 594 is where steve's green license green line is priced right now but looks like it should be able to do that then make its way up to 649 out here you're above the top of the weekly profile you'd like to see tomorrow price close above 563 it hasn't done that for maybe about 6 weeks or so then you'd be on to something as well the monthly charts not really providing you and I with a whole lot of information so I hope that helps you out with regard to what it is that we see when we take a look at a new age beverages maybe we'll play that shanty tune to haven't heard for God knows how long and that will have to be the theme song for new age beverages because I'm guessing new age beverages means we're putting a little something else inside of that soda that you are drinking out there soda fountain shuffle so to speak alright let's go to our next question this comes in from Don Don says I could take on a couple entries I'm looking to enter GDX do I see do you see a bullish butterfly form with B leg round the 786 area where do you see a possible head and shoulders pattern is the nine count today okay so let's go take a look at all this so let's take a look at the GDX and try to answer some of those questions first of all I am horrible with regard to the head and shoulders patterns and so I'm not going to comment on that and I don't understand them I kind of am like was it but or one of the one of the T. F. Adamners used to say you can find head and shoulders patterns everywhere so I said well I don't want to do that in any event let's answer the question here first was do we have a TD setup nine count the answer is we do that was yesterday so what you're looking for and today's candle session is kind of a wash at this stage here and what I mean by that is even if we see a lower load today the pattern would still be in place out there is that a reason to go ahead and step in and buy I don't know if it's the reason though so to answer your question is this a nine count yes let's pull up the other GDX chart just so you can see what's going on in profile land out here so let's punch that and you'll see the daily that's on the left the weekly that's on the center and the monthly so what we know is the weekly bottom of its box is held and that is 2057 but you know what you don't like Don you know what I don't like Don like the mirror fact let me just turn off price here we'll leave the A to B equal CD pattern up but let's turn off price you know what we don't like is a brand new bullish structured profile has formed today and what we don't want to see is a close below 2084 now I'm not neutral the mining sector as we speak right now but if you're trying to get bullish 2084 is a key level for price to close above and where's the trading as we speak right now just below it at 2079 so if you're going to use the TD setup 9 count then you really want to see price close above the bottom of that box today 2084 otherwise a 1 to 1.6188 A to B CD pattern could be underway now take price down to 2036 out there so I'll take a look at your other question which is DF but we've got a caller on the line and that means we have call ahead seating and with call ahead seating we're going to go and speak with Ron in Denver so Ron thanks for calling thanks for holding how are you great Steve I appreciate taking the call sure my pleasure I'm talking about Tesla last Monday I bought I did a put spread on it and credit I mean I bought puts and I just came out now and I made a buck and a quarter and I'm thinking of selling the calls for next Friday and on a spread and selling the 257 and a half and buying the 260 what would be your house safe would that be well let's take a look at the price below 257 and a half my next Friday so let's take a look at that and the first thing up on on our screen Ron are going to be our daily our weekly and monthly profile so here's what we know prices below the daily bearish prices below the weekly bearish is now below the top of the monthly so bearish when I use the term bearish I'm just using directly speaking the same way in essence that you are now the problem here is when something is bearish or directly speaking going lower where is it headed to where is support just like John was asking about inside of copper out here and there's one thing that we know so I don't know if you've got that information necessarily right now today to say is it going to stay below 250 right now what I'm interested is support going to hold and prices traded back to support which was a kind of a high volume weekly low that was from April 2nd and the low there was 244.59 and you're at 246 you know and change out there I'd rather see that level break I'd surely rather see it break with volume that means more than 87 million shares and it has that potential because we are there with the high volume weekly and shares as we speak right now but this is a level of support that could hold and the question is where could it bounce to while you were asking really about the 256 area I believe is that correct somewhere around there right 257.50 I'd get about $74 right now and I'd be risking 250 if support holds to expire next Friday we've got to go to a break where price could bounce up to we'll be right back since 1984 Basil Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion while originally hand drawing charts from the late 1970s into 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 It's amazing to think that Tom O'Brien started his weekly gold report 17 years ago with the first issue published April 7th 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Nicar hunter and gatherer ancestors found all their nutritional requirements for health and their wild environment but today our food sources no longer contain vitamins, minerals and nutrients our bodies need to stay healthy and strong that's why we need primal edge daily nutrition it includes a special blend of ionic soil based vitamins, minerals, baddie and amino acids in an easy to use liquid form primal edge is powered by highly concentrated folic and humic acids nature's preferred delivery system they've been called miracle molecules because like sunlight air and water life cannot exist without them that's right page they ensure we receive all the nutrition we need to be healthy and thrive we take it every morning primal edge formulated and approved by Nico and Paige of living a primal lifestyle buy it today for just $89 click on the primal edge banner on the front page of TFNN.com this is David White stay tuned because coming up next is the power trading hour right here on TFNN welcome back folks so Ron I don't know if you can see my screen out here but this is the weekly time frame chart for Tesla and one of the things I've got outlined for you in yellow is the consolidation pattern that's been trading in in essence since February of 2018 out here and this is the weekly time frame chart and one of the things that we know is that we'd like to sell the top of the consolidation or by the bottom of the consolidation and prices trading right now into the bottom of the consolidation that's the 244.59 level in order to take that and any bounce if this holds here the first level where price could bounce up to would be the bottom of this bullish structured box out there and that's 261.01 so until this consolidation holds I think you just stay put right now if you get a close blow 244.59 then at least you've got maybe it's a false breakout to the downside but if it is then you can exit that trade you know but I would feel more comfortable in saying to you hey this thing's going to continue to go lower maybe you adjust your numbers a tad out here but look for a close blow 244.59 because price is pulling right back right now into what should be support for Tesla and if I were to say try and do this on a bounce where would you say the bounce would be maybe around 261? Yeah at this stage we've got to stick with 261 as a kilo old support being resistance out there it gets back inside that box 274 is the number that it will jump to and then above that it can even get up to 306 so it's just here at the bottom of this consolidation you're looking for support to fail versus trying to buy something that's coming to support right now so that's what I see okay my friend appreciate that thank you that was Ron in Denver and it's that time folks where you and I we're going to go spend the next hour with our favorite polar bear that's David White so thanks much for being here on terrific Thursday have a great day and then let's figure out how we have a fabulous fantastic fun day Friday take care folks