 The following is a presentation of TFNN, the Tiger Technician Hour with your host, Basil Chapman. Call now. Call free at 1-877-927-6648. Good morning, everyone, Basil Chapman Wednesday, the 21st of September, and it really doesn't matter too much what the market does in the interim period. It's what it does after the base book announcement, what does the Fed say, is it 75, is it one? What are we looking at here? Well, the more I looked at charts over the weekend going into yesterday and last night and the earlier this morning, the more I came to the conclusion that a huge amount of the Fed's work has really been done. Have a look at stocks like this, let's just go to one that used to be a real leader going into the November high at 176.29, this is before the split. This is Shopify, customized online store platform venue trading at 30.85. So I remember the CEO being interviewed so many times, I wonder if I've got it, yeah, I think I lost the data and I haven't got it back, let me just check. No, I don't have it, but I remember it was somewhere near the top, let me just see if I can go all the way back. No, I think I had to redo this chart, yeah, not only that, it was when it was pre-split. So yeah, that's a very different case. What we're looking at is that there are stocks that were in the economy of the time, and that was the economy of 2021. You had DocuSign, some of them very much were part of the COVID economy. That's okay, it's whatever it is, and DocuSign, great company, DocuSign is electronic signing, it makes a 314.76, a Chapman-Wake 2 bar reversal at the exact high, 314.70 was the following month high, that was August of 2021, and it's trading at 55. So when you look at those stocks, you have to put them into a separate category, I'm going to include CRM, salesforce.com, 311.25, high of November, trading right now at 150. All of these have been just decimated. However, there were stocks like Caterpillar, that's part of the heavy duty equipment, that's part of the infrastructure, that's part of everything that we do here in the United States, that had very good rallies, went from 87 back in March 2020 to 246.69, June of 2021, trading right now at 178, right, cut in half. Most importantly, or not quite cut in half, but most importantly, when you look at the monthly charts, it's used a tremendous amount of time and some price. So I like to categorize time and price as likely with sectors, would you like, as you would do with different, as a different category altogether in technical analysis, and you can see deer is holding pretty well, also I'm high around about the 448, 49 area, and comes tumbling down under 300, and now it's trading at 359, excuse me, about four points already today, holding the 200-period moving average. So I just wanted to define it right now to say, if you're looking at the overall market, and you take some, remember, American Express was screaming to an all-time high in the 200 area back in earlier this year, it slumps down to the 130s, trading right down to 153, all of this is part of the economy. So when I say that a great deal of the Fed's work has been done for it, has been done for the projections that they have, there's still more squeezing to do, because actually what you really want is you want to get, if you're looking at interest rates, you're looking at interest rates going from 179, 17 in March of 2020 down to the 105 level, it's trading at 106 right now. So the rate increase has been one of the greatest rate increases we've seen in the shortest period of time, and that's what I'm saying, that the Fed needs to stay on course obviously, but when you take companies, and I'll show you as broad a picture as I can give you, TMO, which is thermo-efficient scientific ink, which no matter what happens, they always seem to be able to organize their profits, that sounds negative doesn't it? I wouldn't say that because it's a fantastic company, they handle their bookkeeping in such a way that it shows up and reflects the strength of the company, and here you are make a hide in the 60 area, make a low around about 500, trading right now at 537, struggling sideways but using time more than price, and I'm trying to show you, I've tracked the supplier, I think I've even got this notated anymore, I think I lost their data, it doesn't matter, look at that, same thing, has a high in the 240s, has a low in the 160s trading right now, the one in 93 area, using more looks like deer actually, more time than price, so I think the Fed's job right now is a lot clearer for it than we think, why? Because it is the relationship of the tech sector where the jobs are still there and there is still a demand for people in the tech sector, are they able to have the rate increase affect and effect the general economy in such a way that maybe over a period of another few months they achieve what they want and that's to start to see the tech sector look at the XLK, once again the monthly dreaded age pattern in the weekly, the daily chart very poor going from just even if you go from the 170s, the all time high about a year ago, now what we're looking at is at 129, it's also used a lot more time than price, all price is getting there but when you look at it, it's really more time, so I think that the Fed is well underway in what they're trying to achieve and they might say something today like 75 but we are, we will absolutely go to one if we need to, something like that and the market could have at least a little bit of a rally and then maybe do some more testing as I say what we want now is instead of or what a lot of people are talking about crash scenario, I don't, I've used up so much time and I'm looking at some of these stocks, I mean look at this Johnson and Johnson, I'm trying to get all over the show to show you that it isn't just one economy, it is economy in healthcare, it is economy in the tech sector, it is economy in the security, look at hack, well first of all Johnson and Johnson monthly chart peak D, it's now once again below the nine period moving average and the 14 period moving averages in the monthly, it's digesting gains, it's not breaking down yet but it's digesting gains and if you look at the, I was about to go to Hack, H-A-C-K, Hack is the, but you can just talk to the sector and that's what you're looking at, I'll be back in a month, 1090 S&P's up 25. Vista Gold owns and operates the largest undeveloped gold project in Australia, the Mount Todd Gold Project. Vista Gold just completed their feasibility study resulting in a seven million ounce gold reserve, Vista Gold has all major permits approved and has retained CIBC capital market assistance in evaluating alternatives and in completing an accreted transaction. Vista Gold trades on the NYSE American and TSX under the ticker symbol VGZ. Vista Gold executing a strategy to create shareholder value. Are you looking for a way to consistently add winning trades to your portfolio? Tom O'Brien is here to help. Tom O'Brien has been successfully trading markets for over 30 years, a frequent contributor to TD Ameritrade Network and CNBC. Tom O'Brien founded TFNN over 20 years ago to help educate investors just like you. Tom's Daily Market Newsletter, Market Insights is published every morning when the markets open to give you the competitive informational edge you need to succeed. These newsletters are packed full of Tom's advanced technical analysis and are geared to deliver comprehensive strategies for a successful portfolio. Get Tom O'Brien's newsletter, Market Insights today and try all of our products and newsletters 30 days risk free with our money back guarantee at TFNN.com. TFNN Educating Investors 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 TFNN has launched the Tiger's Den, hosted at Discord. TFNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours. The Tiger's Den, available to all tigers and tygruses for just one dollar for the year. There's no catch or added costs when you join our community of traders. Sign up today and become a part of this educational community of traders. Just visit the front page of TFNN.com. Toll free at 1-877-927-6648. Internationally at 727-873-7618. Hi, folks. I was going for all these different sectors. Yes, Microsoft is using up time and some price dates from $3.49 down to yesterday's low to $2.40 area. So it's up a little bit today. And then I was going to say, well, if the Fed has a charter, do they want to be victims to their own modus operandi? In other words, do they want to just keep saying 75, maybe 1, or do they want to do something so sudden, so sharp that it just knocks the socks off this whole inflationary aspect? And that's what we have to be wary of. And one of the reasons why we in such a big cash position for subscribers to an opening call is that there is a chance that the Fed, because Powell, I think Powell has a really good grip on what's going on in his mind. He's also got a modus operandi that I don't think he's afraid to do things. I think there's a political aspect, obviously. But if there is a political aspect, he needs to just bonk it, bonk it on the bean right now. In other words, today is a very important session in that if they talk about something larger than 75, I think that the market initially will be very negative. But then the market might say, okay, at least we know now we know what the operational action is. If it's just 75 with a warning that we could go one next time, that just leaves everything hanging in the balance. So that makes this whatever they do today really important. I think it's a good idea to have a lot of cash ready. We're going to have beautiful buying. When you finally get that big major buy signal, you don't have enough money to put in because you just want to buy everything. But we're handling it in a way that I think, at least at this particular point, very tight stops on new positions because if they work, it's great. If they don't work, you're just out, you're done, finished. And within that particular context, we have got a long position in the Dow today via the diamond. This is the near-term trade. We're still short from $32,300 via the DOG. But this is a trading position. We had had it yesterday, less than a 1% loss. Today we'll have maybe a 1% loss if it's not right. But I want to be there to get a feel because I don't like this rallying early on in the morning. There are occasions over the years and years and years, occasionally the market has anticipated what the Fed is going to do. It's anticipated the day before. It had followed through the following day. And then when the results come out, they went even higher. It does happen. But I think you have to be very careful. And not only that, I would prefer at this particular point just to play it as sector trades than specific stock trades if that's what you're trying to do. Why? Because you can get in, you can get out. You know exactly what's going on. You're not subject to the sector moving up strongly and your stock gets stuck. So I want to participate with the tide that's moving in this case. We'll know if the Dow, as I said, just subscribes to my opening call. If after, all right, yeah, let me just show you right here. I said, there it is. Every day I have the Dow chart with an analysis of what to expect, et cetera. What did I just do? I moved it over. Hey, there it is. So this is the Dow close down on 313 and whatever it is, and I go on and then I say, simply put, if the Dow off the 3pm Eastern time today is running over 250 points and holding well, that all goes well for Thursday's action. However, responding negatively, holding a minus 250s all more, since the Sage was selling to even intensify to the rest of the week. But there are signs that a form of balance is lurking, but sustaining the gain is key. So that's what we're looking at. And there's nothing much else I can do. I just wanted to show you this right here. So in the E-mini, this is the December E-mini, we did go, you remember, we were always looking for peak D. We went to a peak D at about 930 pullback to the 200-period moving average, peak A, peak B, peak C, tested it, tested it, tested it, successfully spiked up to a D, then went in one bar, that's within two minutes, and went to a leg E, peak E, excuse me, and now it's just trading sideways. And this whole idea of trading sideways says it's usurping time while it's waiting for some kind of focus which will come between 2 and 230. All right. Oh, and we've got a leg F, funnily enough, in the 10-minute E-mini. Look at this, how it walked, because the way it walked the 9-period moving average on 3 o'clock this morning, once it crossed positive at about 4, that green line has stayed green all the way. I mean, we can have as many techniques you can do about Fib, you can do about Chapman Wave, you can talk about volume, you can talk about extensions, you can talk about anything you want. When the tide is rising because the green line is above the black line, that's the line over the 14, you can keep going up a lot longer than you would expect, and it can test your patience only in that all you have to do is sit there and you don't have to get out of the position until it changes course. Okay, here we go, back to our story. So, I don't want to just preamble and mamble and mamble, what I want to do is to show you some things that I think are very specific at this particular point. The VIX index, the VIX index has been holding at a high level, it's been holding up above 25 for a while for about a week and a half, and today it went up to 2803, this is the volatility index, daily chart right here, and it's trading right now at 2633. So, in order to assess whether or not any rally for whatever the Fed does, the market's response, remember it's not what they say, it's what the market reacts to, and if the market says, ah, fantastic, and it starts to rally strongly, it goes up 300 points and holds it all the way past three o'clock, 330 and it's holding well, that volatility index should slide to the 2550s, and that's going to be a clue that that's a very good sign, very short term, we can only deal with these things in a very short term context. But if, in fact, what we're looking at is a volatility index that breaks the chapwave inside track repellent zone and actually starts to trade in the 2880, that's like two and a half points above here, wow, I think then the market becomes extremely vulnerable, especially if it holds it all the way through to the close. So those are the parameters I'm looking at. I promised a couple of people I'd look at certain things today, let's just do that, oh, I meant to give compliments to, to push me to talk about the, I was just about to get there, and Steve in the den, S-T-E-E-V, made some comments that I just saw as I was about to talk about this and where did it go, I am, am I going to lose that? Anyway, basically what he was saying is that the Fed needs to, there we go, economy must be brought to near dead stop to kill inflation, there needs to be a minimum of 3% above inflation rate, we should be at 12% or higher right now. So in a sense, I, I agree with that in the historical sense, but we need to talk about that in the current time, this is a very different time to any other in many ways. I'll be back, browser chapter, entire conditions are about 28, S-T-E-V is at 25, oh, I want to discuss, but the Fed will decide it for us at 230. If you want to take advantage of this sector now is the time to subscribe to my Gold Report. The Gold Report is a comprehensive look at the metal sector as well as the markets that move gold which is the currency and bond markets. New subscribers get a 30-day money back guarantee so you have nothing to lose. Every Monday morning I publish the Gold Report with coverage of gold, silver, bonds, the XAU, HUI, GDX as well as more than 30 different mining equities. To see for yourself the types of profitable trades that are recommended within the Gold Report, sign up now by visiting TFNN.com. Don't miss out on the next great gold trade, sign up today. TFNN is excited about our new software charting program, The Art of Timing the Trade Charts. In collaboration with Tom O'Brien and using his best-selling book, The Art of Timing the Trade, Your Ultimate Trading Mastery System, David White has programmed an outstanding piece of software that will complement any trader's methodology. Using this first-of-its-kind program, The Art of Timing the Trade Charts allows you to scan thousands of stocks for Fibonacci formation setups, including guardleaf, ABCs, butterflies and much more. The Art of Timing the Trade Charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days, weeks or even months searching to find. And right now we're offering licenses available at only $79 a month. We are so confident that you're going to love this new charting software that will even give you a 30-day unconditional money-back guarantee. Don't miss out on this incredible new piece of software. Get your copy of The Art of Timing the Trade Charts today by visiting TFNN.com. Sharpening your skills as an investor is like getting better at playing a musical instrument. You have to practice, sure, but you also need excellent instruction from experts. At TFNN, you'll get advice and guidance from the authority and technical market analysis, and it's not just dry, tedious text, either. TFNN airs live financial content streamed live on TFNN.com and TFNN's YouTube channel with Tiger TV, live every market day from 8.30 a.m. to 4.00 p.m. Eastern, for free. Each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world. From the moment the market opens until the closing bell sounds, Tiger TV has eight different shows with expert hosts to help you make the right moves with your money. Watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be, TFNN, educating investors. I'm sure it's all around the country, but especially here in the Newton area, it happens a lot. Someone just said the catalytic converter was stolen from my Prius, parked in our driveway two nights ago. Yeah, a lot of Prius owners are having, not having, they are the recipients of thieves taking the catalytic converters. That's so expensive to replace, I believe. It's just a lot of money. That's a terrible shame. All right, so here we go. It dows up 217. So this is what I want you to look at. Look, the XLF, even with the rates rallying like this, hasn't been able to really take off and hold. It had a lovely rally in September on about the 6th, going from the 31s up to the 30, 34s. And yet it is back in the 32, 94 area. There's a lot going on that's suggesting you do not have to be overly aggressive, even if there's a really good rally today into tomorrow. That doesn't even say that's it. We've made a low, a really significant low. I think there's a lot more to go. There's a lot of testing that's going to have to be made. And absolutely XLF trading 32, not good enough. I want in late September, certainly at the sometime in the middle of October, I don't see the XLF down to the 30 or 29 level. I'd love to see it in the 36s. I think that would be really important. Looking at another sector that is very important as far as I'm concerned. Look, the DBA. This is the DB Agricultural Fund. I should mention we're still long from the 17s. It's trading at 20.65. It's testing the recent highs. Now, this is interesting because if you look at wheat, wheat is at a really nice big spike to the 200-period moving average. And I'm going to do this now, although it should be technical Friday. I'll take just a moment to do this. Someone had asked me about it yesterday and I forgot to do it. This is the continuous contract. And what's really important, you see this big spike here, peak A and then it makes a minus A because it takes out that left side. Those are called the Eiffel Tower. Oh, talk about the Eiffel Tower. Friends of ours yesterday bought a cranberry loaf from that French, that patisserie in Falmouth, Mass. I love that patisserie. Don't get sidetracked. We're looking at a peak A, Eiffel Tower straight up, straight down, around about July. And then it goes to around about the 19th, 22nd of August in the 7th, 36th area. And then it goes peak A, peak B, peak C, pulls back, holds the 9 and 14-period moving averages, which are positive, goes to a D, E, and then an F, and then it pulls back for three days. Ha! And then yesterday is a fabulous spike to the upside. Today it continues that spike. Now the question is, and this is, every once in a while in the Chathamary Methodology, there's a letter that just sits there and it says, that's the only way you can count me. And I know that it's really strange because G says, oh, I'll be really careful. You can have a very sharp pullback. And A says, are you kidding? Any pullback must be bought. So what I like to do in a situation like this, we have no position in W. We do have a position in the DBA, the actual sector ETF, agricultural sector. So I let this play out. We don't have a position in it. And I say, the magnet is holding well. The stochastic pulls back very sharp. It's 67 percent. Unbalanced volume is a little bit, it's okay. It's good. Reduce of strength, the little grain line right there is very good. The 9 is way over the 14. It's above the 50-period moving average. It touched the 200-period moving averages like a magnet now. It tried it before, that peak A back on the July the 11th. It went to 960 and three-quarters of the continuous contract and then failed underneath it. So once it started to get closer and closer and now touched, it means that that was a live wire back in July. Now it's a magnet. It's an attractor. And it means that the 915, 916 level is in play. And it doesn't say it's going to spike right now over 928, 930 and just start to scream to the upside. It does say that there's been a constructive move in the wheat contract, continuous wheat contract, and that it is turning the 852, 832 area into very strong support. The more times it can touch 816, the greater the chances are this becomes an A in those recycles. But in the meantime, I'm putting it together with soybean continuous contract. And the soybean continuous contract is trading quite nicely. It's down 14 today, 1464. It also made a peak E. It's pulling back in the upper part of the rectangle formation. That's good. A weekly chart is A, B is a brand new leg B. And the monthly chart is a peak. It has made a peak C, but holding very nicely. If you put it together with corn, corn as we say here, corn is at a height of 69.5, 698.5, trading is 682 and a quarter, holding near the upper range. So far, the DBA Agricultural Fund is in play. I thought it was going to be pulling back the other day, but it held so well. And also I have to put in SB, which is sugar. And sugar is in the lower range, holding okay, but not doing all that well. So I'm looking at this and I'm saying, what's going on with the different sectors? Question came up. Are you expecting the USO to push into the 80s? What is it? 69, 18 right now is struggling right against the 200-period moving average on the downside. I think that Kudor is telling us that there's Kudor available. If you put it together with NG, which is natural gas, which has made a big arch formation coming back down to the left-side, right-side price time match, just took it out yesterday to 7.70, that is very interesting because so often, natural gas and Kudor kind of go in different directions, not a mirror image, but directionally they're opposites. And right now they're both consolidating. So my thinking here, and I mentioned this the other day, is that Kudor oil is on a cusp of breaking. If it starts to trade, I had said under 82, but I'm going to make that under 80 because it's held as 200-period moving average of 87.14, and it keeps trying to test it. But if it starts to close at 79, all of a sudden what you've got is that Kudor oil is suggesting that there is enough Kudor oil around. This doesn't, it's not what you'd expect to read, but the chart is saying that there's not a glut, but there is enough Kudor oil that it isn't breaking to the upside, it's making lower lows and lower highs. That's the definition of a trend. In this case, it's a downtrend. And if you put it together with the XLE, and this was the big question, the XLE, the other day I said the XLE is trading within a range. Let me just get it right there. There we are, coming up. But it has got that jointed H pattern, and it actually took it out the other day for a leg C. And that's just saying, here again, the SMB Select Energy Spider Fund, you would expect that it would be screaming to the upside. Well, it's not breaking down, but it's not breaking out either. So I think it's sort of trapped between 72 as a support level, as a 77.5, and maybe a slightly lower high, in other words, not the 82 level, make it 83, just for the moment. But I wouldn't be surprised if in two weeks' time, or three weeks' time, we're looking at this chart, and it started to rally quite a bit, and it gets over 82, 83, somewhere around there. So that's what I thought. Those are questions that came up. One question was SMHs. I thought I spoke about that. No, I didn't. Okay, SMH, I did a lot with it yesterday. What I'll say today is that the SMHs, semiconductor index, SACTA actually, it sucks, is the index itself, is trying to form something here at the bottom. And the next is, of course, Instagram's improving. The stochastic's a little bit, and the line, the pink line is way under the 50. I think this will pull you back, just to give you the parameters that I would look at, just a packet of stars rally. Like, that was a punch in the face. You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all. For daily market overviews that give you direction on the key indices, selective stocks, and commodities, subscribe to the opening call newsletter at tfnn.com. The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices. Get the opening call newsletter by Basil Chapman in your inbox every day. First-time subscribers also get a 30-day money-back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. tfnn.com. Educating investors. This weekly newsletter will give you specific recommendations for value tech stocks as well as entry prices, target prices, and stops to set for each trade. Dave delivers his weekly newsletters every Friday with updates throughout the week. You can get the technology insider at tfnn.com for only $37.50. Sign up for Dave's newsletter, the technology insider, and get an inside look at everything the technology sector has to offer. Try it risk-free today with our 30-day money-back guarantee. tfnn. 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 LABU or LABD, directions daily S&P 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 866-476-7523. The prospectus or summary prospectus should be read carefully before investing. An investment in the funds is subject to risk including the possible loss of principal. The funds are designed to be utilized only by sophisticated investors such as traders and active investors. Distributor, four-side fund services, LLC. And one of the things I like to do is in terms of patents and the question came up, could you just show us some of the trading patents you'd be looking at today? Will you see this narrow rectangle formation from the high that was made round about 830, I think it was around 835, it's 834, at 39, 96.75, and the low of that candle, I'll give it a little bit of room, it's called 3892. So I drew in and I said, this narrow rectangle formation can last a lot longer than your patients and usually, you know, with a rectangle formation, if you suddenly pop out of it to a peak deep, if you come back, there's a real good chance that not only are you going to test the rectangle support, you're going to break it, maybe even go one-to-one to the downside. Well, lo and behold, it went down to the 385-ish area under the 200-period moving average and then had that peak ABC, another D with a very quick E above that previous one from back at 930 and at 957-ish or so, we turn around the high of the day so far as 3905, no, comic 5, it has to be 3901.25, that was the high of 951, and we've come back and now what we're doing is we are testing, there it is right there, and when I say 3892, there it is, it just hit it, we're testing that rectangle formation which is now also the 200-period exponential moving average. So I just wanted to give you some kind of sense and now you're looking at the, it would not surprise me if we've kind of seen at least for the next hour or two a high in the 3905 area that was made much earlier on and there's a peak G, there's a peak G in the 10-minute chart, so a lot of the upside action maybe is done, now the market's just going to hang out and wait around to see what happens, maybe you have another burst of strength but my suspicion is as we get into two o'clock air everything will start to narrow and you'll say okay now what's coming up, all right what's coming up, let me just do this, so there's a note here from a brokerage company says Ford warns the Fed that supply chain problems cannot be controlled by rates, so that's an issue that I was going to speak to a little earlier on and that was when I was looking at what can the Fed do, well the Fed is dealing with a number of things but what they can't do anything about and this really is the government, oh I always wondered why we didn't get the just the troops out to go and help at all the at all the ports, forget about the union you could have said okay union we're going to give you your wages whatever it is we're going to keep that intact even if guys don't show up to work it doesn't matter you're going to get paid but we're also going to include national god whatever it is and we're going to get all these these boats we're going to get it unloaded it's just absolutely imperative if we had done that right at the very beginning I think we would resolve some of the problems but then of course China shuts down there are a lot of other things so in order to mitigate all these other things you have to deal with one problem at a time and that's why the Fed the biggest problem for the Fed is rates how do they deal with the rates and what are they going to do I mean that's their charter right now so a lot is hanging on to this are they going to be aggressive right away you know market why it's like pain when you take the band-aid off just get it done finished and then you're ready to you're fresh and that's really what they need to do right now if they're going to do that just hit us with whatever you've got get it done get this market to sell off sharply and then we can start to build on other things because we've still got the supply chain we've still got these other things that are already worried so we have to deal with what we can the Fed right now I suspect this is something that they they're thinking about I don't know if they'll be able to do it so that's it so the questions came in let me see okay could you look at I wrote it down could you look at RH RH is the former restoration hardware that's right I made this a little too I made this a Chapman wave phantom peak right here at a peak B because you got a little hiccup in the on balance volume so I'm allowed to do that and that took you to a peak D at the all-time high to over 700 it went from over 700 to 240 I would say cut in half and now it's trading at 256 so the the question was I wrote it down then I'll print it out and I can't see it the question basically was restoration home depot lows what is that telling us well restoration hardware is telling us that in the more expensive furnishings for a home that's the the door knobs or anything with hardware etc that's a that is a huge move to the downside it says that in the home depot area for 20.61 it's got the dreaded age pattern in the in the monthly chart and the weekly chart trading right at 278 right now a huge move down for home depot which was basically a leader oh here's another one I and the reason why I wanted to show you these two charts is that every once in a while I don't have to do that but I put it in because it's part of my experiment in the Chapman wave methodology that I've done for 30 40 years um I make a phantom underneath the previous high because everything about it says that the peak that is being made in this particular instance the peak that was home depot was making at 429.61 a December of 2021 everything about it based on the MACD turning down sharply the stochastic going from in the 85 percent area sharply lower says that that was a that was a peak of consequence more like a peak D than a C that I'm waiting for a D now I could have just continued the alphabet D E F G but I couldn't because 140.63 was below the previous low that started a buy signal from 158.09 in December of 2018 to a peak D once you get to a D peak D you take out the left side look you're done you have to restart so this is a restart the only way I can count it um there is a methodology involved here it has to be fractional it's almost like a phantom peak and look the 292.95 high of August of 2020 pulls back for a month and then the next month has a high of 292.66 292.66 is what 30 just 30 cents off the previous high so I said I am going to use that why because I want you to know whether a peak D in the monthly chart uh fitted everything else it was a peak G in the doji candle with a silent doji on the left in the weekly chart so Home Depot says we are into the correction in the building area we are Home Depot and Lowes which is out double um that is a peak C which is no other way I can count it so it just doesn't figure but keep the dating and peak D I think the FB you can read the chart up back it's telling us the recession is underway I'm back are you grinding in the market but seeing little to no return or are you a successful trader simply looking to make your job a little easier learn to take the path of least resistance with David White's powerful trading newsletter David White is an accomplished trader whose deep understanding of technology and the markets allows him to consistently find and share winning trades support and resistance define the ranges in which stocks trade by understanding these trading ranges David White is able to find the path of least resistance David White's trading newsletter the path of least resistance is delivered daily before the markets open to make every trading day an easy win visit tfnn.com today and subscribe to David White's ultimate trading newsletter for $119 a month and try all of our newsletters risk-free with our 30-day money back guarantee take the path of least resistance at tfnn educating investors you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities subscribe to the opening call newsletter at tfnn.com the opening call newsletter is written by basal 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 and stock prices get the opening call newsletter by basal Chapman in your inbox every day first time subscribers also get a 30-day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up tfnn.com educating investors everything in the universe is governed by the Fibonacci sequence this mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market to stay on top of stock patterns you can take advantage of sign up for the Fibonacci 24 7 newsletter at tfnn.com 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 segment is brought to you by think or swim for more information just click the think or swim banner on the front page of tfnn.com so talking about a brand new leg a f or e y e uh frame battery s a uh in the den duffy says phrase hot um yes so this is a brand new leg a in the monthly chart going from under seven to 15.01 right now it's leg d in the in the daily leg c in the weekly chart i've got uh i've actually the first time i've done this in quite a while and i'm thrilled i've got a page here written now it's not typed anything and i have just all these different sectors nuclear batteries solar lithium whatever it is and uh now i can add this one i remember this from a while back and then i completely forgot it uh envx i think is also in the same category uh what is that doing it's just kind of stalling it's holding kind nicely at 22 and in a vix corporation so yeah i don't be afraid of this market there are opportunities all over the show but you have to be very specific with them and you don't really have to get carried away so don't don't dismiss and say oh this market is just terrible yes it is terrible but there are certain areas that are holding well and at the same time let's just see what gis has just done this is general mills oh very oh five today 8.66 remember we were looking at this the other day said i love this particular pattern but i never got in today earnings came out and is screaming to an all-time high general mills foods so the areas are there don't be afraid of the market just be very selective that's really important so we're about to wrap up and of course i'm saying that what happens after 230 240 that's going to be the that's going to be very important what is the Fed you this is the opportunity to just give a good zonk to just say hey this is what we're doing we're going to get it done as soon as we can i think the market would much prefer that than this this unknown it's much better to have the known isn't it talk i'm going to wrap up yeah i'm going to go to Steve Rose great programming today i believe larry had a wonderful session yesterday i was able to follow some of it great great show um daydude great program today i'll be back tomorrow check out both recall daydude years later