 The following is a presentation of TFNN The Trader's Edge with Steve Rhodes All now toll free at 1-877-927-6648 or internationally at 727-873-7618 The Trader's Edge now Steve Rhodes Good morning folks welcome to the June the January 17th the wonderful Wednesday edition of today's Trader's Edge show I'm your host Steve Perseverance Rhodes who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past hoping when out there's having a great day hey let's make sure we have an extraordinary one now the easiest way to do that is to always remember that life is happening for us not to us that's right when you and I make that one little two-by-four shift well means we can find the gift in every set of circumstance that life is going to toss at us now today you and I we're going to go check on the circumstance of these markets we'll go figure out what those bulls and bears what those buyers and sellers are communicating to you and I at just past 11 o'clock in the morning I want you to know I'm absolutely grateful for your presence here but even more important than that that's this during this next 53 minutes I am here to serve you so feel free to pick up that phone dial on in at 877-927-6648 now if you've got a question but you can't call in you can always send me an email please send that to Steve at tfnn.com and inside the subject heading please put radio show question of course if you're inside our tiger's den well then any in every ping will do so let's go ahead and get this show started on wonderful Wednesday of course this is tiger finance and news network I'm Steve Rhodes welcome to the show pretty much to see if green are red out there that was basically flattered down one point SUVs off 23 NASDAQ 154 16 for the Russell 76 for the semis golds off 16 17 bucks silvers down 27 cents like we crewed up 683 pennies natural gas down 7 cents 30 treasury is off 6 takes so we got a lot to look at if we want to of course I want to look at what you want to look at so where do we want to begin the day out here I'll tell you where we begin the day let's begin the day here we'll stay on this set of charts out here let's go take a look at that new york stock exchange the advanced decline oscillator I know Peter was probably going to ask me about that inside the tiger's den so I beat him to it we take a look at it you're looking at really so here this chart the top portion is in the york stock exchange below that is the advanced decline line below that is the advanced client oscillator what's the difference the advanced client oscillator takes that advanced decline line data and then it compares to 19 and the 39 period exponential moving average now what's that ratio is creating that advanced decline oscillator when you get down below minus 150 and right now we're at minus 200.56 it is in oversold territory so that's the first thing it doesn't mean that it can't get more oversold what it does mean as you can see just taking a look at the charts out there bottoms either form one of two ways with regard to this with with regard to this tool and when you get to 150 that's when you start looking for those bounces or bottoms so for example right back here in the trading day of December 19th uh this oscillator December 19th the oscillator got down to a closing level of minus 194 that resulted in a nice little rally a immediate rally to the upside that's one way that that's this this indicator can identify a bottom the second way is where what we see out here is we see lower lows in price and we see a higher low with regard to the advanced client oscillator we typically get those types of bottoms when we start getting down into the minus 250 but it can happen just as long as you get down to minus 150 but the important point here is for you out there if what it is listening whether it's the uh the uh live version or the archived version of the show is to realize right now at least as of 1110 I don't know what's gonna look like at 4 p.m but as 1110 uh you've got the advanced client oscillator for the New York Stock Exchange is in the oversold getting towards the extreme oversold condition out there so that's the first thing to pay attention to what's the second thing to pay attention to well it's to try to identify bottoming patterns now we don't trade the New York Stock Exchange so let's go take a look at one of the instruments that we do trade and that's the ES mini out there probably the most popular the ES mini the NQ the two most popular equity future contracts to trade out here so for that we're going to go take a look at our multi set of timeframe charts out here for the ES mini now on a daily timeframe longer term picture as we speak right now suggest a move to 4716 4716 is the bottom of its profile that's the profiles calculated on this system out here the black background system the e-signal system uh the bottom of that profile was down at 4799 so now that we're below that level of support it brings this level of sport into play if we take a look at that but we're still in an oversold market condition so we're looking for bottom signals turns out on the five-hour timeframe chart we'll go take a look at other five-hour timeframe charts but at least for the ES mini we are going to go ahead and form bar number nine now this bar is going to complete at 2 p.m. out here as long as price does not close above but it seems like a pretty likely outcome that's why I'm going to go ahead and say the five-hour timeframe is going to go ahead and confirm a TD9 account bottom by 2 p.m. it'll complete that pattern at the end of today's trading session but that would be negated that call be negated if at 2 p.m. price is trading above 4799 I don't think that's a likely outcome it's a possibility I just don't think that's the likely outcome so the five-hour timeframe chart generating a bottom signal we don't have anything of the sort on the four-hour timeframe in fact on the four-hour timeframe I could put it in a to b equal cd to the downside pattern I could show you what that I'm going to try to show you what that looks like there we go so the a to b point I'll just simply draw that in here looks like that's it and then I know I don't want to use that because I've got to use the same candle so we're going to back this up just a tad we're going to do that t9 account bottom then I'm just going to simply move that over to the high that formed after that let's pull this back oh I take that back my eyes were lying my lion eyes so right now on a forward timeframe chart out here you've got an a to b equal cd pattern to the downside if we get a bullish reversal candle that's also by 2 p.m. then the four-hour timeframe chart would generate a currently by pattern or by the d point so you'll want to watch the four-hour timeframe again at 2 p.m. we take a look at the two-hour timeframe chart well this candle here is going to go ahead and form at 12 noon so if we do get a bullish reversal candle at 12 noon the two-hour timeframe chart is going to confirm a by the d point pattern the key here as you can see and let me open up the two-hour timeframe chart so you can understand where natural resistance is unfolding here it is at the oscillator unchanged line so what you want to watch there is 47 79 now that's what I would say to you right now but then my eyes see well geez at 47 84 is the top of the current profile for the 120 minute timeframe now counter so let's let's take a look at break this apart just a tad it's a two-hour timeframe chart out here but still you can see that price and close below the bottom of its bullish structured profile now it only did that for one session out here so is it a real break to the downside I don't know until we skip to 2 p.m. out here we take a look at where price is trading but what price should do is get up towards that oscillator and change line 47 79 but I would say the real change in trend signal for this timeframe would be a close above 47 85 that 47 84 75 to be exact that is the top of the two-hour profile charts out there so two-hour four-hour five-hour very interesting yes many charts for us to look at especially as we are in oversold condition markets on a 60 minute timeframe you have to confirm roadsman to indicator bottom what price needs to do is close about 47 81 to suggest that price is going to make a move to 47 96 you've got a roadsman to indicator bottom on a 30 minute timeframe we've got it on the 15 minute timeframe we've got it on the 10 minute timeframe so the ES mini regardless of the oversold condition of New York Stock Exchange it's trying to bottom that key level I'd say that key level is going to be that awesome and change line on the two-hour timeframe and that right now is printed about 47 79 but since that profile is just above that let's make it easy to close about 47 85 we head higher we'll be right back if you're looking for potential trading setups in the 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let's take a look at the magnificent seven that's what we've got up on our charts out here you can also i've got the etf for the accused nasdaq 100 we can see in the case of nasdaq 100 the etf the qqq etf price is still trading above profile resistance in fact this chart would say if it's only a counter trend move to the downside price should find support between 400.61 and 402.37 the actual low of the day out here for the q's has been 402.92 out there if we take a look at apple so in the case of apple what do we have out here let's open up this chart on the daily time frame number one we have a profile that formed about a week ago or so and price is testing that level that level is at 181.62 we're trading at 181 we're just trading a few pennies above that area so if price were to close below that level what i'd really say out here john is that if price closed below the swing point from the trading day of january 5th that swing pointed volume of 62 million shares that swing point low is 180.17 if price closed below that apple will trigger an a to b equal cd to the downside i'm not going to draw it in here i don't need to at this stage here what we can say out here john is that if apple were to close below that price would target that breakout level at 170.12 we don't have that condition at the moment you could at day's end so that would be an area to most certainly watch so that's what we see we take a look at the daily time frame chart for apple when i look at the weekly time frame chart for apple and i'm not showing that on my screen here i'm just going to give you that commentary that suggests that if we do get that close below that swing point we looked at that price would go target the 170.209 to 174.33 level for the weekly time frame for apple that's its buy zone with regard to microsoft microsoft is it actually i believe it's attempting to form a new profile let me get this on my other system out here too i thought i saw it maybe it was my eyes were my eyes were lying to me again said no it is trying to form a new profile so it's not showing up here it must be because of the setting so i'm just going to change that setting as long as i am on this chart here let's just make sure it's the setting so that'll help me out tell me whether it's really trying to form one or not mark close that's the problem okay so the new profiles attempting to form inside of microsoft you've got resistors at 391.28 and then you have a buy zone so support is at 369.25 to 372.01 and then you've got that breakout support at 367 now even though it and if we were to get a bearish reversal candle today that would go ahead and generate a Gartley and not a Gartley a roadsman to Mindicator top but price right now it's above that green oscillator and change line it's still bullish out here with regard to microsoft or its daily time frame weekly time frame it is also bullish out there with regard to google google has a profile that it just formed out there and price found support it's a bullish structured profile and it's a bullish structured support zone and let me just do it on my other chart here go g is between 141.76 and come on populate 141.76 i'm sorry one yeah 141.76 and 142.74 out there resistance is what it hit earlier in the day or that was yesterday i guess and that's up at the 145.68 level so we don't have a well the topping pattern that is present for google john is a wave number seven top that is letter g but remember you get a top we got that top all prices supposed to do is go back and test support and support is held inside of google we would change that opinion if we saw a close below 141.75 that would generate a profile change in trend signal with regard to amazon out here amazon has a wave number seven top it has a new profile that formed yesterday below price that's a bullish message out there the profile level bottom is 145.36 top is at 149.30 as long as price remains above 149.30 conditions are somewhat neutral it's got a top the price is above a key level of resistance out there and that's what gives us that neutral signal envidia no topping signal at all in place out there we did get a new profile that formed yesterday the top of which is 553.46 price tested rejected that level earlier today that remains bullish tesla tesla needs some type of bullish reversal candle to generate that's not really an a to b equal cd to the downside out here let's see if we can figure out where tesla is headed to looks like tesla is headed back towards its swing points from back in november a quick peek over at the weekend there's nothing on the weekly chart that's going to suggest anything else so looks to me like tesla wants to go target this swing point it's a swing point from the trading day of uh october 31st and the range out there the low is down at the 190 407 level on the highs at 202 80 so looks to me like that's it's got a negated td9 cowl bottom looks like tesla wants to seek out lower price out there and to finish it off we take a look at facebook or meta out here we take a look at facebook meta what is it doing it's got a new profile as well that is formed it's got supported 350 350 and it's got resistance what looks like at 373 69 let me just confirm that for you at 373 69 it's actually a bare structured resistance area that's between 366 96 and 373 69 out there so at the review of this other than tesla i think everything looked relatively good out here no major failures of any significance at least at this stage of the game so john c inside the tiger's den if that didn't provide you with the information you were looking for please let me know and i'll make sure that i get that for you let's go on let me close this out here it's using up a lot of my resources we'll close this out and we're going to go take a look at mara that's from a guppy inside the tiger stand his question is a buy sell hold long-term he's a long-term trader out there so we'll pull those charts up momentarily so as i get past these currency charts and we'll probably come back and take a look at out there because us dollar index is on a tear that's sponsored of course by the end and the euro out there now let's go take a look at mara though we take a look at mara the real question from a guppy is worse is headed to well it formed a beautiful td9 count top does it on the bar following bar number nine that was on december 27th price pulls back find support at the bottom of his profile that was at 2175 finds resistance to the top of the profile and finally broke below the bottom of that profile gave me a nice changing trend signal back on january the 12th out there now price is likely going to go target its breakout level you're bar number five of a td9 count maybe you get a td9 count bottom i don't know we'll have to come back to it you're gonna come back to it three days from now three to five days from now to see what chart pattern we might have there's an a to b equal cd to the downside pattern as well so you've got two patterns to watch for a guppy on the daily time frame that would identify the next bottom because your long-term trader you're looking to to add that would be a place to consider adding when you get that bottom pattern and signal out there but 1448 is game it's a specially game because on the weekly time frame chart which also had a td9 count top is now trading below that green oscillator and change sign that suggests that a further retracement is likely well that further retracement really takes us back to the daily time frame chart in 1448 now what happens at price close below 1448 i'm a guppy who's also asking where would you sell this you know you're a long-term trader out there i would have been paying attention most certainly to the fact we had a daily td9 count and a weekly td9 count out there and then at that stage you had to identify support levels and make the assessment whether you wanted to take that kind of heat out there you might have made that kind of decision for example on the weekly time frame chart and now that price is down at that heat level now what do you do well you you know i again i don't know your your trading style completely on the monthly time frame though the real bummer here that i mean it's a real bummer as the daily and the weekly charts mcguppy we're making those td9 count tops you and i would have said just looking at the monthly time frame chart is that a countertrend rally would have ended at 3135 that's because that was a bowler structured profile that prices closed below for way more than two consecutive sessions out there the actual high last month 3130 yeah this is headed lower that's for sure mcguppy out there watch the daily chart and then you know get back to me let's just go ahead monitor that not three to four days she wrote to tf and then right back gold report as a precious metal gold is still king it continues to hold the most effective safe haven and hedging properties across the global major 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moment you have price trading below is green oscillator and changeline dunk and that's at 17503 your price remains below that it adds to the idea of a further retracement possibility now that further retracement possibility could take it out to the top of the profile 16908 could be the center the profile that was a bearish structured profile if price gets down there that's where a counter trend rally would end if it's only a counter trend move again that number on the etf the smh would be 16780 if we look at the weekly time frame chart the weekly time frame chart has a td9 count pattern it is still in effect it's got a rogment dominicator pattern it's still in effect the only thing that gets that out of effect it negates it is a close above the high now the high out there is priced right now at 17675 so the smh's won't take off to the upside until we see price close above that the monthly chart says that is a likely outcome that price wants to do that why does price want to do it it's above all resistance levels out there and it doesn't have a topping pattern now a bearish reversal candle would confirm a rogment dominicator top but we're early in the month we're in the mid month out here we don't see that signal as of yet out there so the monthly chart is saying the smh's went higher price the smh's have a swing point that formed in november of 2021 85 million shares there last month price closed above it with 131 million shares so on a monthly basis if we take a look at the smh's it's a gigantic a to b equal cd to the upside you know the conservative a to b equal cd would start at march of 2020 and so that would say so that's what the longer term chart for the smh's the daily chart the weekly charts are the one that you want to kind of keep an eye on right now i would say based upon today's price action based upon that wave number seven signal out there odd's favor not to move to the 160 908 but 171 and change out there that happens be the weekly oscillator and change line so that's what i see dunk when i take a look at the smh's i hope that helped y'all provide you with the information you were looking for if not let me know and we'll get that for you fletch wants to go take a look at disney we take a look at disney let's go see how that is trading right now you've got the trade out at about 91 59 so we look at the charts for disney had a td9 count top which turned into an a to b equal cd to the downside that it actually hit that price projection so let's go measure the a to b level now this is going to be pretty close we're just simply going to move that line over to the c point and the answer is no really didn't get down to that level out there so we can't say hey a bullish reversal candle would confirm a buy the d-point pattern what we can say is that yesterday the signal was that we had a change in trend profile change in trend the problem is we haven't had two consecutive days above that level maybe get that a day's end what's that level 90 208 if you don't then yesterday's move was a false breakout to the upside but right now price is holding support which is that green oscillator and change line out there so i'm kind of a little bit ambivalent if they sounded like i was that's because that's really i'm just narrating the chart and what is communicating to us at this stage here so i'm uncertain with regard to the daily time frame yet as to what its real signal is now if it close the blows also turn change line that i want to make a b-line back to support 8903 to 8971 and below that 8741 would be the number on a weekly time frame you've got a beautiful roadsmen to indicator bottom you have prices simply pulling back at this stage here supporters between 8787 8857 on a monthly time frame for disney all i have is a consolidation with inside his profile levels flex that's between 8125 and 9384 out there so to summarize it consolidation on the monthly really you're consolidated on the weekly as well and on the daily steamy just doesn't have a really great feel at this stage of the game but what i can share with you is that if you do get a close blow the screen also turn change line 91 42 today odds would favor 8903 to 8971 as being the likely price target so flex i hope that helps you out and thank you so much for the request um let's see i don't see any other request inside the tiger's den here so i think i've gotten to everything there if i have overlooked your request and you're inside the tiger's den would you be kind of to retype that in as my eyes just simply simply overlook that well look at the emails and we don't have anything here by email either so what do we want to do i tell you what we're going to go do we're going to go first check in on the es mini take a look at the interday charts that we're looking at and on the interday charts and we have any other signals so i would say the signal is so i look at these charts here it's a gun in for that 120 minute oscillator and change line currently printed out right now 4779 now we talked about that oversold condition out here i'm going to go back to the black background charts if you were just turning in now i'll go back to that chart here real quickly for you and the oversold condition you can i think one of the best indicators to identify oversold overbought conditions is in fact the new york stock exchange it's advanced decline also it gives you real good feel for the general markets and the cool thing there is you can find this you can find this tool um i would think you can find this tool in and some charting packages out there certainly it exists inside of the e signal charting application but that advanced client oscillator that is panel number three that we're looking at then center it's below minus 150 all you need to know is on that calculation above 150 if you get above plus 150 that typically indicates one we get to overbought status but two we're likely to see higher prices in the future when you get to the oversold status that would be minus below minus 150 tells you to expect and anticipate some kind of a bout so we're seeing that trying to unfold as we took a look at the es mini the other thing and you and i've talked about this we're going to talk about it a lot this year is take a look at the as that was the es mini we're looking at if we take only the s and p 500 some people if you're just sitting here in your chair in the us you're not paying attention what's going on around the globe would think that there's just all kinds of sellers today the reality is we take a look at the s and p 500 priced in yen over japan they're not sellers they're a new all-time high they're not even close to sellers out there well maybe they're close but they're not sellers as we speak today we take a look at the s and p in great british pounds formed a new all-time high yesterday new all-time high in euros yesterday we take a look at the swedish corona it's approaching a it's it's a old all-time high that formed back in september of 2023 out there australian dollars got the australian open i was up watching that a good part of the night it struggled sleeping um and good matches uh the uh very good matches last night but i didn't see the cocoa gop i didn't did she wouldn't that anybody know did cocoa wouldn't that match you she was up for one and i went to sleep for a while and and and anyway it was i don't it doesn't matter what i can't share with you is the s and p 500 is at a new all-time high um in australian dollars the point really of this chart is there are buyers and there are sellers if price was just moving down in all of these currencies then we could say okay there's sellers out there that's not what we've got and what that is continues to signal to you and i is that retracement levels should be kind of mild out there the one chart you and i haven't talked about for the last two sessions out there has been the seasonal patterns out there why well quite frankly folks this is way more important than those seasonal patterns are this will take over for those seasonal patterns so yeah we saw some buying inside the es many the s and b 500 we've seen it but they're not sellers if you're in australia they're not sellers in japan they're not sellers in europe whether you're just in all of europe whether you're in the uk out there steve rhodes with tfnn we'll be right back currencies commodities and bond markets are as important as ever right now with how they're driving the volatility in equity markets across the globe which is why it's a great time to try out teddy keg stats tiger forex report teddy keg stat breaks down the forex markets every monday using his 30 plus years of experience as a trading veteran of futures forex stocks and options teddy releases his weekly tiger forex report every monday morning with coverage of all the major currency pairs including the dollar index the euro dollar pound dollar dollar swiss dollar yen as well as many more 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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 for side fund services llc this program is brought to you by vista gold traded on the nyse american and tsx under the symbol vgz take look at nike here this is for john c inside the tiger's den nike formed a beautiful td9 count top does it back here in the trading session of december 19th has been trading lower ever since very first thing that it did was it busted through the bottom of its profile by that gigantic gap to the downside that was back on december the 22nd so now what do we have in place out here so i've drawn in what looks like an a to b equal cd to the downside just to anticipate and somebody might ask me about that i would say that's not the pattern that's in play here the reason why steve you would say that is this retracement this b to c retracement is only a 21 percent retracement you got to get it up towards that 0.382 retracement in my opinion in order to form an a to b equal cd pattern to the downside another easy reason to go ahead and be able to negate that pattern out there is it's triggered a roadsmen dominicator signal so we already have a potential bottom pattern and what nike needs to do now then john is to generate a bullish reversal candle if it does that the nike should bounce up towards the saucer and changeline currently printed 104 92 weekly time frame chart forms a td9 count top as well matching the daily time frame chart price a couple of weeks ago closed below the bottom of its weekly profile bounced right above it last week so you know it's giving us a false breakdown signal and now it's back below it again this suggests that nike wants to go target 95 92 so what you're watching for here doesn't have to get down there but that becomes the price target level unless you see a bullish reversal candle on the daily time frame on a monthly time frame for nike nike has a roadsmen dominicator top that leads to a td9 count bottom that leads to a rally with inside his profile level right now we just have a consolidation with inside the profile john what i would say here is because prices below its red oscillator and changeline odds favor a move all the way back to the bottom of that profile although this is the buy zone the buy zone for nike is between 96 66 and 104 67 so how do you use that piece of information stevo i would say if on the daily time frame john you got the bullish reversal candle to confirm the roadsmen dominicator bottom because on the monthly time frame were inside the buy zone that would be your trigger for at least a at least a short-term trade out there so that's what i see when i take a look at the nike charts the 30 minute did form a td9 count bottom we pull that chart over for you so we take a look at the 30 minute time frame chart for nike you'll see a td9 count bottom that formed at 10 30 this morning now what price should do here is it should just like on the day it wouldn't matter what time frame i would be telling you the same thing i know that's why you're probably getting bored of me you know i gotta come up with new ways to say the same thing out there but what price should do here is it should bounce up to that oscillator and change line that becomes your line of demarcation 100.98 or thereabouts that's going to change as price moves a little bit higher but a price can close above that that would then suggest a further rally that further rally would say you could get up to 101 49 to 101 61 101 61 being the place where you put the emphasis why because that's a bullish structured profile and the price closed above that for that time frame that would tell you this is more than a counter trend move for that time frame so that's what i see when i take a look at charts for nike i hope that that made sense to you and um thanks so much for the request out there uh flesh wants to take a look at docu signs let's go take a look at docu sign out here pull those charts up and docu sign what do we have we have price trading where's the top of its profile 58 58 56 32 okay so we're way above that all right so we'll take a docu sign docu sign two days ago was trading into a recent swing point the recent swing point this was from the trading day of december 15th volume of 30 basically 31 million shares and it was moving into a 12 meters wow that's like volume last week so now you have docu sign pulling back and testing a key level of support flesh that's that green oscillator and change line so what you want to do is you you want to watch the 61 67 level out there um if uh a second here sorry about this oh wow okay uh so watch 61 67 if price closed below 61 67 it will suggest to you that it is lost momentum and if it's lost momentum the question would be well where's price gonna head to we'd look for that next level of support and that would be between 54 93 and 56 32 on the weekly time frame chart you do not have a topping pattern out here you just have price well price is trading above profile and above its green oscillator and change line so its charts are bullish out there it's going to wait for the daily time frame to make its decision the monthly time frame charts interestingly enough i believe that price is trading above resistance 59 it most certainly is so docu sign on the monthly trading of resistance on the weekly trading of resistance on the daily trading above resistance but still what's going on on a short term time frame chart great question let's go find out flesh so if we look at this 30 minute time frame we can see a td9 count top took price back to its breakout level of support did close below for two consecutive bars but it's back inside it right now here's what i would say docu sign will rally if it can close above 62 89 out there that's a level that i'd be watching on the short term i do hope that that helped you out and as always thanks so much for your request out there we've got a caller on the line it is mike in ormond beach florida mike thanks for calling thanks for holding how are you today a bit chilly here in the Daytona beach area today but um that's good i i enjoy a little cold snap once in a while steve i'm calling about xon yes and uh we're getting we're getting down to an area that was like previous resistance on a weekly chart between like 96 and 97 what do you what are your thoughts do you think this could be an area where it could support so here's what i would here's what i'd look at i would first take a look at the daily time frame chart the daily time rock chart at this moment in time has triggered a rogement and indicator signal so that would then suggest you'd be looking for a bullish reversal candle and if you got that that would then identify a bottom candidate out there so that's the first that's the first pattern on the daily time frame the second pattern that's still out here as you can see uh mike is an a to b equal cd to the downside i'll just simply draw in the a to b point for folks that would just simply move that over to the c point out there we'll see that this is already completed at least the one to one and it has generated a couple by the d point patterns out there so in effect you would have so it's still the a to b equal cd pattern is an effect on it by the way it was negate it while being negated today uh with a close that's the by the d point pattern it'll be negated today with a close below 97 48 not i don't know where price is going to close you're at 97 20 right now but if closes back above 97 48 the by the d point pattern is still in place out there interesting huh um interesting to stevia interesting to stevia at least okay so that's a daily time frame chart so watch those levels on the weekly time frame chart price is trading below the bottom of its profile is trading below a swing point now i'll have to go back and see if there was enough of retracement to potentially generate the c point it looks to me like it was less than a point 382 retracement out there but nonetheless we are trading below the december 15 swing point now there was 149 million shares obviously we have a shortened trading week out here so far further it's going to be hard to really gain or measure but so far we're 27 million again that was going against a swing point of 149 nonetheless your below support that suggests lower price you were saying that this was an area that uh before where you had some prior resistance level so all that i can show you with you 96 97 area that looked like uh there were quite a few opens and closes on the weekly chart around there got it okay cool so the cool thing here is that you know not exactly your number by the way we're going to go to a break here so i'm gonna i'm gonna shut this down just for a moment we'll come back mike and take a look at it but just simply because we are trading below profile ambitual red oscillator and change on the weekly time frame that's suggesting lower price as well and that was really your level of sport 99 this time around versus 97 but we come back this break we'll continue looking at exxon mobile okay you're 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 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tiger's den at discord is accessible on mobile or tablets as well so it's always at your reach to sign up today and become a part of this educational community of traders just visit the front page of tfnn.com you can back folks around the line with mike and orman beach hey mike during the break i went ahead and i measured that retracement from the low that i looked on the weekly chart the low of december 15th up to the high on january fifth and there was only about a 30 percent retracement there so i'm going to go with that we don't really have a weekly a to b equal cd to the downside but what i also have out here is i don't have any you know i i where we headed to next if that were the question the only thing i still have is if we get a close below that low from december 12th and they gates that by the d-point and you're still waiting for a bullish reversal candle to identify a bottom on the monthly time frame chart you could justify the same point all the way back to 84 58 that's really next level of identified support that i have between the daily weekend monthly charge breaks on mobile yeah that was not one of my main questions where you see other areas of support if we break through this area we're in now yeah like 84 58 until we get the next bullish reversal candle is what i was what i think okay okay hey always good to hear from you happy new year to you and we'll look forward to speaking again thanks thanks for discovering the rmi like as is on this chart with xon that's one of the things i did notice that we were starting to format on the daily chart so perfect appreciate everything you teach us it's it's it's great education thank you steve you bet you have a great day that was mike in a cool ormond beach florida we are cooling off down here in florida and it's going to be in the uh upper 60s and i know i know don't complain all right so the last question we've got it here comes from z inside the tigers that he said s our question for you you may choose not to answer that's okay if so uh he said did the s and p 500 top friday at 4802 and now in the early stage of a decline out there so how am i going to answer that i'm going to come back and i'm going to say look at this stage here we've got change in trend signal inside the es mini and that is trading below the bottom of its profile so is it going to continue to decline at this stage well we're in overbought conditions oversold condition out there so i've kind of covered that let me give you the real answer i don't think we're going to see anything significant in the decline inside any of the us indices out here and the reason is the culprit is is global capital again new all-time highs we called we talked about the s and p 500 inside the doubt today in terms of yen inside the sweetest corona inside the aussie dollar yeah folks uh uh so anyways have a wonderful wednesday i'll see you on terrific thursday take care