 The following is a presentation of TFNN The Trader's Edge with Steve Rhodes Toll free at 1-877-927-6648 or internationally at 727-873-7618 The Trader's Edge now Steve Rhodes Good day folks welcome to the June 17th the fantastic Friday edition of today's Trader's Edge show I'm your host Stevie Perseverance Rhodes who absolutely knows it each of us should always be pioneers of our future versus prisoners of our past hope everyone out there is having a great day hey let's make sure we have an extraordinary one and the easiest way to do that is to always remember that life is happening for us not to us that's right when you now make that one little two-by-four shift means we can find the gift in every set of circumstance that life is gonna toss at us now today you and I we're gonna 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 eight o'clock in the morning that's ready for listening at the normal time and it's 107 in the afternoon thanks much for doing that we'll try to make today's show as pertinent as we can for that hour but if you're listening live we would love to hear from you so you can give us call 877-927-6648 if you can't give us a call you can always send me an email now not if it's 107 in the afternoon you can send me an email but I likely won't respond at least immediately to that email but if you are listening live right now would love to hear from you so send it to Steve at tfn.com and inside the subject heading if you would be kind enough to put radio show question of course now tiger's done well any in every ping will do so let's go ahead and get this show started on fantastic Friday of course this is tiger financial news network I'm Steve Rhodes welcome to less show right I've got all us equity futures trading to the upside that I was up 223 Nasdaq is 130 the S&P's up 35 and the Russell's up 18 basically a very small move what do you mean by that Steve oh well if you take a look at the last 10 day average price movement in each of these the average price movement for the Dow was 726 points we're up 222 the Nasdaq is 420 points what that's a that's a daily average price movement the S&P 110 points out there we take a look at what transpired over an age last night they had a mixed bag you had the Shanghai up 32 bucks you had the Hang Seng up 229 and the Nikke back 468 over in Europe this morning we've got the DAX trading higher up about 1 and 3 tenths percent very similar to the Nasdaq which is up 1 and 2 tenths percent right now they kind of trade similarly so if you do see the DAX close higher in the FTSE close higher odds favor that the U.S. indices close higher as well we take a look what's going on in metals right now gold's off 2 bucks silver's down 6 pennies platinum's off 12 bucks platinum's down 21 bucks coppers off by 2 pennies lights recruit is trained back 63 cents natural gas off 18 pennies we'll take a look at what all that means from a chart standpoint 30 year treasuries up over one point right now 134 18 looks like it wants to move higher it formed a nice roadsman to mitigate her bottom a couple of days ago I believe prices over profile levels and should continue higher you might even get a confirmed roadsman to mitigate her bottom on a weekly basis for the 30 year treasury out there so let's go take a look at what all this we actually let's go to our first request out here and the first request is really to go ahead and take apart the the equity future contracts specifically though and we'll do it both specifically low is to take a look at the two-hour time frame chart so this for John or Z in our Tigers den from Philly and so let's go switch over and take a look at those two-hour charts what we'll see in each case is one of the reasons I believe that John has a brought up the request each of them have formed really two bottom patterns out here the first bottom pattern would be the TD 9 count each of them form their lows on bar number 8 and so and then each of them on bar number 8 they happen to be bullish piercing candles piercing candles pierced have more than halfway into the prior bar out there that is a bullish reversal signal that confirms roadsman to indicator signal and in each case that has led to a test of resistance so the cool thing one of the cool things that you and I use certainly during this show subscribers have access to all kinds of profile data out there that is provided both the morning and the evening newsletter but here what we can see in and what the profiles help us to identify identify is where buyers and sellers are in this case here we're taking over the sellers are and that's at the top of the profile in the top of the profile for the ES many is 37 basically 37 14 37 13 75 3 ticks out there the actual high 37 13 50 that took place during the time was a during the 8 o'clock hour out here just as we're coming on the air so that's the level of resistance so John price above its oscillator and change line so it's really above a support level and trading into a resistance area but here's the cool thing if on a two-hour basis you see a close above the top of that profile again the top of that profile 37 14 is what you should call it then that's going to suggest that price should go make and move to 38 1175 we don't know whether price will overtake this level or not we'll go have to dive down into the short-term timeframe charts to see if we can get any other information out here the ES many that you're a wait a minute what do I have here all ES mini charts what the Sam heck happened there no wonder everything was doing the exact same thing I wasn't looking at that so now we're gonna have to do this your lab I don't know how that happened but it was happening for me I can guarantee you that so let's get this going here sorry about that so the yes many at least we know what it's doing it looks like actually each of them are really doing the same thing out here our Russell 2000 get that contract up and then we'll make sure we take look at okay so on the left-hand side you've got the ES many we've really already covered that the right-hand side we've got the NQ the NQ has so the interesting thing here now this is interesting so the NQ has already formed bar number seven again they get that TD nine count bottom you have in the case the NQ it only made one bottoming pattern did not made it did not make a roadsman to mitigate her bottom just the TD nine count out there but price running into resistance that's at eleven three thirty three now here's the deal you so if you're bullish you really don't want to see the high of last hour the high was eleven three twenty one seventy five I mean you really don't want to see that necessarily taken out because if you do you'll get to bar number eight and that says that over the course of next maybe four hours or so you could see some type of short term top that would form out here that's the message of the NQ so the NQ has already formed bar number seven it's working on bar number eight it's one bar ahead you know it's just like to drink a lot it's just one bar ahead of the other three so John I think I would keep my eyes more peeled on the NQ today in its development along the TD nine count pattern out there as well as top of those profiles at the top of the profile by the way on the Dow equity future contract that is at thirty one seventy the top of the profile on the hundred twenty minute chart for the Russell two thousand sixteen seventy six eighty out there but I would be watching for those at least the NQ and let's go focus in on the NQ first for a potential TD nine count out that could form so this current bar is not going to complete bar number eight it's not going to complete till ten you've got to get bar number nine to complete that takes us to noon and you can always have the bar following bar number nine that makes that the higher actually high excuse me higher high for that panel that would take us into two o'clock so if you're listening live and it's one fourteen in the afternoon out there the NQ could be signaling a TD nine count top I won't know I can't see in the future but it could be stiggling that as you are listening to the show Steve Rhodes with TFN and we'll go take a look at we'll die take a deeper dive into the equity future contracts soon as we get back time of booming inflation we are purchasing powers eroded there's no better place to protect your hard-earned money than a goal this the goals flagship asset is the Monk Todd goal project in the northern territory of Australia this is Australia's largest unveloped goal project we are talking world-class goal project tail one mining district this is a large-scale low-cost project with significant existing infrastructure in a politically safe and friendly mining jurisdiction this the goal just completed the Mount Todd feasibility study 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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 are you in the market for buying or selling real estate in the Bay Area including the surrounding St. Petersburg Tampa and Clearwater markets Tiger real estate LLC is a firm that has extensive experience in the Tampa Bay Area whether you're looking to sell your current property for maximum value or you're in the market for a second home or investment property Tiger realty has the experience across all areas of real estate in the Tampa Bay Area to help buyers and sellers make the most informed decisions across all price levels from the price you should be paying per square foot in certain up and coming areas to the type of cash flow investment properties are capable of creating Tiger real estate can help you make the best decision when it comes to all areas of the market before you make one of the biggest decisions of your financial future called Tiger real estate LLC today at 727-329-8322 or email us at Tiger at TFNN.com that's 727-329-8322 call us today call now toll-free at 1-877-927-6648 internationally at 727-873-7618 welcome back folks let's go to actually our first question is coming our second question is coming we'll go back and take a look at the equity futures in a moment this one is coming in from Robb inside our Tigers den Robb's question is about ticker symbol XAR XAR is the aerospace and defense ETF out here so Robb's question reads like this please take a look at XAR daily and weekly A to B equal CD downs both cross B points with less volume not true the weekly chart has a confirmed A to B equal CD to the downside with volume so we'll come back and take a look at that XAR seems to have bounced off the November 9 2020 gap November 9 2020 so is that where this gap here's here so I've got a gap okay so this is the same thing yes so I'm on the weekly basis that gap the top of that gap is at 91 83 I don't know why my chart isn't really right at that exact spot but we'll try to get it there 91 83 okay so we're just trying to get my chart here to line up with the Robb if this is just an options expiration bounce would you suggest entering at the bottom of the gap at the minus 90 levels is really referring to 91 83 or wait for the 1026 swing of 85 maybe neither and sit on the hands until general market trend changes well I would agree with that last statement for sure but potentially you know but so we just want to take a look at how is the aerospace defense area trading so first let's go to the weekly chart out here because the weekly is going to have a little bit more meaning than the daily out here so the weekly swing point is the low from the week that began January 24th that added 421,000 shares if you look in the upper left hand side at the end at that little data box it's got a little red border around it you'll see 421 541 that's the volume when that was passed and cleared that was cleared on the week that began May 16th 856,000 shares so this B point has been crossed with volume up there so you haven't confirmed a to be equal CD to the downside the eight point out here is the high from June 21st of the week that began June 21st the low the B point January 24 2022 in the C point 2790 yeah it's going to be the week that began May March 28th now we can see here Robb is this is attained the 1 to 1 price level but price is stronger on the C to D leg than is on the A to B leg what do I mean by that price is along the strong side the left hand side out here price is also below the bottom of its weekly profile which is 102 57 so because we're on the strong side here odds favorite that this is going to generate more than a 1 to 1 a to B equal CD I would agree with you that the next part target to the downside is that 91 83 level well with regard to the A to B equal CD pattern the easy way to identify whether the market has is attempting to form a bottom is you wait for the bullish reversal candle if you don't know Japanese candlestick charting just sign up for mastering probability do it for 29 days you'll learn the seven bullish candles and seven bearish candles I make it very easy easy peasy as easy as I can for you and that is how the market will communicate to you that it is attempting to form about doesn't mean that it will hold but at least you've got that first side of what buyers are attempting to do so you ask me would I buy at 91 83 no because I would wait for a bullish reversal candle so you've got a to B equal CD to downside on the weekly you've got one on the daily time frame and so on the daily chart out here I don't need to draw in that a to B equal CD pattern and it doesn't matter at this stage here whether it was crossed with lighter volume or not I say doesn't matter only because we've got that con confirmation on the daily time frame the a to the same a to B equal CD pattern by the way for the daily time frame you'd be looking at that swing point from January 28th that had volume of 80,000 shares that was passed with 1.9 million shares so now you've got a confirmed a to B equal CD to the downside on the daily time frame now Rob you and I may be using different B and C points I'm not really sure so here's the best way to suggest to you why the why the swing points that I've chosen are the correct swing points out here if we take a look at I'm coming back to the coming back to the trading period of March 30th as well as April the 5th out there and those highs that were formed are above any prior highs that are that are out here to my to my left so it's not like I could choose the swing point down here from a December 1st as my B point because there's a lower though that forms after it so that B point absolutely has to be that hammer candle from January 28th on the daily basis for your a to B equal CD point so here we're going to get the same values the high actually June 28th the B point is down here at that hammer candle on January 28th and then you've got the high looks like it was the high from March 30th let's see that was 127 90 this one is 127 80 now so that's it so you've got a confirmed a to B equal CD the downside there's your 1 to 1 level again here it's just showing us what we took a look at on the weekly time frame odds favorite price targeting the 87 17 area but I would wait for a bullish reversal candle it is really that that's how I would take a look at it with regard to the A to B equal CD patterns out there but what we have is additional information so I want to go take a look at that it's those white background charts out there that's the multi panel chart so on the monthly time frame CD 9 count top for XAR price to go target 85 81 on the weekly time frame out here almost looks a little bit like the NQ out here in the NASDAQ composite on a weekly basis you have both wave number seven that's courtesy of the Chapman wave now that cannot be confirmed until you have a higher low it's got to be a higher low out there so that says next week but what you also have is bar number nine that is completing now the TD 9 count it can be bar number nine bar number eight or the bar following bar number nine so it says that next week perhaps you could get that TD 9 count pattern that's what you'd like to see as a bottoming pattern on a weekly basis then go back to your daily chart and find some kind of bottoming signal there and it could be an A to B equal CD pattern the other pattern that could be sitting up on XAR as a rogment to indicator bottom last yesterday was bar number seven so this has the potential over the course of the next three trading sessions to generate a TD 9 count bottom you've got to get you got to get price below bar number seven doesn't have to be today it could be on Tuesday or Wednesday of next week but it has to happen there's a couple other things that have to happen a bullish reversal candle here would confirm a rogment to indicator signal and that would then suggest to move up to its hospital and change line Rob and that would take us into about the 101 90 ish type area out there so it does make sense to pay attention to there's multiple patterns right you got the A to B equal CD pattern we've got the TD 9 counts we want to take a look at and you've got the rogment to indicator signal out there so I say circle back to this on a Tuesday of next week Tuesday Wednesday maybe right back in and we'll take a look at it and see what what additional information what today's results show us and so forth so I hope that answers your question out there but again I believe that the A to B equal CD pattern that I used is the correct one to be looking at and hopefully I've given you enough information to answer your question out there so I wait for the pattern to complete before I go ahead and take a position let's go back and while we've got just a few minutes a few seconds out here I should say look where's the NQ chart we were looking at the 420 minute charts out there here in the NQ you have a TD 9 count top that formed on the 60 minute time frame that has been negated out there has been negated yeah it was negated out there that suggests that price wants to run higher now look at the 30 minute chart out here you've got a TD 9 count top likely if this rally is going to sustain itself and we've got this momentum all that's going to take place is price which basically it's done is get back to test that red oscillator and change line that's an 11 267 then take off from there but here's the key thing you close above this bar number nine out here that says we move higher zero to a TFN upgrade 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 market's 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 TFNN has just launched their new trading room 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 and now they are expanding their reach with the Tiger's Den available to all Tigers and Tigresses for just one dollar for the year there's no cash or added costs when you join our community of traders in the Tiger's Den you can look over the shoulders of Tom O'Brien and the other TFNN hosts 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Artleys, 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 So Rob was kind enough to tell me the information what he was looking at for the A to B equal CD standpoint and it's really looking at an A to B equal CD along that C to D leg out here and using SA and that's fine but really what I want you to do is not always but many times there are several A to B equal CD patterns out there but you really want to step back and take a look at the larger patterns so don't discount the larger patterns out here those are the ones that are really in my opinion are the ones that are controlling the price movement the other thing here in your A to B equal CD patterns that you choose you really want to see that C to D leg be at about a 0.382 retracement this one was 25 so it's already kind of a signal that you're forcing that A to B equal CD pattern you know versus the larger one that is out there so I do hope that helps you out thanks much for taking the time to write in and especially writing back just let me know what you were looking at which was different than what I was looking at and hopefully you get what I was able to share with you. Another request that we have in at the moment so what I do want to do is I want to go back to that NQ chart as we were just simply going out through the break out there make sure that I clearly articulate what I meant there so you've got a TD9 count top that has formed out here that's been confirmed and if we see a close above that high that says the pattern will get negated and that high is 1132175 so that's the number to jot down on your pad of paper hey if we're trading above that it's 131 in the afternoon okay so then you've got an additional signal out there now what that would signal and hear from a momentum standpoint because you've got that TD9 count top we should see the oscillator and change line and price test each other and if that holds and price continues to move higher out there that says that the current 30 minute bullish trend should continue now it's upside target out here is up at 1159760 that is its TD9 count breakdown resistance area so that in fact could be a price target out there for the 30 minute time frame chart on the 60 minute time frame chart out here I had mentioned earlier that there was a TD9 count top that formed it was on this bar right here at two o'clock in the morning that high was 11293 and a quarter and price closed actually take that back now that I expand this out that two is still in place we have not had a close above that high so that number again is 1129325 I don't recall what it was on the 30 minute chart I gave you but close above both of those are suggesting we have now on the 60 minute time frame chart you've got your battles up top and your battles up top are profile levels least current profile levels at 832 in the morning and those are at the 11310 level so expect a battle there we've already seen that next if you clear that 11353 and then above that 11395 if price can close above 11395 I'm not saying that it will I'm saying if it does now what we're looking at is moved to 11724 now if this TD9 count on the 60 minute and 30 minute take hold and we see price trade below the 30 minute let me just shorten up this chart here so that we can look at the 30 and the 60 so if the oscillator change line does not hold on a 30 minute chart then where price will go target is a 60 minute oscillator change on 11221 and the price closes below that which is a real possibility out here it would be highly unusual based upon all the selling that we've seen to not see some kind of selling an hour from now right out of the gates maybe that's what these TD9 count signals are providing for you and I so if price were to close below that 11220 area and that's going to move a little bit lower as price moves lower then where price would target is its breakout level that breakout level on the 60 minute time frame is 11145 on the 30 minute time frame is 11215 so those would be areas that I would be watching if price is able to close below the red their red oscillator and change line levels out there not much else to report on the NQ let's go ahead the request was to thoroughly take a look at the ES mini as well so let's go pull up its multi time frame charts out here and then a multi time frame charts well the other thing that you might have noticed I didn't cover it was the NQ and the ES and all of them are really at the same thing when we take a look at the daily time frames and the daily time frames show that yesterday was bar number seven of a TD9 count now I don't know if this pattern will form or not out here first you got to get to bar number eight that's today and bar number eight says you have to close below bar number four the close of bar number four well what was bar number four's close that was 375350 and we're at 3702 so if you're looking for that to be a potential pattern you don't want to see price close above that level if it does close above that level in the ES mini the TD9 counts that you see there will vanish so we won't have that pattern it will just simply be back the A to B equals CD patterns to the downside that are already in existence out there we're just waiting for some type of bullish reversal candle to form to confirm that bottom and in ideally here you get the bullish reversal candle in in all four of the equity future contracts but certainly most of the US cash indices as well out there so when we take a look at the ES mini it's 16-minute time frame chart let's see if this TD9 count top is held it has so it also has a TD9 count top and maybe suggesting a move back to 3685 and the reason is that's because this Rotzmann Dominicator bottom formed on the 16-minute chart and if this was just a counter-trend move and on a 16-minute basis that's what we have to term it as right now well you don't you don't have to but I'm going to and the reason I'm going to is because this was a bullish structured profile and when price closes below a bullish structured profile for two consecutive bars then it suggests price is heading lower out there doesn't guarantee it suggests that price is headed lower it also tells us that if any move higher is just a counter-trend move then where price would find resistance would be either be at the bottom but more likely the center of that profile and that in essence is what has unfolded here this morning so a close above 3716 says well one the TD9 count top will have failed and then that price should then go target 3737 but price is trading below the bottom of that bullish structured profile that's what suggests that we could see a run down into about the 3685 or even 3665-25 which is the TD9 count breakout level for the ES mini so that's what its chart is communicating to us the now that was a 60-minute chart got much make sure that was a 60-minute chart that we were looking at on the 30-minute time frame chart out here for the ES mini what do we have not much we had a seventh wave move out here that formed at two o'clock this morning took price back to the bottom of its bullish structured profile as well as its red oscillator and change line and the price moved higher here so that pattern here's negated that's that seventh wave move out there so really it's going to be the 60-minute time frame chart I believe the 60-minute chart that's really controlling what price is doing out here you've also got that 120-minute resistance level but it's really the 60-minute chart John that I think is controlling the price movement and that I would be focused on today for your signal information so with no other requests out here let's go take let's switch it up and from take a look at the equity futures to take a look at the Goldilocks so let's go take a look at what gold is doing out here gold has tested and rejected the bottom of its daily profile probably that's 1835 and likely to get it's going to look different here on this chart the white background chart versus the black background chart out there they've got different profiles both are correct the black background charts have got the 1839 level both tie into the same top of the profile which is 1879 so that's your real resistance area out there now as we take look at Goldilocks just looking for some intraday signals out here so more more likely than that what gold is going to do it's going to go target resistance again and the reason why I say that is price above its oscillator and change line and it's dealing with where some sellers reside it's a barestructured daily profile slightly barestructured so they're lined up at both the center and the top the price should make its way to 1879 now the five hour time frame chart which formed a TD9 count bottom where price stalled and it looks like we've got a confirmed sell the d-point pattern was right at a breakdown level 1861-19 price actually got up to a high of 1861 if you missed it by 40 cents on an $1800 instrument really how cool is that 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 covered 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 are you in the market for buying or selling real estate in the bay area including the surrounding st petersburg tampa and clearwater markets tiger real estate LLC is a firm that has extensive experience in the Tampa Bay area whether you're looking to sell your current property for maximum value or you're in the market for a second home or investment property tiger realty has the experience across all areas of real estate in the Tampa Bay area to help buyers and sellers make the most informed decisions across all price levels from the price you should be paying per square foot in certain up-and-coming areas to the type of cash flow investment properties are capable of creating tiger real estate can help you make the best decision when it comes to all areas of the market before you make one of the biggest decisions of your financial future call tiger real estate LLC today at 727-329-8322 or email us at tiger at tfnn.com that's 727-329-8322 call us today are china a shares hot or not if you trade china a shares now may be time to take a closer look trade chau or chad directions daily csi 300 china a share bull and bear etfs china a shares in either direction visit direction investments.com 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 this program is brought to you by vista gold traded on the nyse american and tsx under the symbol vgz equity futures up 179 nasdaq up 116 gold which we're looking at right now is trading out at 1853 that's up three bucks out here and so the real resistance level so in order to get that move up to 1879 and this is the cool thing out here is we need to see a close now back on the five-hour time frame chart we need to see a close above its teeny nine count breakdown error that's at the 1861 90 level if we get that then and there's no reason to think that gold won't be able to do that price found resistance at a an at a natural spot out there but that's what price needs to take out to give us that confirmation they're headed to 1879 out here on a 60 minute time frame chart you've got a nice teeny nine count top that form and so if price can close above that level that level by the way is the high of the day and that highs in 1861 50 so that's another level to be watching now this teeny nine count top did its work already and this work was to take price back to support in this case here it was the bottom of its bullish structured profile out there price right now is trying to take out its green oscillator and change line a green oscillator and change line tells us one thing well two things one tells us the price oscillator is above zero that is a bullish to neutral condition right now it's neutral unless price closes above the green oscillator and change line then we would have a rising price oscillator above zero that is a bullish condition and that would say price would go target the next round of sellers which happened to be sitting in 1858 10 but what you and I know is that gold would need to close above today's high so far that's at 1861 50 they didn't give us a suggestion that price move up to the 1870 level that's where the next round of sellers could or should be sitting in a 60 minute time frame chart for Goldilocks out here so watch these let's say watch that 1861 90 level that's going to be key to whether price is going to move higher or not now i've been talked about price moving lower out here even with those td9 counts because price is held support if price fails in other words price gold starts trading lower you've got that td9 count top on the 60 minute time frame chart and price closes below 1844 30 then that's a signal that price is going to make us move to the 1827 level so that would be the downside target that i would see inside of gold based upon the chart patterns that we're looking at as we speak right now let's take a look at natural gas natural gas we're going to look at the august contract out here kind of an interesting pattern that is out here and the interesting pattern on the daily time frame is going to show us as soon as this thing here gets totally populated is going to show us that actually conditions are still somewhat bullish and here's what i mean by that and really this just takes into account what you and i've already been discussing during the day with regard to profiles bullish or bearish structure profiles topping patterns which in the case of the august contract for natural gas confirm both a td9 count top you can see that was way back here on the trading a day of may the 25th that high was never taken out which means a close above it can be spiked above but it's really the close that the essence of price is really the body of the candle the the wicks or the shadows are nothing more than the extreme emotions during that time period that session but you've got to confirm roadsman to indicator top and that took what i want you to take a look at is the daily profile this is a bearish structured daily profile remember when price closes we were talking about profiles trading or price trading below bullish structured profile i believe and how the center becomes the the countertrend line here on a bullish structure to see the exact opposite we flip it and the center here becomes the counter trend move so in a bullish market where price is just pulling back and retracing well we have to make a determination is this a significant change in trend or is this just a natural pullback to a level of support and here we can see that big move from four days ago big wide-ranging bar which always says be concerned but look at where price stopped it was right at basically the center of that bearish structured daily profile that is a suggestion that the move lower that we've seen here natural gas is nothing more than just a counter trend move now the confirmation of that would be getting back above the top of that profile that's at $7.62 then price has to run up or should run up if it can do that run up to its oscillator change line currently printed about 842 and it would be a close above a green oscillator change line that would say okay natural gas is headed back to its highs not going to say that's going to take out those eyes but that's where we be headed to so if there is a close below 7.20 7.20 then what that says is okay this was this is more this is not a counter trend move to the downside and instead price is going to go seek out the 635 level or this the daily chart maybe make its way down to 538 but as we speak right now we're going to go with this is just a counter trend move to the downside still looks bullish out here but the real confirmation as to what might also be going on would be to take a look at its intraday charts out here and we take a look at the intraday charts the one thing that is missing is any kind of a bottom signal i think it's all been updated properly yeah no no no bottom signal to to speak about here but what else if anything can we glean from the from the intraday charts out here i'd say it's a 30-minute chart as i look at these that would provide you with the most amount of information and what i mean by that specifically is this formed a td9 count top and it does this at 8 7 30 this morning and then price pulls back in this natural gas contract that we're looking at and price is now trying to regain its profile the current profile if price is able to so the the confirmation on the daily basis that it was just a counter trend move to the downside would be price close in my opinion would be price close above the intraday high and that's at seven dollars and 56 cents if you see a close above that then that's going to signal that natural gas is likely headed to 798 out there so that big move to the downside on that daily base that big wide-ranging bar so far was nothing more than a counter trend move back to an area level of support that you and i would have anticipated and that is one of the coolest things about these profiles out there i believe we've got a caller in the line is brent and martin is california brent thanks for calling thanks for holding how are you this morning well i'm doing great steve how are you excellent thanks much for joining us and clf is what you're calling about uh is the ticker symbol tell the folks what you're doing and how i can best help you that is cleveland cliffs which closed yesterday at 1691 yeah i sent you an email maybe it didn't come through okay i was looking at a couple of the steel uh stocks and then this is one of them and then the other one was u.s steel and they kind of have you know the same type of pattern and it goes back a little bit to what you're looking at that x they are they have uh looks like they're in the midst of a vehicle cd patterns and i was just hoping you could take a look at uh where those could potentially complete would there be some level of you know support or something that would make sense where that would play out at that same level okay all right so let's take a look at that cleveland cliffs out here which yesterday traded into its swing point from january 24th that swing point had 35 million shares yesterday's volume was 20 million shares so the first pattern or a pattern to look at is how does price so we close below the swing point on lighter volume not a guarantee that price will get down and test the bottom but the but if it does and what we be looking for is a test of 1581 unless in 35 million shares that could be a test rejection of a swing point and that in itself could be a uh bottom signal i'm on the give me a moment here brent let me change uh screens sorry about that so here's the black background screen you'll see at 1718 that was again the swing point that we're taking a look at folks was from the trading day of january 24th which had volume of 35 million yesterday was attacked with 20 million you close inside it price might attack the bottom which is 1581 brent mentioned the a to b equal cd down pattern the b point out here and i'll draw that in but the b point is a trading day of may 12 19 million shares when that was passed it was with 18 then on the next day uh 23 million so i'd say we've got a confirmed a to b equal cd to the downside which will draw in when we get back from this break c roads with t f and n would be back in just a few the reality is that navigating financial markets can be risky markets can be chaotic and difficult to understand having the latest market advice can help you turn this chaos into a key for creating winning trades at t f and n we understand that it can be hard to find reliable market news that's why each of our market experts offers their very own market newsletter they must have tool for every trader out there striving to find an edge in today's markets t f and n newsletters cover every aspect of the markets so you can analyze the market before you trade try any 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on your mobile device 24 hours per day go to t f and n dot com then hit watch tiger tv that's t f and n dot com then hit watch tiger tv good back folks we're taking a Cleveland with Brent in Martinez California hey Brent you gave me a complicated instrument here to to analyze and what I mean by that is we've got the confirmed A to B equal CD to the downside pattern that suggests I've just drawn this in on the weekly timeframe chart for us Brent so on the daily we already talked about price testing a swing point the weekly chart here you've got volume already of 87 million the swing point had 88 million so it's going to pass that certainly with volume it suggests to move back to the 1092 or 718 level but at the same time prices trade is why it's complicated prices trading in the swing point on its weekly basis that's the swing point from january 24 similar to what we looked at on the daily timeframe with much lighter volume that had 145 million shares and there which no way we're going to get get to 145 million shares today so it's pulling back into an area of support potential level of support with lighter volume and we look at the monthly timeframe chart we can see that price is sitting on support and that is the bottom of its monthly profile 1689 and so how does that make this complicated analyzing this stock chart well is it the A to B equal CD pattern that's going to unfold or is it some other pattern because price is sitting at support what are pulling back sitting support on the on the monthly but pulling back into some support areas with lighter volume on the other charts and so when they change over Brent and take a look at the white background charts out here what we're going to see is on a weekly basis this is going to complete bar number nine near its breakout level of 1771 and on a daily basis has a roads meant to indicator signal that's triggered and if you got a bullish reversal candle today that would confirm at least a short term bottom or at least a bounce in 1925 or I would say at least 2098 what questions do you have based upon what I've just shared with you because when you have about 15 seconds or so no I appreciate it Steve that's something that has to be considered this might be as far as it goes yeah it's an eye on that and uh yeah I mean and none of this well I wasn't planning on doing anything right away but I'll keep an eye on it and then and the same with us deal so maybe next week we'll get a chance to look at that as well so just have yourself a wonderful weekend and thanks so much for your help Steve YouTube friends everybody else out there have a great weekend we'll see you on Tuesday take care folks