 The following is a presentation of TFNN. The Traders Edge with Steve Rhodes. At 1-877-927-6648 or internationally at 727-873-7618. The Traders Edge. Now, Steve Rhodes. Good afternoon from TFNN. Welcome to the July 16th. The terrific Tuesday edition of today's Traders Edge show. I'm your host, E.B. Perseverance Rhodes, who absolutely knows that 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 have an extraordinary one. And the easiest way to do that, it's to always remember that life is happening for us. Not to us. We're going to make that one little two-by-four shift. It means we can find the gift in every set of circumstances. That life is going to toss at us. Today, you and I, we're going to go check on the circumstance of these markets. We're going to go figure out what the bulls and the bears, what the buyers and the sellers are communicating to you and I just passed one o'clock in the afternoon. I want you to know that I'm absolutely grateful for your presence here, but more important than that. During this next hour, I'm here to serve you. So feel free to pick up that phone. Dial on in at 877-927-6648. If you can't dial in, we've got you covered. You can always let those fingers do the walking. You can send me an email. Steve at tfn.com inside the subject heading, please put a radio show question. Of course, in our Tigers then. Well, any ping we'll do. So let's go ahead and get this show started on Terrific Tuesday. Of course, this is Tiger, Financial News Network. I'm Steve Rhodes. Welcome to Lush Show right now that I'll trade up 10 points. 3.69 S and PSY five. 1.00-5.25 points. That's about three tenths of a percent to the downside. The Russell is up three points. Semais are off 13. That's 9.10 7%. To the downside, spot volatility index is off six pennies. Gold's a flat. Silver's up 33 cents. That's 2% to the upside lead in the charts The upside is his booking holdings up $10 and change Canadian Pacific Railway. Up to 8 Row Coup, 7 and changed to the downside, down. And it was pizza. Mm. Of 20. Buck Rooney's out there. Fact set research is down. That's about 7% by the way. Fact set research up 3% and change about $10 to the downside of gap to the downside. Mercado Libre off 10. So let's begin with. Hey what are the markets doing as of one o'clock? We saw the market sell off. A little bit of a sell off it will take a little bit of time. We saw the market sell off. There was a test of support. Now we're talking short term support. We're really talking a test of a breakout area. The breakout area here was at 3550 established by this red horizontal line for those of you that are tracking the TD set up nine count both for resistance and support out here, you knew that as the pullback in order for there to be at a minimum some type of breakout area. So 3550 price came down there and held that level. Unless we see price close under 3550, all that was going on was a test of support. Now it doesn't just really stop there. We don't just take a look at the 30 minute chart for the mini. We can go take a look at the NQ. We pulled the NQ out here. What we're going to see is that as price was moving lower, it was also going to be a 30 minute chart for the NQ. Now the cool thing is is that the tools here that you and I look at for a 30 minute chart, we're going to two minute chart, a daily chart, a weekly chart, so on and so forth. If we take a look at the Dow equity futures, you're going to see just nothing but strength here. We take a look at the Dow. First of all, the level of support that you would need to see a close below is 27,216. That is the last. Now there may be a new setup that takes place out here over the course of the next many hours, but at this stage here it's 27216. Price never even got down anywhere near close to that level inside the Dow equity futures contract. Why is that? The reason why and what makes this market so difficult in calling the top is because of the global flow of capital in the U. S via the U. S stock market, whether it's via bonds or whether it's by the U. S dollar, it kind of flip flops from day to day, but folks around the globe are trying big money folks are trying to get their currency lined up behind the U. S dollar, and there's several ways in order to do that. So there was a bit of a conversation that I was adding to in the Tigers Den. You see, we can see a lot of charts in the data because that's really all that I'm reporting to you. I'm nothing more than really just a commentator that is commentating on exactly what the charts are doing. The lines the numbers that we put in here that we showed on a 30 minute basis with regard to what is going on inside the markets. Where is price headed back to those are objective. If you believe in those patterns, if you believe in those patterns, if you believe in those patterns, then it is said that in essence, it's a weekly timeframe. It goes back. It goes back to the lows last major low across the globe in the U. S. We know that that happened to be on the day following Christmas on December 26. Now I have to use a weekly timeframe. So in essence, I'm going back 30 weeks here. You can do the same thing and we're going to do the same thing and we're going to do the same thing and we're going to change your currencies being the euro, the end and the pound and then, of course, the U. S. Dollar index. This chart here. If we go back for the last 30 weeks, what you will see is that the winner winner winner chicken dinner is still the U. S. The S and P has had a one has had a 30 week rate of change of the U. S. Dollar index. In essence is what has taken place other than the Australian index out here, which is up 20% every other index is is is is about half of what we've seen as far as movement into the U. S. What this is showing you look, here's the deal. We've seen a great movement. Let's say in the S and P 500 24 percent in terms of U. S dollars in terms of euros. I'll save you the time. Nothing. Lights we crude is close. It's at 25.93, but that's on the commodity side out there. Nothing wrong with that. But the global flow of capital is coming here. This is why the Fed is wants to reduce rates. They are trying to stem off this global flow of capital. They're not going to be able to do it. I don't care what they reduce interest rates to reduce interest rates are if you're trying to get out of your currency really is a half a point or a quarter point going to make the difference in the world. Is that really going to stop the global flow of capital? No. But they're not going to tell you the story. They don't need to tell you the story. I don't need to tell you the story. All you need to do is just go ahead and take a look at the market right now. It's so difficult to identify a top. But we're still going to try to do that. We'll go take a look at the daily time frame charts. We'll take a look at the lines of demarcation where price needs to close below for that potential top to actually form. He wrote with TFNN. We'll be right back. If you're not currently using the Taz profile scanner when looking at setting up your trading opportunities, then your arsenal is short a mighty weapon. The Taz profile scanner is a standalone piece of software that instantly filters over 2500 global financial markets such as stocks, ETFs, commodity futures and forex headed by Steve Dahl Taz understands that in today's technological world, the use of top flight software applications and technical analysis expertise is essential to successful success to the webinar that Steve Dahl and Tom O'Brien just hosted the best way to use the Taz profile scanner to profit. This webinar archive is available for all subscribers immediately upon signing up. All new subscriptions also come with a 30 day money back guarantee, so you have nothing to risk. Start your subscription by visiting the front page of TFNN.com today and you'll find the Taz profile scanner under the services tab and then the Taz profile scanner and then the Taz profile scanner to help you use the Taz profile scanner. Now, if you're looking for a CD market and looking for a secure investment, the Tiger first mortgage program may work for you. The security for these first mortgages are building lots in the tax opportunity zone in St. Petersburg, Florida. The tax act of 2018 set up tax free zones across the country where you can build and hold for 10 years is 3.1%. A $50,000 investment at a normal 4-year CD rate of 3.1% would give you income of $1,550 per year or $6,200 over the 4-year period. That same $50,000 investment in the Tiger first mortgage program would give you $3,500 per year or $14,000 over the 4 years. What should you prefer? $6,200 or $14,000 of interest on your investment. If you'd like more information about the Tiger first mortgage program, you can call me at 877-518-9190. Tfnn has launched our brand new website. You can still visit us at the same tfnn.com URL, but when you do, you'll see a new and improved homepage with a much simpler navigation, whether you're watching Tiger TV live in high definition or just accessing your newsletter subscriptions. We even have new pricing in six months and yearly options. Check out the new tfnn.com now and experience all the upgrades. Tfnn.com Educating investors. Call now toll free at 1-877-927-6648 internationally at 727-873-7618 Welcome back folks. Let's go to our first question coming in early this morning from LC. LC wants to take a look at potential price projections for new gold and GD is a ticker symbol there in the bottom right corner. Let's go take a look at those first. You're looking for price projections. I want you to want to make sure that you focus on the overall index of gold and silver bugs index the XAU out here. What I want you to be paying attention to is the fact that prices moving higher, doing it with less relative energy part of the roads momentum indicator topping pattern. When you take a look at the XAU in order for the bottom to have formed needed a bullish reversal signal that was a bullish engulfing candle that formed right back here. It looks like on May the 30th. What was being needed here is a bearish reversal signal so we don't have that but LC I want you to pay attention to this because if you get that topping signal out here and you're going to stay in those equities even with the regardless of the value of the XAU, you're saying that these individual equities are going to be stronger than the index. So be careful. Be careful out here. Don't have to be careful today. Although you do. I don't know what the end of day session is going to look like. I don't know whether we're going to have a bearish reversal signal today or not. That I don't know, but you'll want to be paying attention to that now specifically to your request out here. Let's go take a look at if we were going to ignore that, which you and I are not going to ignore. We're going to be paying attention to the larger picture out here. We just can't. But if we do take a look at N G D and we begin with that, and we take a look at patterns out here on the daily timeframe. I don't have a level to give you a price projection just yet. We'll come back to it here. What we can see is that today is going to be day number seven of a TD set up nine count remembers bar 89 to the bar following nine can be the bottom of its profile. That was a June 20th low and then things took off from there whenever you get a top. Or a bottom signal. It says that in the case of a top, you're going to pull back to sport. In the case of a bottom, you're going to pull back into resistance. We don't know whether those levels will clear or not. In the case of June 14th, it was the slightly higher high that took place on the 15th. That created that TD set up nine count. Now price pulled all the way back to support. In this case, your support was the bottom of its profile. That was a June 20th low and then in the case of N G D. It was 90 cents that was set up by this little TD set up. That was where price had broken down. Once price got above that, it was off to the upside out here. Now if we take a look at the weekly time frame chart for new gold, let's just pull that over here. Get a feel for what we've got. You can see that is trading right in the top of its weekly profile. It's slightly above it. The weekly box is looks like around 127. You're trading at 131. So prices up at $1.5 million. They're all great and things are going to be able to clear this level. Then they could move to 218. 218 is the next resistance area. That's the next breakdown level on a weekly base for new gold, but be careful. Really? It's a weekly chart. I don't know what the week looks like. But if price closes back below 127, you know that that was a strong resistance area. If you're asking me where so be be careful out there. If we take a look at the monthly time frame chart for new gold on a monthly basis. You're looking at about 356. That's where the breakdown began inside of new gold on a monthly basis. Your other request out there was for E G O E G O is a ticker symbol here just to make it quick with regard to profiles will come over here. We'll see that a lot. El Dorado El Dorado gold is up above its daily its weekly and trading at about 356. That's at $7.43 out there. So that's a resistance level that you'll want to watch. You're trading at 718 from the daily perspective. It too is going to go ahead and create bar number seven of a TD set up nine count out here. So be on the lookout for a potential top. Um coming to a screen near you over the course of the next couple of days. Today you happen to be in wave number six. Today you happen to be in wave number six. That's letter F on my screen out here. So the earliest possible that wave number seven could form would be today's Tuesday. Once it'll be Thursday, you would know that till Friday. I'm not using as a forecast. You just have to let this pattern play out. So there's two potential topping signals. That patterns that may be forming. We don't know if they're going to form or not inside of El Dorado gold. If I take a look at the weekly timeframe chart again for a price projection, 735 is the nut. That is where that TD set up breakdown. The second one in essence began. So 735 at 721 that becomes my price projection for you. So LC best of luck with those trades. Pay attention to the XAU with regard to how it forms its candle sessions over the course of the next couple of days out here. Another question coming in from Tim M. Tim wants to take a look at how it forms its candle sessions over the course of the next couple of days. I believe that EC a is a ticker. So I believe that is the conna, but let's not guess. Let's go see what it is, and let's look for its TAS market profiles both on a daily weekly monthly as well as quarterly based so we can see here about in conna. What are you looking for? You gave me some great advice when I went into EC a earlier. Well, that's great to know. What do you think about entering into EC? Well, but here, what we know, Tim, is that price is below the daily box below the weekly box at this moment below the quarterly box, and this says we're going back. This equity is going back to previous lows out here, previous swing points. Let's go take a look at the other patterns that might be in play out here. We take a look at the daily time frame chart. Um you can see where the last bullish candle form. By the way, there was a nice erosment indicator bottom signal at piercing candle on the right side of the right side of the right side of the weekly time frame chart. I don't know if that is going to hold or not. I don't have a pattern associated with it other than a test of a prior swing point is it with volume or lighter volume with the volume down there on June 17th was 18.5 million shares. You're at 14 million shares. Tim, this equity is pushing lower with volume. This says don't even think about it. Well, you can think about it, but I'm saying, Hey, don't even think about it now on a Thursday night. Let's look at the price of the stock market. We have a very detailed bullish pattern here. Now, we didn't get the bullish reversal signal. You didn't get the TD nine count set up that. That is what had made the law still has made the law. We take a look at the weekly time frame chart out here. But what we saw was just simply a bounce up to where we're both buyers and sellers believed that there was fair value with the weekly timeframe that was the center of its box at 528 prices moved down from there. Now where's price headed to that's going to be a good thing. We're going to go to Kana. See if we can see anything out here. And the only thing we see the prior swing point takes you back into the 2000 and 16 time frame that low around three bucks, and I'm not saying that three bucks is going to hold this thing up. In Kana wants lower price. Now is definitely not the time to take a long position there. Look elsewhere, Tim. When it comes to a position in GBTC, I believe that is the Bitcoin trust GBTC out here. Can we give you a price target? So let's just stay with the ETF. Of course, as you know, you've got to go take a look at what's going on inside of Bitcoin. Out here. If we take a look at GBTC, here's one thing that you know, we know there is a bear structured profile that price is trading. No one right in right now. And the bears are the sellers to be able to push price down towards the bottom of that box. That was at 12 51. The low today has been 12 65. So that's the level that you're going to want to watch. You're saying you want to establish a long position there. Let's look at the other charts here that show the other patterns that are in play. What we can see here is a road momentum indicator top. I'm certain you are or strive to be one of the best of the best at everything you do in life. It's the most common trait that we tigers and tigers share. If you're looking to become the best of the best when it comes to managing your money, let me teach you to do what most wealth managers tell you can't be done, which is how to time the markets. I'm Steve Rhodes, author of Mastering Probability. 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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. That was a pretty strategic pause on my part, not paying attention to the clock out there and went out right at my last word. We're taking a look at GBTC. Of course on the screen right now happens to be Bitcoin futures. Their level of support at the bottom of its box is 9612. We're trading right now in 9760, but let's put the, and Lee's question was he's looking where to, where to get in and get short this. Now, Lee, what we saw out here, so you got this rose momentum top. You had that confirmed with the gap to the downside in June 28th and then as price bounced back up into that level, you had that big old bearish and golfing key reversal session on July 11. Now what price has done is come back and tested support. So now it's not the time to go ahead and take that short position. In the case of GBTC, if you're trying to take a short, I at least wait for price to get up towards Stevie's green line. That's at 1540. It's a bear structured box out there. Buyers and sellers believe there's fair value at 1562. That would be your range. 1540 1562 as high as 1665 on that position. So best of luck with regard to that trade out there. Let me see if there's any other questions before we just go on. Looks like, oh yeah, Chris B wrote in. So if you keep firing the way the questions, folks, and we'll just this small show will just simply run smoothly here, and Chris B is looking at your long Nokia and OK is the ticker symbol. Let's go ahead and punch that up on the screen and finish reading the question here for Chris. And Chris says I'm long Nokia. Is it at the top of the channel today? What are your thoughts on where it's going by the end of 2019? And let's just let's just that's a tough one. But let's take a look at what it's doing today. What is trading into? What are the patterns? Anything to be concerned with? So here's what we know from a daily weekly monthly set of profiles. We know the prices above the daily top of its box, which is 502 says you don't want to see this thing close below 498. It is traded right into on a weekly basis this week specifically 521. The actual high this week. Let me see what's what's the actual high 521 and a 521 that happens to be the center of a bearish structured weekly profile here. So what you're looking for, Chris, is you're really looking for price to get above 521 again, both buyers and sellers believe there's fair value right there. If you get above that, then it says that OK, maybe buyers have a little bit of an edge in this bearish structured profile and can push price to 546. So 546 would be one of the price projections. We would not give you that or say that that's where prices headed to until we see price truly clear close above 521. I'm not talking 522. I'm not sure exactly what number I'm talking, but you would see that in the bar. We'd have to take a look at the bar see how things traded. But right now you're up against resistance. Happens to be that at 523. That's the bottom of its monthly profile. 523. So you really need to see on a monthly basis a close above that level. If you do, then 570 is the first number. And then 649 is what you would be looking at. But right now, and let's take a look at the daily. I don't see any type of signal here. Just a sideways consolidation over the period of the last many weeks out here since the early part of May. So no topping pattern. Just accumulation that appears that's going on. So nothing really interesting out here with regard to Nokia. As far as the bottom, is there any type of bottom pattern signal that was associated with that bottom? Nothing that I come up with immediately and take a look at the daily time frame chart for you. Longer term, is there anything if I look at the weekly chart, the answer is, yeah, it formed a bottom, as well as a top, quite frankly, with the TD setup nine count. So when it formed the top back in February 2019, it was bar number eight. Remember, it's bar number eight, nine or the bar following nine. That can be that change in trend signal. Well, when this bottom back here on a weekly basis, that was on May 17th, 2019, it was with the TD setup nine count. Now the beauty what you like about this week is that prices above Stevie's red line, 512. You'd really like to see price close over that. If it doesn't close over that, just tells you about this story that it's really struggling to get over resistance areas and that price could even move back to the 484 number out there. So the weekly says, okay, I can see a potential bottom. The daily says we're just consolidating sideways. Not a lot really going on there. You are up at resistance on the or a resistance level on the weekly and certainly the resistance level on the monthly, which is 523. So best of luck with that trade. We've got a request inside the Tiger's Den to go take a look at that was for Chris B, by the way, to take a look at Google. So let's go take a look at G o G. I see what it is doing G G o G. Let's punch that in on the other system. Right now it's trading out 11 53. It's above the daily trading into the same resistance level that we just looked at for Nokia, which was the center of its weekly profile. That measures out at 11 5713. The high today 11 58 58. You're trading 11 53 right now. So you are long. What's your my opinion? Oh yeah, you're long Google. Alright, let's take a look at Google and see what else we can find out here. So yesterday was the bar following bar number nine. Bar eight was the actual high today. A higher high. So the TD nine count is not going to be pattern we're going to say is going to identify the top out here because we're just going to just simply do it by the numbers. You're in wave number seven six. That is letter f out there. So be careful over the next couple of days. If wave number seven letter g forms out here and especially if it forms and you get a close call 11 58 52. That is the resistance area. That is the breakdown area. When Google last broke down, we didn't know that at the time. We didn't know until the TD set up nine count finish, which by the way called the bottom out here is sort of getting the picture out here with regard to this set of tools that you and I use out here. We just did it on a 30 minute basis. We've been on multiple charts out here multiple time frames and dang. I can say dang if it doesn't really assist you with understanding what the message of the markets is. So right now the message of the market is that Google is nothing more than bounce up to where price broke down. Remember Tom would teach you because he taught me this. One of the very first lessons out here is don't chase something. If something's off the bottom and it's off the bottom with wide price spread accelerated volume let it pull back to where it broke out from or a breakout area. Now we've got the TD set up nine count to identify exactly where breakouts or breakdowns refer to as well as some other patterns that I've added along the way out here. So this says 1158 satish is the area that you want to see price close above with regard to Google. So far it's really been a countertrend rally to take you back to a prior level of resistance the breakdown area if price can get above that and if price can get above the weekly center of its box seven well then what price could be doing is moving back to its weekly breakdown level and that's it's all-time high at the 1289 27 area. So that's what I see when I take a look at Google E1 and I hope that helps you out John and the Tiger's Den wants to see if there's any support levels for the British pound. So for the British pound let me see if I can do this out here let's put this up right here on this chart. So you're looking for support and I got to start with this chart here for the monthly time frame see if I've got anything here for support and I'll continue this venture as we go into this break right here taking it the great British pound US dollar so I could set it back to its lows from back in 2016 we'll be right back maybe even lower than that. 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The investment is anywhere is 3.1% A $50,000 investment at a normal four-year CD rate of 3.1% would give you income of $1550 per year or $6,200 over the four-year period That same $50,000 investment in the Tiger First Mortgage Program would give you $3,500 per year or $14,000 over the four years What should you prefer? $6,200 or $14,000 of interest on your investment If you'd like more information about the Tiger First Mortgage Program 28-9190 From all aspects of the markets including stocks, bonds, metals, commodities and tech there's a newsletter to fit your needs exclusively from TFNN Stay informed each day you trade and get that competitive edge that will help you stay ahead of the game Visit our Newsletters page by going to TFNN.com and click the Newsletters button near the top of the page TFNN.com Educating investors Biotech is booming but for how long? Whether you think the Biotech bull has room to run or has run its course trade L-A-B-U or L-A-B-D Directions daily S-M-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 chairs carefully before investing The Perspectus and Summary Perspectus 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 Don't forget you can listen to TFNN live on your mobile device 24 hours per day Go to TFNN.com Don't forget you can listen to TFNN live on your mobile device 24 hours per day Go to TFNN.com Don't forget you can listen to TFNN.com Don't forget you can listen to TFNN.com Don't forget you can listen to TFNN.com Don't forget you can listen to TFNN.com Don't forget you can listen to TFNN.com Don't forget you can listen to TFNN.com Don't forget you can listen to TFNN.com Don't forget you can listen to TFNN.com Don't forget you can listen to TFNN.com that's just 2016. Yeah, 2016. That's true. What it did, it did it with a, it did it with a TD set up nine count bar. Interestingly enough there. Now let's pull this other chart over here just simply because it got more data and we get a feel for what to be watching for. So you are asking for support and support I would have to say would be right here right now or very close to it, which is 1.2337. We're trading just slightly close to the bottom of that at the 124 area. And at that, that happens to be the bottom of its quarterly profile. It's bullish in structure. So nothing more bearish and a failed bullish pattern out here. If price closed below that level but then what we know is that price should at a minimum go test those two 16 lows 2016 lows at the 119 level. But I would say if you close below the bottom of the box because when that candle was formed that low, it didn't have that profile that was in place. I would say more close to the bottom of the box. If you see a close bullish 1.2337 level, you're headed back to the 1985 area. Perhaps the 1985 lows at a buck five. Folks I haven't been over to London for a long time, but the last time that I was there, it was about two for one. Two for one. That's right. My dollar was worth half. And the menus didn't have that profile. I mean, that's what I'm talking about. We got the golf and we got the British Open got the open championship this weekend. The guys in the US must be loving it from a currency standpoint never been cheaper. Well, I can't say that it was cheaper. It was back in 1985. So time to party like it's 1985 over in London town. That's all I see John with regard to. With regard to what the great market is going to look like. I don't think there's any other questions that have come in. And if not, then we'll just go to the general markets out there. So that was Chris's question. And, uh. No, I don't see anything else. Okay, so let's go take a look at the general markets. What is it that we want to watch today? Let me start by going and taking look at the cash indices out here. Um, because we can do that, and there's some very important topping signals for you and I to take a look at the Nasdaq composite. The Nasdaq composite today is going to complete or appears that it's going to complete wave number seven. That is letter G. Now I don't know if you believe in coincidences. And if you do, you've got to ask yourself is this coincidence? What's the coincidence? Well, the last time the Nasdaq composite formed its top. It was with wave number seven. It was Stevie Wonder singing in the key of G that took place at the end of the year. And now. What took place on the following session that hasn't taken place yet, which also needs to take place is a close below Stevie's green line. That's at 81 99 and change out there. What is called 81 99 price must close below that. Otherwise, this is nothing more. I don't care that it's got wave number seven there. You still have to at least breakthrough support at least one level of support out here inside the Nasdaq composite. It would at least be Stevie's green line. She says, Hey, at least we got a retracement that would be going on that retracement may simply take you back to where price broke out on the Nasdaq composite. If I was going to ask you where it broke out, most people would have gone back to the swing point would have gone back to June 25th. I would have done that. I don't do that anymore. I pay attention to that swing point, but I recognize that's not where the breakout actually began inside the Nasdaq composite. Instead, it was at the number of 79 61 46. That's what we're going to do. We're going to take a look at the Nasdaq composite. We're going to take a look at the pattern out here. We really do. You've got wave number seven. What we haven't seen is we haven't seen the back of the buyers broken yet by simply closing below Stevie's green line. So we'll pay attention to the Nasdaq composite. If we take a look at other indices that have a top nice move today in the Dow transports up 204 points out there. We're going to take a look at the Nasdaq composite. We're going to take a look at the Nasdaq composite. We really know. All that's taken place today. As we are now it is now in wave number seven. That is letter G out here. That doesn't mean that it can't extend to tomorrow in the next day, and it's been a nice move. But just so you know. You're in wave number seven inside the Dow transports. It's not confirmed yet. Not like the Nasdaq composite, at least as 147 points out of the Dow transports. We've got a caller on the line. It's Brent from Martinez, California Brent. Thanks for calling. Thanks for holding. How are you today? Doing very well. Steve about yourself. Also doing well. Um so you want to take a look at the lights weed crude. Tell me what you're doing how I can best assist you. I sent you an email that maybe didn't get through to you. It's just that I have no problem calling talking to us. Enjoy that. It looks like it took a bit of a hit here, and I thought you had given a little bit of a bit of a change. I remember the exact number that it breached that or just wanted to get your. Thoughts on that your analysis if he could another time, you know, we'll short. Absolutely OK. So if we take a look at lights, we'd crew. We've got the daily chart up on my screen out here, and, um, one level would have been the 59 17 to 58 98 area. Those were the tops of the weekly and then daily box. It was 56 53. Now the bar on my screen as a 148 is a gold colored bar, and that indicates that there may be may be a new profile forming so new levels of support or resistance. We have to go with what we have right now. So if you're short, you're looking for price to close below 56 53 at this stage. If that occurs, then the price target the downside price target would be the bottom of that weekly profile or the point to control the center. So that's between 52 19 and 53 58. If I look for topping signals out here on the daily time frame, I really don't have anything per se just yet. I don't not just yet. I don't have I want this work for me. I don't have anything. I'm just looking for what was the wave count to the upside just to make sure. Yeah, so I don't see anything other than the fact that it made wave number four on the daily. Um that's really all that I've got for you as I speak right now. Does that does that help you out or what? What tell me what you're targeting. What are you looking at? I don't have a position. I just saw the movement. I just was wondering if there was something that beyond just the actual move that indicated it might be some kind of a top and with your account. That's what I wanted to see, which I appreciate it. Okay. Okay. Yeah, so other than wave number four and you and I, you know, we followed Basil long enough to know that when it gets to letter D, here's the daily timeframe chart out here. The hair on the back of his neck stands up. And so in this case here, rightfully so, but we would say that price needs to close below that 56 53 area. If it does that, then that move lower into the 51 52 range would be likely. Okay, that's great. Steve, I really appreciate it. Thanks for taking the call and, you know, my pleasure not in the show before it's over. Take care of my pleasure. You bet that was Brent in Martinez, California. Dow down 10 S and P off nine. We get back to this break during that two minute wrap. Let's finish off for taking a look at some of those indices out here. Some numbers for you to watch coming into the close. Uh levels of support that must be broken that would confirm. Odds favor a change in trend will be right back. Since 1984 Basil Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion. Well, originally hand drawing charts from the late 1970s into the 1980s, Basil noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply. Later, Basil found that computer software, which included the standard market technical indicators enhance the degree of accuracy and calling price turns as well as market trend calls. Thus was born the Chapman wave sequence using the Chapman wave methodology along with other indicators. Basil Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter. Right now you can get a two week free trial to the opening call Basil's daily trading newsletter by visiting the front page of tfnn.com cancel at any time during that trial and pay absolutely nothing. 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What we know about the s&p 500 is price is moving higher, energy that creates that rose momentum indicator pattern right now as of 154 and I don't know what the session looks like at 4pm but right now you do have a bearish reversal candle so you've got that next element of that rose momentum indicator signal the other element the final element not the final but but the next element here to indicate atop would be a close below steve's green line we can see how that level was tested um let me see if I can give I can I just have to pull up a data box and uh so see what that exact number is it's hidden we're not going to hide it it's 3002.29 to be exact but just use 3002 if we see a close below that inside of the s and p500 it's going to signal a change in trend you can see it got up to wave number seven that's letter f with that pattern if this level holds of support steve's green line you could see tomorrow just some over you know you could see a quick push to wave number seven letter g and still with this a rose momentum indicator topping signal in place out here so that's what's going on with the s and p500 inside the nasdaq 100 what we know is that yesterday was the what should be the extent of that td setup nine count if that is going to identify the top top's going to occur on bars eight nine or the bar following nine well yesterday was the bar following nine you would need to see a close below 7897 and change we'll just call 7897 to in fact confirm that pattern that's steve's green line so that's something to be paying attention to for the rest of the day so folks has been a appreciate everybody sending in those emails it just makes the show much easier everybody inside the tiger's den thanks for doing that Brent for your call out there always makes the show go a whole heck of a lot easier by the way the sectors inside the s and p that have those same topping signals the xlk just like the ndx 100 and the xlc that's the communication sector that's like facebook and so on and so forth out there so folks have a great Tuesday i'll be back with you on wonderful wednesday stay tuned another great hour brought to you by the one and only polar bear and then tom will brine from three to five take care see you soon