 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 day folks welcome to the June 3rd the fantastic Friday edition of today's Trader's Edge show I'm your host TV 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's having a great day. Hey, let's make sure we 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 That's right We do not 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 bowls and bears what those buyers and sellers are communicating to you and I just passed one O'clock in the afternoon. However, it's just past eight o'clock in the morning. So if you are listening live We'd love to hear from you. He gives called 877-927-6648 if you can't call in and you're listening between 8 and 9 You can always send me an email send it to Steve at tfn.com And of course inside our Tigers then will any in every ping will do I'll make this show as pertinence I can't for you if you're listening at the normal time slot done Monday. We'll be back to a normal Programming out there. So let's go ahead get this show started on fantastic Friday. Of course, this is Tiger Financial news network. I'm Steve Rhodes. Welcome to the show right now You got the US equity futures trading lower dows off 147 NASDAQ 139 S&P's off 28 points or the as many should say and the Russell 2000 is off about nine points It's 1% for the NASDAQ and we'll certainly focus in on that as we begin ripping the markets apart over an age Last night a bit of a mixed bag in the Shanghai and the a Nikkei finish higher They're both in a to b equal CD patterns I think the hank saying may have formed the top out there And if we take a look over in Australia the Australian 200 finished up about nine tenths percent or 62 points The footsie is closed You know part of the jubilee out there, but the attacks is up six points So basically flat gold is down two bucks trade out at 1869 silver's up 21 cents when I do 48 is the print There platinums up a few bucks natural gas is up 16 pennies trade at 865 nice lights recruit is down nine cents She's trading at 116 76 30 your treasury is Basically it is flat out there. It's right out of 130 823. So what does all that mean? Well, let's go take a look at my little market update chart We'll just do a summary and then we'll do a deep dive And so here we've got some of the main markets out here just to give us feel for what's really going on So if we take a look at the es mini What you'll see is so it should be no surprise to any of us out here that we're seeing a bit of a pullback Why because prices run into right into resistance. What kind of resistance? Well, you've got descending trend line resistance Those are those yellow diagonal lines. We're looking in the upper left hand panel out there And you have the top of its daily profile in the top of the daily profile is 40 37 12 Now obviously price is well above that And if you were together with me yesterday, we said that there was a new profile that was attempting to form We wouldn't get a confirmation of that until 601 and we did get a confirmation of that So now you've got a new profile that's below price. That is a bullish signal We have the same thing on a new profile that formed inside the russell 2000 It's not shown here on this set of charts. So price is up at resistance. Is that the cell area? could be A little bit difficult with the spot volatility still below its 50 day exponential moving average now If at day's end or let's say at 110 in the afternoon, you got the spot volatility trading above 27 16 Then then certainly the e s mini should at least go target I would say its its target would be at least the top of that new profile, which would be 40 37 We don't have those conditions right now But I want to be able to try to make this show as pertinent at 8 10 in the morning as it would be at 110 in the afternoon So we have talked about the spot volatility So if we take a look at the nq it too is traded up into resistance now So it's dealing with significant resistance. What is resistance being where the sellers are located? How do we know sellers are located there? Well, that's a cool thing about the taz market profiles They identify for exactly where buyers are sitting Exactly where sellers are sitting and then typically that's a range where you'll find a third Line that is a center of the profile Where both buyers and sellers believe that their price is fairly valued with inside that range Well in the case of the nq it has a bare structured daily and weekly profile What I mean by that is if the bottom is where buyers are at the top is where sellers are at the centers where buyers and sellers We assume it's like 50 50 ratio there If that line is closer the center line that is is closer to the top than is the bottom Then we have a larger congestion ban of sellers and they reside from a daily standpoint between 12 6 22 and 12 995 The weekly by a chart it's between 12 6 oh 3 and 12 973 out there The high so far today has been 12 9 45. So the nq trading right up into resistance. So seeing futures Pull back as we speak right now to 8 11 in the morning Anybody would have looked at these charts said yeah, that is where price should find resistance So we're in those resistance bands if we take a look at the u.s. Dollar index It is trading a bit higher today But it is trading below both its weekly and its daily profile, but it has this little trend line Support level out there. So right now. It's just a I say I'm trading below the daily profile Let me correct that there is a new daily profile formed a few days ago Price is trading below the bottom of the weekly profile, but above the top of the daily profile Where's the daily profile? Great question 101 28 is the level if price closed below 101 28 Um, we're probably headed lower out there But that's not the condition we have at the moment We take a look at goldilocks talk about markets getting back to resistance levels Well, gold made its way back to the top of its daily profile getting the top of the profile where sellers reside 18 79 Is the top of that profile the high 18 78 60 you got to love how this stuff works now What gold is also trying to do is break out above a short term trend line Out there, but really what gold needs to do to prove itself And when I say prove itself prove itself that it wants to make its move to the 1900 level the top of the weekly profile You've got to see a close above 18 79 So not a surprise that gold has found resistance now silver hasn't right so gold's trading lower Silver's trading higher this morning. Well, if we take a look at the profile areas out here Silver's not trading into any resistance levels out here It was just dealing with the center of its weekly profile, which price is above right now That's a short term Bullish signal and as long as price remains about 22 26 What silver should do is target the top of the daily profile and that's up at the 22 76 level Lights we crude is trading above a prior swing point. That's at 1643 price right now trade at 1708 gold our silver I would say silver lights we crude A black old texas t did form a nice shooting star candle out here on may the 31st That triggered you don't see it on this set of charts out here But that trigger what I referred to as erosement indicator topping pattern out there now what price is doing It's trading above support A resistance I should say the resistance being the top of its daily profile You can see that there what you don't see is the oscillator and change line But I can share with you that price is trading above that so what we really have out here We have a topping signal with resistance being the high of that shooting star 198 price close above that that tells you that price's intent is to move higher out there Because we have a valid topping signal, but we have support being held out here The overall signal for lights we crude is neutral If we take a look at natural gas, it's really a neutralish type signal as well. Although not as neutral as Lights we crude why because in the case of natural gas, it's trading below its oscillator and change line But look it's above its daily profile. It's got a little rising trend line than it's held It's got a td9 count top. That's why I spent a little time there Folks stay tuned. We'll be right back. This is Steve Rhodes. It's 8 14 in the morning for listening live at 114 Thanks so much for doing that. Give us call it 877-927-6648. 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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 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 decision across all price levels From the price you should be paying per square foot in certain up and coming areas to the type of 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 727-329-83222 or email us at tiger at TFNN.com That's 727-329-83222 call us today Call now toll free at 1-877-927-6648 internationally at 727-873-7618 Welcome back folks. So 8 18 in the morning. We got the dow equity futures down 129 Nasdaq futures off 132 S&P futures down 25 and the Russell's off 7. So we spent that first segment kind of getting a sense of the day Bigger picture by taking a daily weekly profiles and so forth. So so we're kind of set here So now what we want to do is go drill down into the intraday time frame chart So to do that, we're going to switch over to my eight panel multi time frame charts out here The biggest largest time frame that we're looking at here is a daily time frame and that's in the upper left hand panel So we've really covered that with price getting up to the resistance level of the top of its daily profile I don't have the weekly profile shown on the daily chart here. I can't do that with my white background charts I can on the black background charts. We know that price in the nq is up at resistance level So that then takes us to a five-hour time frame chart out here Now the five-hour time frame chart has a confirmed rogement dominicator top I'm going to go ahead and expand out this chart out here So we've got a confirmed rogement dominicator top price moving higher do a less relative energy Bearish reversal candle it forms right here. We get a bearish engulfing candle three river evening star price right now trading below the It's a it's green oscillator and change line When you're below a green oscillator and change line says a further retracement is likely Well, where would that further retracement be? Turns out that as we speak right now the nq for its five-hour time frame 300 minute time frame has formed a new profile And it is below price which is a bullish message out there So that is something to think about that doesn't mean that price can't pull back in test or even close below 12 6 93 But that should be level one supportive price were to close below 12 6 93 Then the price target would be between 12 492 and 12 5 93 now those that's a bullish structured profile again price With price above a profile when it forms that is a bullish message Okay, so we keep that in mind and then we start drilling down to other time frame charts What's the message of the two-hour chart? So the two-hour chart also has a confirmed rogement dominicator top In its case the bottom of its profile is at 12 492 So it's trading below the oscillator and change line. That is another potential price target there on a continued move lower But let's continue moving on. Let's go take a look at the 60 minute chart What do we have with this 60 minute chart? We have a TD 9 count bottom that has formed it will complete at 9 a.m I mean, you could see a flush lower between now, which is a 20 and 9 a.m This is an hourly time frame chart Um, actually I take that back it this this is a TD 9 count So this is where you're going to get some information, right? We took a look at the 5 hour and the 2 hour charts out there They suggest there's a possibility of price moving lower That signal would really come from now the 60 minute chart because as we came on the area at 8 o'clock It was the bar following bar number 9 that did identify that TD 9 count bottom That says that it's key threshold level of support and it's on a closing basis not on an intra Time frame basis a 60 minute chart. We're looking at a 60 minute close below 12 727 25 is going to suggest lower price and going to suggest the price targets that we just looked at on the 120 minute chart in the 5 hour chart. So now we've got a bottom pattern on 60 What do we have on the 30? Not much. We have price trading below the bottom of its uh, Profile, uh, we don't have any kind of a TD 9 count out here. We don't have roads meant to indicator signal We don't have an a to b equal cd to the downside. That's completed So the 30 minute chart right now for you and I is kind of uh, just leave it off to the side It's not it's not providing us with much information if we look at the 15 minute chart not providing us with Well, I take that back There's there's a piece of information the 15 and the 10 minute chart are the ones that are providing us with Great information with regard to whether or not any rally is going to stick out here What I mean by that So I open up the 15 minute chart and you take a look at this oscillator and change line You can see that it is acted as resistance in fact as during this uh, 8 to 8 to 22 A time frame out here We've seen price get up and test and reject that red oscillator and change line that is currently printed out at 12 764 So what do you think two closes above the oscillator and change line for a 15 minute time frame? Do you think that would be sending you a signal? Well, the answer is yes. It would be sending you a signal that we now have a change in Character out here and of course resistance out there be 12 793 and then final resistance be 12 842 So that oscillator and change line very key folks. I teach you how to create that Just to be signed up for mastering probability There's a number of workshops out there that cover most of the all the tools actually that we're taking a look at here So be worthwhile for you to check that out for at least 29 days doesn't cost you really anything to do that Here's the 10 minute time frame chart. It's oscillator and change line Just as pertinent We've seen a couple of one bar closes above that for example here at about six o'clock in the morning. That was uh, The uh, yeah, that was this morning one bar close above it back below So we have that steve two bar rule out here fact that two bar rule is in play right now So as we came to the 820 time frame, remember this is now a 10 minute chart out here You did get a close above that oscillator and change line Of course price is right now back below that level But if we do and this bar here does not get a close to late 30 So we've got seven minutes But if we do get a close above that oscillator and change line that's going to suggest We should see a rally to 12 789 and above that 12 823 So we'll come back to this at some point time during the show So by the end of the show But i'm giving you what the you know, what what you should be taking a look at and then ask that the nq Knowing that it's up at both weekly and daily resistance Here's where we really want to be able to get our signals from 5 minute chart shows erosement to indicator bottom the 10 minute chart by the way That was a td9 count bottom as well as erosement to indicator bottom signal price now back above that oscillator and change line So again a close above that is going to suggest that we continue At least this at least the morning rally continues to move higher and it could be uh more than that Remember that spot ball tunics is below its 50 day exponential moving average So speaking of the spot ball tunics, let's go take a look at the es mini See what its chart patterns are showing us So let's take just a moment here to populate and again We're going to take a look at the daily time frame the daily time frame upper left hand corner What we know Is that this is trading into resistance the top of its daily profile? So we go from there to see if there's any kind of topping signals on the other charts Well, let's expand out the five hour chart. What do we have here? Not much. We do not have a topping Yeah, like I can draw an a to b equal cd pattern most certainly and you've got that dark cloud cover So I'll take that back. There is a topping pattern that is out here Price right now is trading inside its profile. So the support level here for the five hour time frame is at 40 90 75 Jot that down in your pad of paper the two hour time frame chart. What do we have out here for signals? We have wave number seven. That's letter g that formed atop That was at six o'clock in the morning on may the 30th Now we just have what looks like kind of a uh sideways consolidation that's taking place This would suggest that price could easily pull back to the 40 83 level That's coming from the two hour time frame chart If we look at the 60 minute chart remember on the nq. We had a td9 count bottom here We do not all we have is price pulling back testing the bowler structured area of the 60 minute profile that says if we see two consecutive closes below 41 42 That's going to tell us about price moving to lower ground So although you have a bottom pattern out here like a td9 count like we did on the nq The 60 minute chart here for the es has pulled back to a level of support Fuller structured profile So this really is kind of lining up and supporting what we were looking at inside that nq chart should that td9 count In fact take hold the 30 minute chart which had when we looked at the nq had no relevance That's not the case here in the es mini the es mini has a td9 count bottom It's td9 count bottom forming on the bar following bar number nine So this suggests that we should see the es mini should make a rally up to the 41 64 level now 41 64 is the center of its bowler structured Profile for the 30 minute basis now look between now and maybe uh, you know 9 30 or so there could be a new profile That forms i don't know but we use the data that we've got bowler structured profile If it's only a counter trend move to the upside price will find resistance at that 41 64 level So if you're trading above that price is likely targeting 41 71 or 41 77 That's coming to the 30 minute time frame chart for the es mini steve roge with tf and an Are you looking for a way to consistently add winning trades to your portfolio Tom o' brian is here to help Tom o' brian has been successfully trading markets for over 30 years a frequent contributor to td ameritrade network and cnbc Tom o' brian 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 In our gear to deliver comprehensive strategies for a successful portfolio Get tom o' brian'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 tiger's for just one dollar for the year There's no catch or added costs when you join our community of traders in the tiger's den You can look over the shoulders of tom o' brian and the other tfnn hosts while they analyze charts during their live tiger tv programs And join an interactive trading community with hundreds of members exchanging ideas Interact with other tigers and tigers as they share trading ideas news analysis and discuss the market action all trading day Even at night and on the weekends the tigers 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 Tom o' brian has just announced a live timing the trade webinar friday june 10th from 9 a.m Until 2 p.m. Eastern time Join tom o' brian for five hours of live education as he teaches you his trading methodology Right from his best-selling book the art of timing the trade your ultimate trading mastery system In this live webinar tom o' brian will be teaching you his entire trading system including quality volume abc structures Fibonacci confluence zones cause and effect swing points and more We will be limiting this class to 40 attendees So please do not delay and reserve your seat today for this special live event with tom o' brian All attendees will also receive a physical copy of his book the art of timing the trade an $88 value Mail to you along with the free month of his daily newsletter market insights a $169 value for all the details and to reserve your seat today visit the front page of tfnn.com tfnn educating investors Welcome back folks. So it is jobs friday and it's uh those numbers come out momentarily Maybe they're out as we speak right now. We're seeing the uh, well Let me just switch over here to a different screen Just so you can see what activity is inside the futures markets out here So really pertinent to uh to be able to do today's show Now, uh, steve is getting ready for a super soaker event as you know, I live on delray beach And we've got all kinds of tropical Storms or what have you and so doing the show early so that I can run over to naples and pick up my 94 year old Mother-in-law bring her over here. So she's not dealing with the uh storms over there You know gets great to be 94 years old and have all your faculties I mean she's sharp as a whip out there Well, the one faculty is the hearing, uh, which means, you know, she gets to turn that off on the drive back and forth So I talk but uh, I'm not sure if she actually listens or not But an event out here. So right now we have equity futures that uh, offer their session lows But you and I were already taking a look at signals before Right the jobs numbers, but you know the the initial reaction the first minute or two Who knows if that's just a knee-jerk reaction Or not but what we do know and I'll switch back over and take so you down futures off about 70 Uh and as deck 120 s and p about 20 rustles off about five Let's go back to our charts out here and just simply uh patterns that we're paying attention to Signals that the charts are giving to us in the 15 minute chart here for the es mini That's got a roads meant to mitigate her bottom wave number seven bottom out there And uh, we're now getting a potential close above its oscillator and change line So the level here to be watching the first level is 41 50 the second level is 41 56 It would be a close above 41 56 for sure that would signal higher price now. It's a 15 minute chart So you got to stay with inside your 15 minute chart time frame That could mean moving all the way back to in this form a td9 count top that did that at that 615 last evening out there So that's what the 15 minute chart patterns are showing us the 10 minute chart Similar to the nq and that we haven't seen a two bar close above The oscillator and change line for quite some time So we've already got that and now what price is doing is testing resistance The first resistance level is the top of its 10 minute profile and that's at the 41 59 level Your price to get above that is going to make a move to 41 Here's the resistance areas on a 10 minute time frame chart You've got the 41 59 41 63 41 89 and 41 81. What are all those levels? Well, the 41 59 is the top of that profile The other levels were the td9 count breakdown resistance series Now the cool thing about the td9 count pattern There's many cool things But two or three of those cool things or two of those cool things are that it provides you with a level of breakout support and breakdown resistance And that's where price will normally travel to or at least give you information that okay This rally has got some meaning. There's a change in character to it There's a change in trend to it out there So those are the levels to be watching on the 10 minute time frame chart The key level right now is going to be 41 59 out there Um nothing else that I see here to pay attention to So let's go move over and do the deep dive and let's go take like what's going on inside the dow equity future contract Just again just to do a thorough review. There's no questions that I've got yet inside the tiger's den There's nothing like there's one that has just come in from uh, alton who wants to take a look at natural gas So we'll do that here momentarily alton. Let's just take a look at the dow I'll try to speed this up here So as I mentioned the dow equity futures when we take a look at the daily time frame have no resistance out here Price is trading maybe I didn't say that if I didn't say in that now price is trading above the top of its profile It was above it yesterday And so price should continue to move higher out here Today will form or could form may form bar number eight of a td9 count. So want to keep an eye on that so with regard to the With regard to the dow equity future contract We're just going to simply switch over and take a look at the 60 minute chart out here. So and at 60 minute chart We don't have any real topping the pattern or topping signal You see the dow is actually stronger It's certainly stronger than the nq and the es many from a standpoint of price Has not even been able to get back to the center of its bull structure profile for the 16 minute time frame out there May be an indication again of global capital flows that are moving to the us that are out there Look, we live in a crazy world I see a number of things that are being posted inside the tiger's den You know many talking about how the sky is going to fall and so forth and that may be the case out there But well, we have to understand what I really want you to understand And it's because this and I'm not saying it begins right now today But you really want to understand those global flows of capital Because that's what we will in in in a market that's in a world where things are just chaos Money still has to flow somewhere. Yeah, I could just all flow out But at some point time it starts to flow in and if you're over in europe You know chances are that that capital starts making its move here to the us Okay, so we've got the jobs numbers. They've been out for five minutes We're just taking a look at patterns that are out here We're looking at the dow equity future contract 30 minute chart here Does have that td nine count bottoming signal So the cool thing here is that all you really have to do with regard to a market So there's people that are short You know people that are long from a short standpoint What you want to see is you want to see a close below the td nine count threshold level that's at 33028 If you get that that's going to suggest that the dow equity future contract Then we're looking at a 30 minute chart here should go target its breakout level Well, that breakout level the most recent one being 32 723 Likewise, and if we take a look at the 30 minute chart We can see that price was trading below the bottom of its bullish structured profile that began at seven o'clock this morning There are more than two bars below that level So what that tells us is that if this is just a counter trend move which so far it is Why because price got up to the center of that bullish structured profile Also tagged its green oscillator and change line and is now below that level So it hasn't proven itself to us to the upside If price is able to close above that 33 166 ish area Then you should see a move up to the 33 256 33 234 area So right now we're kind of a neutral territory But what's nice is that we've got our line of demarcations to be able to help us understand what the market is communicating to us And that's courtesy right now of the dow's 30 minute timeframe chart Uh in what it's doing out there. It's 15 minute chart It's 10 minute chart really looks like the 15 minute chart here for the dow equity future contract Is the uh better of the two to look at from an oscillator and change line standpoint So we can see that price has been below that every time price is spiked up. It's found resistance. I say every time It's just a few times out here, but this one being the the most current pattern Now this bar here is going to complete in about eight minutes. It's 8 37 in the morning No other bottoming signal that I have out here other than prices getting back to its breakout level that breakout level being 33 0 47 So I would say on a 15 minute base if you get two consecutive bars that close above that oscillator and change line That's generating a message to us that message is that there should be more rally to come um So I would watch that for those of you that are actually tracking the oscillator and change line out there So that's what's going on inside these futures got the equity future. We left off the russell 2000 But uh, we do have a request to take a look at I believe was natural gas Let me get back to this questionnaire This is from alton. He says good morning, steve. Can you please look at natural gas and see if you think it's It is think is going To its all-time highs around 13 later on this year. Okay, so let's do a couple of different things out here natural gas We are in the july contract So oops, let me get that started here on the way background charge But what i'm going to do because the question here is more bigger picture more longer term We're going to change screens here for a moment and go take a look at the bigger picture We'll come back and take a look at natural gas and give you the play by play Is uh for that as well, but first let's get over give me a moment. We'll get to our natural gas charts So as I can get to him here we go So now we take a look at natural gas We've got a daily a weekly monthly and a quarterly time frame out here So of course this is just looking at the uh The current contract So let steve think about this i'll go to the continuous contract out there And uh look at a different screen So stay with us folks deep roads with tf and n i'll be right back 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 news subscribers get a 30 day money back guarantee So you have nothing to lose every monday morning. 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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 Welcome back folks So we're taking a look at the Continuous contract here for natural gas trying to answer the question from alton Which is do we think that natural gas will head to the 13? Dollar area out there and the 13 dollar area that he's taking a look at will take us back to the highs from back in july Of 2008 there are some higher highs that I have out here on the continuous I'm not saying that price actually hit this level 15 78 There's probably somewhere close to that we'd have to go take a look at the contract back in 2005 To see what that exact price was out there But so to answer that question Do we see and i'm looking at the longer term picture? So this is a monthly time frame chart that we're taking a look at alton The monthly time frame chart has an a to b equal cd to the upside And we can see here that along the c to d leg prices on the inside It's on the left side out here price has attained that one-to-one price level which is 857 we're trading about 863 right now But this is telling us that price wants to make more than a one-to-one move So the next price target here and I can't answer the question Is it going to get to 13 or not? It has it certainly there's nothing on the charts that suggests that it can't though So that's what and and we take a look at this strong move here It suggests that price wants to go target 994 if price gets above that price projection level That's on the a to b equal c that's 1.272 Then we're looking at a move to the 1.618 area That's an 815 and then the 2 the 1 to 2 a to b equal cd gets us back to your $13 So the monthly chart here Say it is nothing on here that suggests that we can't do that now Let's switch over to my other white background charts out here And this gives us a bigger picture As well because we start with the monthly time frame versus the other more intraday charts That we were taking a look at so here on the monthly chart We could also see no topping signal bar number 4 for the month of june likely to complete If we look at the weekly time frame chart, we have no topping signal there Price above the top of its profile price is above its oscillator and change line It does have a roadsman to indicator signal that's been triggered And it does have wave 7 pattern that will confirm But you need to close below that oscillator and change line for you just for this to suggest that there is something else That's going on perhaps a change in trend with price pulling back to 644 497 We don't have that as we speak right now ultim but it is worthwhile to be paying attention And the reason is why it's important to pay attention because on the daily time frame So now we start getting down in the shorter time frames You do have a valid td9 count top the price is below the oscillator and change line It's just been really kind of moving sideways ish so to speak But the level of support is 761 that's its breakout level of support if price were to get below that Well, unless there's a new profile that forms you've got other areas of support 742 678 635 The 30 minute chart shows a roadsman to indicator bottom You're going to get bar number eight of a td9 count that's going to complete by a nine o'clock That says you could get a short term top very short term top on a 30 minute chart between nine and that's that's going to be bar eight at nine so between Really between nine and eleven this morning And if that does take effect you should see some type of retrace But that's just just giving you the the play by play mechanism out here So get back to your question. Is it possible that natural gas is going to hit the $13 area? I would say from a charting standpoint the answer says, yeah, it's absolutely possible And then if you go to the fundamental aspect you take look at our current administration And you take a look at what else is going on over in europe. I'd say these odds favor. Yes But let's take stuff one one day at a time We've got the td9 count on the daily time frame in order for price to move higher altar You need to see a close above that Uh, above above that high and that high we'd be talking about should be I believe it is going to be a 940 Is that correct? Let me hold on here We just make sure again. This is july contract. We're going to be rolling over to august here shortly But that high Is a 943 so if you get a close above that that tells you that that price is headed higher That's the resistance level that was established by that td9 count top was also roads meant to mitigate our top as well So all thanks so much for taking the time to write in have a fantastic weekend And we'll look forward to being back with you on monday hector writes in and hector wants to take a look at dhr. I believe that is uh dhr's horton is a home builder out here So let's go switch to our a different eight panel set of charts out here multi time frame and we'll go ahead and we'll put in dhr Get the get the information here posted And dhr is that d8 is that horton? Is that the donut factory? No dana her. I'm not even close dana her corp So the question goes like this dhr off The may 12th bottom. Can you please work us um a b cd up projections and thoughts and you have a great weekend as well Thanks so much for writing in so let's uh, what do I have up on the screens here? So i'll come back to the a to b equal cd patterns out here Let's just get a feel for what's the health or not health of uh, of dana her corp Well, if you look at the monthly time frame What we have out here is a price just consolidating with inside its monthly profile out there the key levels of support will be 211 22 And 22349 the weekly time frame chart price got back to its td9 account breakout area Um, no no pattern. Oh, I take that back wave number seven. That's courtesy of the Chapman wave out there That's that potential rogue wave That bottom right at its breakout level 243 You got to love that now price is trading above the top of its profile out here It's trading above its oscillator and change line If it flows above that this week, that's a signal that price may want to be making a move up to the 328 area That's coming from the weekly chart. Let's go look at the daily time frame chart daily time frame chart Hector and patty tells us that you've got significant resistance at 2706 That's a td9 count breakdown resistance level So if you can't get above that then that says a price you did higher higher to where I'd say the 306 37 level That would become well Yeah 306 37 that would would be the area that I would target now You're asking me to take look at a to b equal cd up patterns. I could see that on the daily time frame chart So we'll do that 195 minute chart no topping pattern nor than a 130 nor on the 65 nor on the 30 minute Nor on the 50 minute says yeah, you could get a td9 count top on that short term time frame So the signals here overall, what is this telling us everything looks pretty good Dan here looks like it wants to continue to move higher out there Let's go take a look at the switch over to a different screen where we can draw in those a to b equal cd patterns more easily And uh, and here you'll see on the left hand side You'll see the dana her charge also see some trend lines out there Those trend lines are also resistance levels at this stage But the a to b equal cd pattern hector and patty for the daily time frame would look like this the a point very easy to identify That's going to be the low from may the 12th So there's a couple of a to b equal cds that you could draw I'm going to use as the b point out here the b point being made the 17th high Which ran into resistance at the top of the profile right where sellers were at In the c point now would be the low after that and that would be the main 19th low So now what we can see is that what price did so what price did on Two days ago. This is the daily time frame chart It actually confirmed a sell the d point pattern the reason that it did that was a gartly sell pattern Which failed by the way yesterday, but let's take a look at what it's actually done And this kind of adds to the idea that the strength inside of dana her But here is your bearish engulfing candle that means it engulfed the prior session That was a pretty easy thing to do since that was a doji candle out there Nonetheless, it still is a topping signal what price has not done is you can see it's still above its daily profile It's above its oscillator and change line albeit red But then yesterday's signal because we closed above the high of that bearish engulfing candle negated that signal So this suggests that price wants to move higher the next price projection level not that much higher than we're at right now patty and Hector 274 59 and above that 282 24 and then you can see you start running into that descending trend line resistance So, you know the other a to b equal cd pattern that you could draw It's not going to change anything out here, but it would look like this a point's going to be the same The b point you could go with here could be may 23rd and then the c point being the low from may 25th So it doesn't really change things a whole lot But with inside the a to b equal cd pattern folks you have multiple a to b equal cd's that can pull Here's the deal though as each day data Is applied to a chart you have to be willing to change Believe it or not the a to b equal cd pattern Seabroach with tf and n will be right back in just a few. 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So uh, this is a 840 854 in the morning if you're listening live Thanks much for doing that right now at 854 you got us equity futures trading lower The dow is off 218 points and sx down 184 That's one and a half percent s and p's off 39 and the e-mini wrestles down 12 points out there So let's go take a look at the nq charts out here as we began drilling down into what they were or were not Signaling to us and it's that 60 minute chart that is failing the td9 count pattern is failing out here Now there's still six minutes left in the session But this is trading below the td9 count bottom pad that was established by the bar following bar number nine This suggests lower price But the question is lower price to where and that's really a great question out here And if i'm looking for signals out here for some type of support level well I come back to that five hour time frame chart So the five hour time frame chart which has formed a new profile that is below price Price is testing that level right now. So that's the key area to watch and that's at 126 93 If price does close below 126 93 then the price target for the nq should be the 12593 level Could even be as low as 12492 But right now even though we've got a failure on the 60 minute time frame chart What price is doing it's holding a key level of support out there. So watch that now We'll switch over real quickly here. Take a look at the other 60 minute time frame chart So though on the es many it was a 30 minute chart That was showing the td9 count bottom. I I believe it's failing But I'd have to go back and take a look at it But nonetheless here are the 60 minute time frame charts. So as we take a look at them the Russell 2000 talk about a diverging market if the Russell 2000 in five minutes from now actually four minutes in about 40 seconds or so closes above 1884 even Steven we're at 1884 as we speak right now It's td9 count bottom will hold but if there's a close below 1884 Then it's joining the message here of the nq now We didn't get a chance to take a look at the Russell 2000 charts Look where its area of support is now on the 60 minute time frame chart. There are td9 count bottom That might four Hours now because you're only in bar number seven which closes at nine So you got eight nine so about with the next three hours so between nine eight and twelve out there Hey folks stay tuned You've got Tommy O'Brien up next with the morning market kickoff Of course if you listen in at the normal programming time your favorite polar bears Have a fantastic Friday. Be safe out there. 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