 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 morning folks, welcome to the September 29th, the Ryder Cup Friday edition of today's Trader's Edge show I'm your host Stevie 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 make sure we have an extraordinary one. Now the easiest way to do that is to always remember that life is happening for us. Not to us. I That's right. When you and I make that one little two-by-four shift Well, it means we can find the gift in every set of circumstance that life is going to toss at us Now today you and I we're 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 11 o'clock in the morning. I want you to know I'm absolutely grateful for your presence here But even more important than that and that's this during this next 53 minutes. I'm here to serve you So feel free to pick up that phone. You can dial on it at 877-927-6648 Now if you can't call in but you've got a question We've got you covered there Go ahead and send me the email send it off early and send it to steve at tf9.com and inside the subject dating Please put radio show question. Now if you're inside that tiger's den Well, any ping will do so go ahead and send me a private or Public text message and we'll go ahead and get to that request. So let's go ahead and get this show started On fabulous friday. Of course, this is tiger finance the news network. I'm steve roads Welcome to the show right now. You get all the us indices trading to the upside Dow just slightly it's up four points s&p's up 18 nasaq 100 132 rustles up two semis up 42 Trendy's up 87 New york stock exchange is up seven you've got gold trading off four bucks trading out of 1874 silvers up 11 pennies at 2284 likes recruit off a buck and change natural gas is down a penny in a 30-year treasury Is up nearly one point trade out at 114 10 Now leading the charge dollar wise the upside you've got structure therapeutics up 37 or 13 bucks Duolingo up 14 bucks or 10 super micro computer up 5 13 bucks as mill holding 13 bucks all over 2 To the downside it's bail resorts It was just out there down 15 bucks a 66 moved to the downside badger is down about 12 bucks or 7 percent the oh i h is off 3 percent or 10 bucks Core sep therapeutics is off 20 percent. That's a six dollar and change move and john deer down six bucks as well That's one in six tenths percent to the downside So the major question out here that everybody is asking I believe is this a significant bottom? Is this a bottom that's going to last where are we at out here? So let's go try to answer that question now Test to begin answering that question I believe the first thing that we want to do is we want to come back and take look at correlations out here right now Specifically the correlation between the u.s. Dollar index that is the bottom panel or the center panel And the e s mini that is the upper panel out here and what you can see actually on that e s mini Let me just just to make sure let me just change this to my synthetic contract Just want to make sure we are getting all the accurate data and we're looking at the correlation here It's measuring right now. Yeah, perfect. So we're taking a look at the correlation directional correlations What this chart is calculating for us? So let's just move this over here now when bar this is over just simply a one week period So this is a five day correlation out here So it's given us the average over a five day period of time And when bars are down below the zero level which most of these are And just as a rough guess looks like about 90 percent or so of the bars So we could say there's a 90 percent correlation that goes on between the u.s. Dollar index and the e s mini So in order for the markets to really rally what we need to see the e s Of what we need to see the u.s. Dollar index do is continue to move lower Well, so we're going to take a look at that u.s. Dollar index. We're going to take a look at what needs to happen So this is the first basis of what we want to take a look at What's the second basis the second basis? We're going to go ahead and change screens First let me get this set up here. Just give me a moment and we're going to take a look at Daily weekly equity future. Yeah, let's let's start there. So give me a moment We'll change screens. You'll see the white background screen up here momentarily And you're going to see both daily and weekly time frame charts the upper Row of the charts out here are the daily time frame So you can see the e s the n q the y m and the russell 2000 each of those have td9 count bottom patterns out here Now as we mentioned earlier Uh that the e s mini is sitting right at a level its first level of resistance And that first level is at 43 70 the actual high for the day just out of curiosity Is 43 71 in a quarter now even if price can close above 43 70 It has another resistance area and that other resistance areas that red oscillator and change line And that's a real important one not until price closes above that can we suggest that maybe Maybe there's a bottom of some type of significance out here And that level is at 43 85 as we speak right now, but right now you've got price sitting at a resistance area Which is the center of that profile if we take a look at the n q also doing the same now in the case of the n q It's got quite a wide ranging profile new profile. That's formed out there It's bullish and structured But in order for price to be able to make that move to the 15 509 level ordinarily We'd say you just simply need to close above the center of its profile and that may be the case But right now prices sitting at resistance. That's at the 15 oh 20 Just give you the exact number 15 oh 21 area now That's going to move up and down by a buck or two, but if price can overcome that level And we get the us dollar index to continue to move slower Then we say the n q is likely going to go target the 15 509 area maybe even 15 7 19 We take a look at the dowl the dowl also forming a new profile Now it is slightly bullish in structure because the center is a little bit closer to the bottom than it is to the top And the center of that profile is 34 006 that has so far acted as resistance Much like the es mini the next level resistance above that would be that oscillator and change line That is currently printed at 34 216 or their abouts So that's a level that price would need to close above now the top Although dow's equity future contracts profile where all the sellers are hanging out is up at the 34 467 I would just simply call the tops of those boxes for the dow and for the n q That's going to be the safety position that we take a look at the russell 2000 the russell 2000 And we've got john c in the tiger's den who shorted the russell this morning and so far that has worked out now The problem here what you want to watch inside the russell 2000 It's one of the it's the only equity future contract that potentially would take out the top of that daily profile And that would be that would be a first level of concern john You've got a td nine count bottom and if price can close above the top of its profile that's an 18 11 30 You're trading right now at 18 13 and change out there, but if price closed above um, if price closes above 18 11 30 Just is just extreme caution because what it's done is will have taken out the two resistance levels That should have or could have stopped price So it's going to be an end of day decision for you or at least with regard to that piece of information Now if price can clear that it says that price wants to make a move to the 18 92 70 level Now, I don't think that the russell 2000 is going to move on its own out here So um, but but still you've you've still got a an instrument that could be closing above the top of its daily profile And that would be breaking through resistance now granted john just depends on your level Of risk out there. You really do want to see two consecutive days right two consecutive days Above a resistance level to tell you that it's broken out now quickly on the bottom chart the weekly charts out here You've got a Weekly a to b equal cd to downside. It's made the one-to-one price projection Just needs a bullish reversal candidate confirm a currently buy pattern The nq still hasn't busted through the weekly swing point So it does not have an a to b equal cd down pattern the dow does the russell does the russell 2000 could form a td nine count bottom pattern between this week and the next two out there Steve roge with tfnn we get back to this break. Let's go take a look at the currency pairs Just try to put this whole puzzle together steve roge with tfnn. 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He just hosted forex strategies and fundamentals What is behind the tiger forex report for all the details and to start your 30 day tiger forex report subscription today Visit the front page of tfnn.com tfnn educating investors You might think that if you want to be successful at trading in the stock market You're going to need a crystal ball after all it's impossible to predict the future, right? Like any endeavor in life before you decide it's impossible get some advice from the experts You might find that it's not so impossible after all for daily market Overviews that give you direction on the key indices selective stocks and commodities Subscribe to the opening call newsletter at tfnn.com The opening call newsletter is written by basal chapman creator of the trading methodology known as the chapman wave The chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys and stock prices Get the opening call newsletter by basal chapman in your inbox every day First time subscribers also get a 30 day money back guarantee If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up tfnn.com educating investors Steve Rhodes started his trading career as a student almost 20 years ago and the student has now become the master Steve won the prestigious timer of the year award in 2018 and barely missed that mark again in 2019 Finishing at number two for the year an amazing accomplishment Steve Rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn And he shares his vast amount of trading knowledge every day in his mastering probability newsletter Steve's award-winning newsletter Mastering probability is delivered every trading day with updates throughout the afternoon Sign up for steve's market newsletter Mastering probability and you'll receive access to seven of steve's educational webinars Absolutely free at tfnn. All our newsletters come with a 30 day money back guarantee So you have absolutely nothing to worry about visit tfnn.com and try mastering probability 30 days risk-free today tfnn educating investors Toll free at 1 877-927-6648 internationally at 727-873-7618 Mac folks still got all the us indices that we track trading the upside inside the s&p 500 sectors It's the health care and the energy sector that are trading down Just a bit out there the xl a little bit more than just a bit So now what we're doing here is we're trying to just piece this puzzle together with regard to what's the market communicating to us So we're going to dive down into the interday charts and for that I'm just going to use the 30 minute time frames now 30 minute time frame charts You've got the equity futures on top. You've got the euro the yen the great british pound They've got the spot volatilics next to that I can't put the us dollar index up here because I have to change the data feeds and we're not going to get into that right now But this provides with a ton of information now. We're also Helping john c who's shorted the russell 2000 this morning Out with the with his request to take a look at it So the key level here that I would say you also want to see price close below today Which right now has been tested twice is its td9 account breakout level is on a 30 minute time frame chart So now 30 minute time frame chart that 1809 90 level you can see how that has acted as resistance now Twice maybe the third time is the term a price can close below that that would add to your evidence to go ahead and stay short Now if it doesn't it just you're still trading below profile levels But just another piece of information for you to pay attention now There's no bottom pattern But remember pulling back to a level of support a breakout level really can be a bottom Just like pulling up to a level of resistance a breakdown level can't be the place But you would go ahead short so you don't necessarily that is the pattern just simply pulling back to those areas now Let's go all the way over to the left take a look at the es many What do we know about it roads meant to mitigate her top with price consulting with inside his profile Key level of support here is 43 54 on a 30 minute basis if price were to close below that 43 39 would be the very likely target if we take a look at the nq out here The nq also has a roads meant to mitigate her top price just trading with inside his profile levels The key level if you're short or want to short you want to see price close below 14 962 if that were to occur odds favor a move down to 14 8 80 in a quarter out there Resist is being 150 46, but really it's the high of the day Which generated that roads meant to mitigate her top on a 30 minute time frame The dow the dow forms wave number seven top price pulls back to its breakout area So far it's held it's tested again. This is the third time 33 928 if price closed below that We're likely looking at in the a to b equal cd downside We're certainly looking at lower price out here with regard to the Russell. We've already covered that now Let's take a look at the currency pair So what has to happen on an interday basis with regard to the currency pairs? Well the very first thing you can see that on a 30 minute basis We had a td9 count top that formed inside the euro and guess what as we were coming on the air You've got a td9 count bottom now that pattern completes 11 30 it's 11 21 right now, but What you'd be watching for let's assume that we don't get down to those lows If the euro starts heading below that td9 count bottom on a 30 minute basis and that level is 1.056 91 1.056 9 out there that's going to suggest that the euro is going to go ahead and get moved lower Now if the euro does that that says the u.s. Dollar index moves higher the euro is a 57 waiting inside the Indice so watch that now you know you've got you've got perfect data to help you navigate throughout the day What should happen here? What should happen? Is that the euro should move higher? It should at least move higher into the bottom of its profile that green oscillator and changeline That's at 1.0596 Now if you really want to see the u.s. Dollar index move lower give you a signal that its intent is to move lower You need to see the euro close above its td9 count top on a 30 minute basis that level is 1.0616 out there Hopefully you're writing those numbers down on your pad of paper because this will help you to navigate with the markets Are communicating to you and I the markets being what's going on inside the u.s. Dollar What's going on inside the equity markets with regard to your short term patterns that are out here because right now That's what's important. We'll take a look at the larger term pattern here momentarily The yen the yen is moving in the wrong direction right now So the yen doesn't have a top just yet And the yen is about 13 of the u.s. Dollar index So you really need to see the end move lower out there and we don't have a pattern to suggest that that's what's going to unfold The great british pound Move lower. I don't really have a top although I can see small a to b equal cd pattern So in essence it does have a sell the d-point top out there and prices pulled back and has found supported its break level That's at 1.219 what you don't want to see the pound doing is really close below that 1.219 For two consecutive sessions unless it forms a td9 count pattern But that is I don't know whether that will happen or not I wouldn't hold out my hope that that's a pattern that is in play out there if the pound moves higher out here Then you're going to see the u.s. Dollar index move lower if the pound moves lower and it gets below that way A bar number six. We're likely going to see moved out to 1.212 that will put strength inside the u.s. Dollar index So that's what's going on on a shorter term basis. Let's close that out Let's go to a little bit longer term basis like the daily time frame What's happening there and this is going to be very important too to try to navigate Is this any kind of significant bottom or not? Well here the three currency pairs represent 83 of the u.s. Dollar index What we can see out here right now is that the euro is testing a key level of support And that is that red oscillator and change line If a day's end press close below that 1.057 Not really a great sign For the euro and that would suggest that we might see the u.s. Dollar continue to zoom zoom higher out there The u.s. Dollar Japanese yen again no top it needs a bearish reversal candle That's likely not going to happen today And so it looks like it wants to continue to move higher It wants to it wants to move higher weaken in the u.s. Dollar index would get stronger And in the case of the great british pound And this was the best hope because this one had the best pattern and that pattern was a td9 count pattern And what has price done today? And if you take a look at great british pound Boy, how has that oscillator and change line worked only one day with one bar close above it since about the September time frame That's right since the september of time frame out there So This what you really want to see here is you want to see the great british pound close above 1.22 160 day To give us hopes that we see the u.s. Dollar index move lower out there So that's the overview those are the things to really watch to try to navigate what's going on inside the markets Let's go out to our first caller. It is john and philly john. Thanks for calling. Thanks for holding. How are you today? Steve i'm doing very well. Thanks for taking the calls My pleasure as always and to see nasdaq 100 or the nq that you want to take a look at Steve, uh, yes, I've got a very specific question. I am attempting to answer for myself Sure, I haven't I haven't come to an answer and I wanted to put the same question to you And see if there's anything that immediately pops to your mind that might be helpful and answering the question and see Uh, and the subject is Uh, not only the u.s. Stock market, but its constituents And of course, you know, I have worked for a couple of years with this idea that the s and p 500 Is in effect half the nasdaq 100 and half the nyse top 100. Yes And um, uh, we know the nasdaq 100 is up, you know, over 30 percent year to date the nasdaq 100 Is effectively unchanged year to date so um, I am attempting to answer this question the Decline that occurred in the ndx the ndx top july uh mid july, I think The 19th or the date And uh, we've made a low uh lower low this week Hey john john real quickly john if you could just hold that because I didn't realize we're going right to a break Right now, but if you'd hold that thought and then come back and let's restart that up And we'll certainly do everything I can to answer your question. Steve roge with tfnn. We'll be right back The gold report As a precious metal gold is still king It continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the london otc market The us futures market and the shanghai gold exchange the gold report Tom o'brien publishes his weekly gold report every monday morning for subscribers Consisting of coverage of the xau hui gdx the dollar bonds the south african rand As well as 25 different mining equities with specific buy sell recommendations The gold report New subscribers get a 30 day money back guarantee so you have nothing to risk Subscribe to tom o'brien's gold report newsletter now at tfnn.com Sharpening your skills as an investor is like getting better at playing a musical instrument You have to practice sure, but you also need excellent instruction from experts at tfnn You'll get advice and guidance from the authority and technical market analysis And it's not just dry tedious text either tfnn airs live financial content streamed live on tfnn.com And tfnn's youtube channel with tiger tv live every market day from 8 30 a.m. To 4 p.m. Eastern for free each host is an experienced trader And gives their take on the market while taking calls and questions live from around the world From the moment the market opens until the closing bell sounds tiger tv has eight different shows with expert hosts To help you make the right moves with your money watch online at tfnn.com or on tfnn's youtube channel And become the investor you were born to be tfnn educating investors 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 bryan 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 tigresses 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 Don't forget you can listen to tfnn live on your mobile device 24 hours per day Go to tfnn.com and hit watch tiger tv That's tfnn.com and hit watch tiger tv Folks let's go out to our caller john john sorry that i had to cut you off there but if you'd be kind enough to Continue on with the question That you have for the nasdaq Yes, very good steve. Thank you um, of course, we uh, we do not know How important uh, or not the low this week is sure but i'm asking myself this question if If this low this week leads to a multi week advance and of course it may not but if it does Which uh, which s and p subsector Will lead will it be the nasdaq 100 or the nyse 100? That is the question i'm asking myself Uh, I am just in the process of posting in the tiger den a ratio chart of the ndx 100 divided by the nyse 100 Um, so we all can just look at it, but my question to you is is there anything that you could share That might give clues to the question Will the ndx outperform or underperform The nyse 100 if we get a rally phase well so, um That's I appreciate that on a friday, um, you know It's a great question and and I don't I don't know the answer to that I mean, I'm going to take your chart that you've got in the den I'll I'll look at some, you know, maybe look I'll try to I'll try to come up with an answer for you on that for monday And just take a look at things so I see you've got this ratio chart here That has I mean you've you've studied this a little bit more I'm going to just put this on the screen so that others can see this So this is the ratio where you've taken the nyse top 100 divided by the ndx or or or vice versa, correct? All right Okay, so what I'll do is I'll create a chart like this All right, and I'll get all those data points and put it into The system so that we can pull up a chart and just see what kind of patterns are out there Just see if there's anything that way That might help answer that question. That's nothing that I can do that quickly out here I did put up the nyse 100 a charts. That's what I've got up on my screen I'm not really sure that I got an error message, but I believe that this is Accurate or fairly accurate and this shows here. John a td9 count top wave seven top that formed out here on july 24th And the profile levels out here are irrelevant there I just haven't changed over to a different chart out there I would say and taking a look at this chart here what I could share with you on the nyse 100 is resistances at 13805 So that's a level that if price we're able to close above You know that would suggest a further move higher, but that's really not your question Your question is is the is the s and is the is the new york 100 york stock exchange us 100 Will that outperform the ndx 100? So I'll try to come up with an answer on that But I but but I I can't do that off. I can't do that off the top man I've not I've not looked at that so I would be just guessing and I really don't want to guess I'd rather try to come up with something more substantive. Is that okay with you? To see right. Thank you for Entertaining an awful walk question I fully understand and if you don't have anything to contribute to To that topic at any time in the future. Don't worry about it. What so ever? Oh, no problem. No problem But I'll tell you you ask a question and I should be able to pull that together pretty quickly So I'll just take a copy of your chart. I'll reproduce it and then put it in to see what kind of signal information We have you know what I have up on my screen right now Just to kind of help folks So this is the 95 year seasonal cycle for the s and p 500 And you can see that we're supposed to be bottoming right about now And what this suggests folks that we should expect a rally into the early part of next week now We're coming into end of month time frame So that would make sense now this chart here on average a day where we would get a top would be on october The sixth or seven turns out that october the sixth or seventh is next friday next friday saturday out there So this is a rally that could extend itself out there But from a seasonal standpoint, this should not be the bottom the from a fall stamp from the fall standpoint We should just simply see a counter trend move and then a move lower down into the october type time frame out there. So john, I believe you've probably hung up. Is that correct? I think I wish you a good weekend and thank you You're welcome and thanks for the call. I appreciate that and a little bit of homework that you gave me for over the weekend That was john in philly Um in take us. Let me see what questions do we have out here? I so I think I've answered all the questions there for john c with regard to the russell Snowball wanted to take a light sweet crude. So let's get over to the crude oil charts out here We'll take like a daily weekly monthly. I think I've got those up in the longer term time frame I do so let me just change screens here to make sure we get over to the right spot Give me a moment Change screens come on This is really weird. Oh, okay applications. There we go. Okay. So now Here's what we know right now snowball first lights we crew and i'm gonna put up the monthly chart We'll go from left to right upper left to a lower right out here on a monthly time frame What we can see is price is trading above the top of its bare structured profile. That's a very bullish outcome However, there is this little dark cloud cover up here. Uh, this is for the high from june of 2022 In order for lights we crude to give us the full breakout message price needs to close above that high That's 94 34 out there Let me see here Okay, we'll get to that a moment So so that's the first thing with regard to lights we crude it's bullish But there's a resistance level in essence that it's uh tested and it's rejected so far Does it mean that it that's that it's a top or anything? Because the weekly chart shows us an a to b equal cd to the upside that gets us into about the 97 dollar area On a daily time frame I probably can find an a to b equal cd pattern. Let me pull this out here I can but that hasn't completed So what we have right now is you've got a resistance level, which was yesterday's high that was that dark cloud cover That's a resistance level and price right now is trading back inside a profile Lights we crude may pull back where it should find support is down at 88 87 out there If price closes below that then we're looking at something more Of a something more of a potential top out there and move back to 78 94 So that's the message from the daily time frame chart So overall I see a five hour a four hour td nine count top that says price could pull back to 89 31 and find support Got a five hour td nine count top This is so in that we could see an a to b equal cd to the downside 89 0 8 is the support level. So I'd say we've got support here between 88 87 89 0 8 89 31 those would be the levels to be watching Snowball, I hope that that information Helped you out. Let's go to our next caller on the line. It is john in chicago. John. Thanks for calling. Thanks for holding. How are you today? Yeah, I see. Thank you for what you do. Um, my question around gold futures. Um, I Try not to develop a correlation with either the the dollar or the Uh, the The yields but it seems like gold is just it just keeps dropping Is there a way Hello Yeah, I'm here. I'm here. I'm listening to you. Is there a way to what? Yeah, where do you see gold holding support and reversing? Uh, it just seems to be dropping like a rock. Sure. Okay. So, um, great question John, do me a favor because we're going to go to a break here. Just hold on We'll come back and we'll answer your questions about gold. Steve Rhodes with tfnn. I'll be right backwards You might think that if you want to be successful at trading in the stock market You're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life before you decide it's impossible Get some advice from the experts You might find that it's not so impossible after all for daily market overviews that give you direction on the key indices Selective stocks and commodities Subscribe to the opening call newsletter at tfnn.com The opening call newsletter is written by basal chapman creator of the trading methodology known as the chapman wave The chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys in stock prices Get the opening call newsletter by basal chapman in your inbox every day First time subscribers also get a 30-day money back guarantee If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up Educating investors Everything in the universe is governed by the fibonacci sequence This mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market To stay on top of stock patterns you can take advantage of sign up for the fibonacci 24 7 newsletter at tfnn.com When you subscribe you'll get a weekly report from veteran day trader larry pesavento on stocks You need to pay attention to and you can trust larry's analysis After all he's got 45 years experience as a day trader larry will also provide daily charts videos And data on the key markets that he's tracking expect notifications from larry on market movement You need to act on at any time first time subscribers also get a 30-day money back guarantee If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up Subscribe to the fibonacci 24 7 newsletter today tfnn.com Educating investors 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 etf's 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 eight six six four seven six seven five two three 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 Folks so we're on the line with john in the windy city of chicago. We're trying to answer the question Where's gold headed to what do we need to be watching for so and you mentioned correlation john And that's the place where i would like to start with you And so what we're looking at here on this chart Is that the center portion is the us dollar index the top portion is the gold contract And we still have this set to a five-day correlation So the very first thing you'll notice is that most of the bars probably 95 percent of those bars over a five day period are below zero That tells us we have an inverse Sorry, I couldn't see you, but I okay now I can see your chart. Are you good? Okay? Okay, perfect perfect So so again the top portion is gold the center portion is us dollar And the bottom portion is the five-day correlation directional correlation between the two So with those bars predominantly being below zero tells us that we still have this very strong Inverse correlation going on so in order for gold to really find some kind of significant bottom We've got to find a decent top inside of the us dollar index That's the first thing I would say with regard to correlations that makes sense to you Yes, sir Now here's the other piece of the pie of that puzzle I've drawn in two green arrows out there coming off of the lows here since the dollar has been rallying Since the july time frame. This is a daily time frame What we can see here is we've never seen price bust through there's never been a change in trend signal for the daily time frame Because price is pulled back sure But it's always found support at the bottom of those profiles The last time that we were taking a look at that was back on august the 30th And then on august the 31st. We have a new profile that is formed And that new profile has supported 104.784 That's the first level that you want to have on your pad of paper What I can share with you is if the us dollar index closes below that then we likely have some type of significant bottom at this stage If we don't we're just getting some jostling back and forth with regard to goldilocks But I think that you know here because that directional correlation. That's the really important level to watch I have no idea whether dowel bust through 104 78 or not But I do know the level to watch that if price does close below that That would then suggest to you and I that we might have some kind of solid bottom inside of goldilocks Now I'm going to switch over and take a look at the gold charts. So give me a moment right here We'll change us screens. We're going to take a look at the white background charts In the white background chart We're going to start with the daily time frame and that the daily time frame price right now is traded with inside its profile The support level here is between 1763 and 1848 The reason that I say it's between that john is because this is a bullish structured profile Meaning the center of this profile is closer to the bottom Then it is to the top. So there's more buyers lined up between 1766 and 1848 So that's going to be the first zone of potential support. You with me Yep Perfect now we take a look at the weekly chart the weekly chart shows that we have an a to b equal cd to the downside That a to b equal cd to the downside gets us around the 1830 level I'm not going to give you the exact price because I don't have my tool out there But around that level well 1830 takes us into that buy zone level on the monthly time frame Gold tends to do more than a one to one a to b equal cd doesn't do it always know But it tends to the breakout level inside of goldilocks is down at 1765 80 That gets us down to the very bottom of that weekly profile as well So I would say odds favor a move to the 1765 to 1830 ish type area When we take a look at the we combine the monthly and the weekly charts together Now to the daily chart and I believe koto or Pete g had a question about gold and where we were at with regard to td9 counts No td9 counts of significance on the monthly or the weekly and we will form bar number seven today on the daily time frame So koto knows that on a td9 count pattern that the bottom It can come in when the lowest formed on either bar eight nine or the bar following nine for example Gold here back on the trading day of uh, june 29th form bar number eight of a td9 count That pattern confirmed the following day And that led to a nice rally turns out that rally led to a td9 count top What happened then we had a td9 count bottom that bottom here on august 14th that just simply fell apart immediately That was telling us about a strong momentum move to the downside We got a nice little rally out there. We busted through another td9 count bottom out here So it's really not looking great I would say based upon the td9 count patterns here from a shorter term or intraday type Move out here john. We're looking at a short term bottom likely forming between Monday and wednesday of next week Now that short term bottom may just simply take price up to resistance levels Right and we'd have to come back when that bottom does form to take a look at what those levels might be Maybe there's a new profile on the daily time frame or where the oscillator and changeline is But if you were asking me as gold bottom today I don't see anything to suggest that that is the case out there and instead I think we're looking at lower price We've got to watch on the daily base the td9 count patterns that are out there when I look at the intraday charts right here I don't show gold I don't have any signal of gold forming any kind of intraday bottom just yet Of course, we do know that the directional correlation between it and the us dollar index is going to influence that So we have to watch what the us dollar index is doing too. Does that help answer your question? Yeah, steve it does. Thank you so much. Oh great. Perfect. Well, I'll look forward to hearing from you again. I hope Alrighty, thank you for what you do again You bet and you have you have a nice weekend. That was john in chicago Let's go to our next question and actually so it's cut out here from gold and peak g was asking about The the td9 count signals both in gold and silver. So we've covered that for gold Let's go ahead and pull up the silver charts For peak g and we take a look at these silver charts out here And let's let's do the review of silver you're back inside the profile level inside silver It's next area of support is 21 57 on the monthly time frame on a weekly time frame You're going to signal if price closes below Yeah, your price closes below today 22 66 and you're at 22 52 I believe right now Yeah, that's going to trigger an a to b equal cd to the downside So silver then could open up a move to 1916 Silver on a daily time frame. There's no td9 count there to be aware of there's also no td9 count to be concerned with At least at current Currently, but there is a td9 count that we want to watch and that's the bottom that could be broken that would then confirm An a to b equal cd to downside as well So there was a td9 count bottom that formed inside silver on september 14 that low specifically is 22 55 We're trading below that low right now if price closes below that low That sets up an a to b equal cd to the downside pattern out here So that's what I see when I take a look at silver. We're in bar number five right now So no td9 count there to help us identify some kind of bottom or anything the td9 count That's of concern is the one that formed out here on september 14th. That could be taken out today So hope that that helps y'all to answer your questions there peek Also inter day wise with regard to silver I don't see any kind of bottom signals of anything td9 count top that formed out here on the 30 mid bases and prices broken through those breakout levels You know like a warm knife in some beautiful butter out there So td9 that's uh what you've got out here for uh peak d Let's uh go take a look at tesla. That's for kota inside the tiger's den We'll get over to those charts here momentarily That's the euro chart. We will come back to those perhaps at the end of the trading session But first let's go take a look and see what tesla is doing And this is for as I said this is for kota inside the tiger's den So tesla today ran right into resistance that is green oslater and changeline Your price can overcome that level and I mean overcome by closing above it 253 and change right now It's 253 in the 60s out there then that would suggest to move up to 266 47 So you've got what what you what's nice about tesla right now is it's trading above support But it's trading below resistance. So it's somewhat neutral support above reason well It's traded above one resistance level. That's the top of its barest structured profile and that's up at the 250 32 level But you really need to see it close about that green oslater and changeline both on the daily and the weekly To suggest that tesla wants to move higher. We'll finish looking at tesla. 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Just visit the front page of tfnn.com Back folks, so we'd like to look at the consecutive days higher and lower inside of a tesla You can see today is going to be bar number two It's typically rallies for two to three sessions out there So it looks to me like right now prices struggling at those resistance level I would change my mind and say you get a third day's rally if price can close above 253 62 Maybe let's make it 253 70 out there if you get a close above that odds favor You have at least a third day of rally inside of tesla The next request was to take a look at the junior nugget not looking very good out here This is for joe joe in the j-nug out here What I've got is an a to b equal cd to the downside that a to b equal cd to the downside It gives you a one-to-one price projection of 1839 now. This is a larger pattern I'll just simply go ahead and expand that chart out. So it's a larger pattern Don't have any kind of a bottom signal price rejected. It's red oscillator and changeline today So it does look like this one slower price on a weekly basis. The price target is 22 89 So you've got 22 89 on the weekly and 21 79 on the uh daily time frame Hope that that helps you out joe wanted to take a look at the un g so to do that We're really going to go take a look at what's going on the underlying contract for the ung is going to be the november contract So give me a second to get there Make sure that's what I'm showing Um, here we go. And so here is yeah Perfect. So we got an a to b equal cd to downside inside of natural gas for the uh, November contract that price projection is 276 Today's action is not what you want to see at least as of 11 56 in the morning Price was below a bullish structure daily profile Where counter trend moves running resistance is at the center of that profile. That's a 296 And that's what you have right now. So right now i'd say odd's favor that natural gas is going to complete that one to one A to b equal cd to the downside. So hope that helps you out joe folks Thanks much for all the requests this week. Have a fantastic weekend. I'll look forward to seeing you on monday be safe out there Take care