 The following is a presentation of TFNN The Trader's Edge with Steve Rhodes All now toll free at 1-877-927-6648 or internationally at 727-873-7618 The Trader's Edge now Steve Rhodes Good morning, folks. Welcome to the November 3rd, the terrific Tuesday edition of today's Trader's Edge show. I'm your host, Steve Perseverance Rhodes, who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past. I hope everyone out there is having a great day. Let's make sure we have an extraordinary one. Now the easiest way to do that is to always remember that life is happening for us, not to us. That's right, when you and I make that one little two-by-four shift, 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 going to go check on the circumstance of these markets. We'll go figure out what those bulls and bears, what those buyers and sellers are communicating to you and I 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 am here to serve you. So feel free to pick up that phone. Dial on in at 877-927-6648. If you've got a question, but you can't call in, we can answer it. Send me an email. Send that out to Steve at tfn.com. Inside the subject hitting, please put radio show question. Now if you're inside our Tigers, then well, then any in every ping will 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 the show. We got a sea of red out there. That sea of red goes like this. All the US indices that we track trading the downside all the sectors with inside the S&P 500 doing the same thing. We're all off about the least amount of a move to the downside as a trend. He's there down seven tenths percent. The S&P's off one and three tenths. Dows down one percent. Nasdaq 101 and six tenths. The same with the Russell semis down one seven tenths percent. The Dow's off 361. S&P 57. Nasdaq 247. Russell down 28. Semis off 60. Gold's off $3. Silver's down a penny. Lights recruiters up 28 cents. Natural gas is up eight cents. 30 year treasury printed out of 111.06. That's off one point and six ticks. Dollar wise, leading the charge, the upside, you got point to borrow biopharma about six dollars or eighty five percent. Maybe that's a IPO. Thermo Fisher sound typical of five bucks, one percent. Land Theos holdings up six and a half percent or four bucks. Simplify interest rate edge up four percent. Three dollars in change. Boeing is up three dollars. That's nearly a two percent move. Hubspot trading at the downside off twenty two bucks, nearly five percent. Little nearly six percent for super micro computer. That's a sixteen dollar move. About two percent for Broadcom, sixteen, two percent for BlackRock, fifteen, and Eli Lilly down about two and a half percent. That's a fifteen point move there as well. So let's begin. Where do we want to begin? Let's begin. Let's begin. First of all, market breadth is horrible. We'll just show you the thirty minute market breadth out here right now. Let's see what it is. We've got eighty seven instruments above and two thirty three below for the S&P five hundred. So that's bearish. It's bearish for all of its other timeframes. Sixty two forty daily and weekly as we take a look at the Nasdaq one hundred. It's a thirteen above forty five below. So we've got very market breadth bearish indications for all the different five different timeframes that you and I track. That's the first thing. Second thing we know that the dollar out if we take a look at the dollar. Dollar negated yesterday. It's TD nine count top. You've got an A to B equal CD to the upside should target one oh seven sixty six out there. That's the only other pattern that I've got in play out here. However what you and I know is that U.S. dollar index is a simply a reflection of five different currency pairs. So we really need to understand what's going on in the underlying instruments before we make a call that U.S. dollar index is headed higher. So for that we're going to go ahead and switch over. That's not actually charts that I wanted. So let me do this here. Let me close that out. So I had to reboot my system during the just before we came on the air out here at least this part of the system. And let me try this at a chart. So let me move over. I will switch some screens out here and take a look at the daily first. Now we'll go down into the intraday charts out here because there is a possibility that the dollars getting ready to turn. Of course we may have said that many times recently. But we're going to take a look at what those requirements would be and why might it be getting ready to turn. Well if we take a look at the daily time frame for the euro that's in the bottom left out here you'll see that today is actually going to form bar number nine of a TD nine count. It says that today or tomorrow we should see the completion of that pattern. Price should at least make its way up to its oscillator and change line. If in fact that unfolds what I see in the euro as well is I see a TD sequential 13 count to yesterday. So that says if we see a close above the close four bars earlier that would confirm that bottom signal out there. Now the last time we got a TD sequential actually we've gotten a couple of them. None of them have really worked out here. So I don't know that this one is going to work either. But we do have two potential bottoming signals out here for the euro. So we're going to look at those short term time frame charts. And if in fact we get a turn here regardless of whether the dollar itself negated its TD nine count pattern it really won't matter. The second currency pair is going to be the yen and the yen out here right now has a confirmed rogment. Well it doesn't have a confirmed pattern. It looks like it will confirm at day's end a rogment indicator top. It just needs a bearish reversal candle. Got a nice big old bear sash candle right now. But we don't know what it's going to look like at day's end. A TD nine count pattern is likely to go away because today's close looks like it'll be below a close the close of bar number four out there. So that but we don't need to have that pattern. There's also an A to B equal CD. So there's a couple of different signals that we're getting from the yen that are confirming a top. If the yen moves lower from here that will get stronger. The US dollar index will get weaker. Obviously a TD nine count bottom in the euro will we move higher that will also weaken the US dollar index. And with regard to the pound yesterday the pound negated its TD nine count. So that says it wants lower price out there. Well we know the real key level for the pound is going to be that oscillator and change line. We've only seen two closes above that for several months out here. That number right now is pretty not a 121. Let's move from these charts into the 30 minute time frame. Why because we're going to see any kind of a change in trend out here. We're going to see it first on the intraday charts. So move over to that set of white background charts and here you've got the euro on the left. Now in the case of the euro earlier this morning and exactly 12 30. I was earlier this morning. What the euro did on a 30 minute time frame was a confirmed a TD nine count bottom. What we saw out here during that 10 30 time frame out here we saw the yen really take a move to the downside. I saw the euro do the same thing. But all it was doing was testing that TD nine count breakout level. So that held that says OK we've got some potential out here. Now right now all I can see is a sideways consolidation. So we need to see a close above the high from 4 30 this morning 1.0493 to give us some type of signal that maybe this is starting to turn in that turn based on that daily TD nine count signal. The end no reason for us to although it did form a TD nine count top as well that held that we saw a price spike above that level. But it's still at that bar's end. It's still closed below that TD nine count top is still in place. Now the Great British pound we talked about the daily time frame no bottom signal there. However we start seeing these TD nine count breakdown levels fail. The first one is 1.209. We saw one bar close above that. If we get two consecutive closes above that that's going to suggest that the pound is going to make its way up to 1.2146 whether it has a bottom on a daily or not that will still weaken the US dollar. So we want to keep paying attention to these three currency pairs out here because they represent 83 percent of the total of the US dollar index. And if we get a bottom get some bottom signals here or the right signals here we should see the US dollar index pull lower. That ought to take the markets higher. Zero to a TFN and we'll be right back. Currencies commodities and bond markets are as important as ever right now with how they're driving the volatility in equity markets across the globe which is why it's a great time to try out Teddy Keg stats Tiger forex report. Teddy Keg stat breaks down the forex markets every Monday using his 30 plus years of experience as a trading veteran of futures forex stocks and options. Teddy releases his weekly Tiger forex report every Monday morning with coverage of all the major currency pairs including the dollar index the euro dollar pound dollar dollar Swiss dollar yen as well as many more. And he also has weekly coverage of the crude oil market and the 30 year T bonds as they both influence forex markets tremendously. When you sign up for the Tiger forex report you also gain instant access to Teddy 60 minute webinar archive. 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 TFN.com TFN 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 TFN.com the opening call newsletter is written by Basil 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 Basil Chapman and 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 TFN.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 TFN all our newsletters come with a 30 day money back guarantee so you have absolutely nothing to worry about visit TFN.com and try mastering probability 30 days risk-free today TFN educating investors at 1-877-927-6648 internationally at 727-873-7618 still all us indices trading to the downside we've got two requests in so we'd love many more whether you're in the tiger's den or you're listening in you give us called 877-927-6648 or send me an email send that out to Steve at TFN.com inside the subject hitting please put radio show questions so the two requests that we have so far the first one from ELO inside the tiger's den once take like a ticker symbol X H B such we've got up on our screen out here and what do we see on the daily time frame I see an A to B equals CD to the downside I'll give you that price purchase I'm going to do this on the other screen of mine because I can give you an accurate A to B equal CD level let me just see where's that high 8513 or 8511 we're going to go with 8513 and so that's the eight point well it's really not an A to B equal CD let me show you what I'm looking at here so if we take a look at here's what I was going to use for the swing high but if you take a look at and I'd have to use this up data point right here from August 25th is the B point but if we take a look at that retracement that's almost 100% retracement so that's really not an A to B equal CD now we could take a look at one right here along this line so why don't we do that and that would look like this so here's your A to B level and we take that down right there and then I'll just simply move this over to the to then at that new seed point now the volume on the swing point was from which was on September 26th was 3.8 million shares you've done 3 million shares in two hours of trading less than two hours of trading this confirmed A to B equal CD to downside gets you into that 69-ish type area out there okay so we have that now when we take a look at the TD9 count top on the weekly basis what we see here for the S&P home builders ETF is priced right now is below last week's low that's a bearish signal and it has a TD9 count breakout level at 68.39 so confirmed daily A to B equal CD gets us towards 69 a weekly TD9 count top takes us to its breakout level of 68.39 a new profile is formed on a monthly basis prices now below that on a monthly base we just began but as long as price remains below 74.46 it would signal to you and I its intent to get between 65.92 and 68.06 so at this stage of the game ELO I'd have to say that the XHB that is the home builders ETF for the S&P 500 is likely headed lower with 68.39 or so being the likely price target so hope that helps you out and thank you so much for that request next request coming in from S&P inside the Tigers then S&P wants to take a look at Slumberger SLB as a ticker symbol we take a look at Slumberger what we see out here and what the S&P was looking for was support levels well the daily support level is its breakout level and that is that TD that's generated by that TD9 count pattern and as at 56.62 I would say now there's an A to B equal CD to the downside is what it looks like although that retracement as well was pretty high out here so that's more than a 0.786 retracement so we won't really go there we just simply have a confirmed roadsman to mitigate our top and price likely targeting 56.62 what happens if price closes below 56.62 then we're likely headed to 54.22 54.22 is the bottom of that weekly profile now the holdout here the the positive if you will is longer term for Slumberger and the positive here is that price remains above the top of his profile 56.91 so watch that level on a monthly basis because if you get back inside there then you're likely headed to 53.64 or 51.04 but right now the level to be watching S&P inside of Slumberger I would say would be 56.62 hope that helps you out on a 30 minute base there is a TD9 count top I'll just pull this chart over here real quickly there's your 30 minute TD9 count top price right now is but trading below profile levels watch 57.18 you basically actually watch the TD9 count bottom that's down here so on a 30 minute base you could say the TD9 counts are working pretty well I'd watch that low which is 56.86 you close below that that's going to be your signal that Slumberger is headed lower and likely going to go target that daily TD9 count breakout level 56.62 so ELO and S&P I hope that that helps you out I do see a couple of other requests that looks like here let's see John Camp wants to take a look at hopefully I haven't overlooked anything wants to take a look at Nike so let's just pull up Nike I don't have all my charts up because I had to reboot that system just so it could get up and going here so now we take a look at Nike which has got that beautiful TD9 count bottom big huge gap to the upside question is is going to fill that gap to the downside and I don't know the answer to that question we're basically trading with inside that gap we're trading with inside a profile a profile that has resistance at 89.74 and if we close below 89.74 then I would say odds favorite get down to 90 I'm sorry that was a bottom of the profile 91.90 is the top of the profile 89.74 is both the center and the bottom so right now what I'd have to say what do you have to say Stevo well let's see here on Nike what we got out of it was a two-day rally so you know kind of normal this looks like we're going to look at potentially day number two to the downside boy I don't have a great feel here for what's let me see what's going on on a 30 minute basis for Nike you know certainly a sign of strength out there on that big gap to the upside that big wide ranging bar I don't have a real good clue on the 30 minute base but we are trading below profile level so it would appear that the pressure is to the downside on a weekly basis the level that I'd be looking at is 86.24 on the daily time frame do I have anything that signals that that's where likely we're going to head to I really don't not at this stage of the game so for Nike out there I've got to put it into the category of I'm just not sure so I know that's not what you wanted to hear John but uh I'm not going to lie to you you know that gaps wide open let's just say odds favor that maybe price is going to head back down there so I do hope that that helps you out so I can't give you anything more definitive than that maybe we'll get some additional information tomorrow and we can come back to that. Nitramps says Mr. O'd you BXY please at 1849 swing in the cards everything seems to be lining up as such so what please please is 1849 let me see what UVXY trying to figure out how to help you out here at Nitram so you're looking for a target of 1849 maybe that's it so eight where where price is likely headed in UVXY say so the most recent high is 1849 I guess that's what you're looking at and that's the high out here from the trading sessions of September 27th so you're inside that swing point let me just move over to my other charts out here a moment here change windows we'll go over to the black background chart and so that's a logical spot I don't know whether that's where the end of the move is for you out here you know you could actually get on UVXY you could get a version of an A to B equal seed at the upside if you're asking here where is resistance well first I'm going to go with your your first category that prior swing at 1849 the price gets above that 2009 could be a price target playing this very volatile type instrument out there UVXY so I don't know if that answered your question for you Nitram if it did or didn't you can write back to me and I'll try to help you out as much as I can John and see Nike is up on the day okay Steve what's a good support level for Microsoft let's go find out what that is so we will go ahead and put Microsoft in my other system and we'll get back to those white background charts momentarily actually saved by the music we'll do that we get back to this break Steve Rhodes with TFN and we'll be right back 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 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okay we lose a lot of money for this one well I'm sorry to hear that let me let me help you understand at least what signals are levels to be watching out here so as we take a look at so I've got three different timeframes up on our screen right now the first thing I'm going to do because you've held on to this I'm going to take a look at the longer term screen first the monthly on the very right hand side so in the monthly timeframe right now what we have ExxonMobil doing is testing its key support level there's really two out here they're both about the same area the first one is its oscillator and change line which is green what that tells us is that we have a rising price oscillator above zero that might not mean anything to you but what it tells us is that this is a bullish instrument for this timeframe not until price closes below that level which right now is 1486 will ExxonMobil for a monthly period of time have lost its momentum out here now there is resistance that resistance was formed actually back in April of 2023 and the reason it was formed was because there was a bear sash candle bearish reversal candle that formed after that that formed in May of 2023 and that confirmed what we refer to as a rogment and indicator top so the resistance level which was tested last month for ExxonMobil the resistance level is 192 now the volume on that April 2023 level is 293 million shares last month you were pushing up with 320 million shares price rejected that high get that high being 192 when you reject the high and you've done it with volume that tells us that price wants to be back up there so odds favor you're going to see at least another test of 192 now that was really the third time up to those levels so there is this saying or belief that the fourth time up should price get up there it'll bust through that area so there is some hope for you on the longer term I mentioned two levels on the monthly timeframe the second level is atop of its profile which is 115.74 it closed above it last month you're trading slightly below it this month but watch that 114 ish area if price gets below that then that tells us we're likely headed lower the next headed lower area this would take me to the weekly chart would be in the 113.91 ish area what we have here on a weekly basis what we have had a weekly basis is we do have a TD9 count top pattern but not until we see a close below on the weekly basis that offset or change line will the signal turn to something other than neutral so even though we have a confirmed top what we really have is a neutral signal and it's neutral because price is really right at the top of its weekly profile and it's above that weekly green offset or change line go ahead do you have a question yeah okay so uh the next level will 115.14 like you said the first the first level you're watching is going to be right now it's at 114.85 a second level to watch 114.85 a second level 113.91 a third level this takes me to the daily time frame chart and with the daily time frame chart is done it has pulled back and right now it is testing support and support here is the bottom of its daily profile and that level is 115.21 so there's three different numbers here each of those love each of those numbers were for different time frames and our different support levels I think you go with the lowest one if you get below if price closed below 113.91 what the signal to you and me would be is that price is in its intent is to get down to about 108.42 and so you'd be taking more heat yeah I know you didn't want to hear that now I'm not saying that's what's going to happen just yet because right now price is testing those support levels but watch those support areas if price closed below that you know absolutely call me back I'll help you navigate see if there's any other signals that are out there but right now we've got price that is still holding some key support areas so I wouldn't jettison the position and you've held on to it for a while you know the other thing that impacts the XLE is lightspeed crude and lightspeed crude at this moment in time I'll switch over here just take a look at I've got three different future contracts that are set up go go ahead Sue yeah no I saw on the screen you said you're going to do XLE right to look at it I did we did look well I know it's going to move over to lightspeed crude the reason I take a look at lightspeed crude is because of its directional correlation that it does have to the energy sector direct correlation would have to Exxon Mobile and here I've got November December and January of 2024's lightspeed crude contracts out here and what we can see in each of them just like Exxon Mobile was testing support on a daily basis so too is the November the December and the January contract for lightspeed crude these are not suggesting at this moment in time that you'd get rid of your position here because these have held support these have pulled back and they've held support and if lightspeed crude is going to head higher then likely Exxon Mobile will as well I think if I put up the XLE charts which I'll do right now for you we're likely going to see the same kind of pattern as Exxon Mobile because XLE I believe is still the number one holding in by a significant portion inside the energy sector the XLE but let's take a look at it anyways now the XLE does not look as good as Exxon Mobile did XLE might be targeting or should target 87.54 and that's a TD 9 count breakout level and if that area fails 86.655 would be its next price target area the XLE much like Exxon Mobile has made three runs at highs out here so maybe that next time up is the time that it actually takes it out out there so I still think oil is a good place to be longer term and I still think the energy sector is a good place to be but you may take some heat so I think specifically with regard to Exxon Mobile I think we answered your question and gave you your support levels that you need to watch if those support levels fail you're likely headed lower and again call me back and or write in and I'll be happy to take a look at uh look at that instrument for you does that help you out yeah yeah I really appreciate it so much thank you the best thank you so much okay you're you're most welcome you have a wonderful day thank you you do you you have wonderful days well I was Sue in Bethesda Maryland that was the energy sector the XLE now I believe that Nancy the tiger's dad wanted to take a look at Microsoft and I'm not mistaken I didn't write it down just going from memory here so uh if we take a look at Microsoft now what I don't know is what did Nancy want I think it was she was looking for support turns out that right now Microsoft is basically sitting at support and in the case of that I'm going to switch switch over to my other screen just to make sure I don't have too much of a delay here which is the bottom of its daily profile so this is a bullish structured profile Nancy and that bullish structure that says support should exist between 313.48 and 315.49 and priced right now it got down to a low today of 313.08 we're trading at 313.88 so far that level of support has held out here so you were looking for and if that area fails where you're headed to well you've got TD9 account bottom support that existed the swing point low from September 28th and that low down there is 309.45 now there's 19 million shares you're pulling back into that with with pretty good volume we're already at 6 million shares but Microsoft it's got support at that level of 313.48 we'll be right back 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 Basil 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 Basil Chapman and 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 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 Pezzavento 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 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 foresight fund services LLC this program is brought to you by vista gold traded on the nyse american and tsx under the symbol vgz back up folks down 426 s&p's off 62 nasdaq 253 russles down 28 we're taking a look at uranium u r a is a ticker symbol is for lb out here so as we take a look at u r a and lb is wondering where is this headed to well that's pretty simple steve will say it's headed to its weekly oscillator and change line that is currently printed 2481 lee has price moves lower that's going to move lower as well but that's your range out here the next level is 2409 now how do we come to those come to those areas very simple we take a look at the daily time frame chart the daily chart generated erodesment and indicator by a top out there what price is doing right now is it's trading below its bullish structured daily profile uh 2603 is a bottom that profile that's signaling to you and i that wants to make a move to where price is broken out from i'm not saying that's where it's going to bottom it could bottom it should bottom but that would be at the 2409 level so we got 2409 2481 we know on that weekly chart as price moves lower that's also going to move lower so what we're going to give to you is 2409 is a likely next price destination for u r a i'm not saying that happens today or tomorrow but that is where price is likely headed to you just got a consolidation in your radium inside the monthly time frame chart is there anything else that i can assist lb with i can if price is going to head lower on a 30 minute basis you're going to see price close below the uh swing point uh from earlier this morning so this was trying to form a roadsman to indicator bottom uh that low is at that 2540 you get below 2540 that's going to tell us okay we're getting ready to get down towards that 2409 level now this is going to be day number three to the downside it looks like inside of uranium u r a b in the ticker symbol out here typically you don't get more than three or four consecutive bars to the downside so if you don't find a short term bottom today you should get a little bit of a short term bottom that forms tomorrow or maybe a bounce for two consecutive sessions out there that's what i see when i take a look at u r a i hope that that helps you out lb and thank you for taking the time to write in uh i don't see any other request inside the tiger's den and um let me see here yeah i don't see anything else so uh what do we want to take a look at let's take a look at let's take a look at goldilocks out here so gc the december contract we'll just put it up here and uh what we're going to notice out here is that today is going to become bar number nine of a td nine count pattern that says that we should see a bottom form between today and tomorrow doesn't guarantee it but it does suggest that we should see that now there's also what gold is done is gold as it's already achieved the one to one a to b equal cd to the downside pattern by the way on the weekly time frame chart it says stevie i don't care what you're thinking about a daily bottom i want to get to 1765 that is a that's its td nine count breakout area and the monthly chart says i'd love to explore 1745 and maybe that's where price is headed to but we do have these daily td nine count patterns to uh to consider out here that's why we want to pay paying attention to both gold and the us dollar index out there because if we do get a turn we don't have a turn just yet but if we do get that signal that would be nice to have that signal at the same time that you've got a daily potential bottoming signal inside of goldilocks now i'm going to switch charts out here we're going to go take a look at the so you can see here um you've got no bullish reversal candles on this big swift move waterfall move to the downside right yes that is exactly right out there and that's going to be really important to understand out here because when we take a look at this chart now we go back to this chart here the daily time frame what you're going to see is you're going to see a couple different a to b equal cd patterns here's the longer one the bigger one and that price projects was 1838 along that c to d leg we had another a to b equal cd the one to 1.272 was 1834 we have hit that area we've got a td nine count should we just go ahead and take the long trade here well from my standpoint the answer would be no what we want to do is wait for a bullish reversal candle even though you've got a td nine count pattern let this more difficult pattern confirm that we've got a bottom out there let's go to uh john and philly john thanks for calling thanks for holding how are you today steve i'm uh uh very well thanks for taking the call and thank you that was very timely that you just brought up that daily december comics gold chart uh fascinating how we've very abruptly and quickly yes uh moved into uh bar nine of that td nine count on that daily charts yes yes so it's got potential but as you and i know we've got to see you know we've we've just got to see a uh we've got to see that us dollar index turn at least at this stage that's what i believe we've got to take a look at out there so it's got potential and uh and just i'll just share this with you steve um yeah i'm glad you mentioned that i will just mention this i'm saying this for my benefit i'm saying it out loud perhaps it's a benefit to you and your listeners with the moves that have been as abrupt as this uh specifically in the uh us treasury bonds that bond futures contract that decline in gold yeah these very abrupt moves uh this is no guarantee but they there's a possibility and we've seen this in uh in the past if we go back far enough in history to see very violent and abrupt reversals um so i don't say that as a forecast but be on guard for that sort of phenomenon no there's no doubt and you know it's just really it's a it's a it's an ideal setup for four medals but we just got to get some participation from the king out there so um nobody wants to nobody wants to pound at this stage of the game and but i know you you were calling about not gold necessarily you were calling about light sweet crude and we've got a couple minutes left in this break so uh tell me how i can best help you there uh yeah steve you've been helpful to me i've uh spoken to you on there a couple of times in the past oh six to eight weeks about the uh emerging and then actual breakout rally and crude oil and um um you've uh heard me say that and this is prior to labor day that i thought if in fact crude oil rallied above 8350 uh and 8350 was what i called a prior roof it was a nest of prior highs going all the way back into uh april i believe it was and we broke above that and i had surmised that once we got above that we'd extend and then thereafter 8350 would likely become a new floor and we uh so what i wanted to do was just ask if you can share with us where your daily and weekly charts stand today and after uh after you do that i'd like to just share one final observation sure so it is just right now it's just the november contract that your interest is in is that correct great okay so let me put those up on the screen here so we got november and this will go ahead and populate both the daily the weekly and the monthly for us so on the daily time frame like sue and i were discussing we'll take a look at both the uh november december january contracts light sweet crude is consolidating with inside each of its daily profiles and that's what it's doing right now john and uh price did close by a smidgen below the bottom of that profile which is 88 87 but right now all that i have was just a consolidation with inside profiles 88 87 being support and resistance being up at 91 89 if i are 91 61 if i take a look at the weekly profile tell you what just stick stick with us through this breakout here what i don't see on a weekly time frame is any kind of a top instead what i see is a consolidation measured move breakout that should take us up to about the 102 level but uh we'll come right back we'll speak with john we'll finish out the show looking at light sweet crude currencies commodities and bond markets are as important as ever right now with how they're driving the volatility in equity markets across the globe which is why it's a great time to try out teddy keg stats tiger forex report teddy keg stat breaks down the forex markets every monday using his 30 plus years of experience as a trading veteran of futures forex stocks and options teddy releases his 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just visit the front page of tfnn.com welcome back folks we're taking a lightspeed crew this is november contract with john and philly out here we've already established that we just have a good old-fashioned consolidation on the daily time frame with price trading within its profiles the support is at 8887 resistance 9161 when i look to my weekly time frame chart out here john i showed that price was consolidating consolidating going back to september and that consolidation breakout took place on september 8 so if we had a basically a full year is worth the consolidation and as you know when you break a consolidation pattern it gives you a price projection which is a measured move it's equal to that consolidation pattern so i've got an a to b equal cd and a measured move price projection takes us up into the 97 to the 101 ish area the key level not a monthly basis with regard to lightspeed crude it closed above the top of its bare structured profile last month out there that is a bullish signal and that says that it just needs to deal with resistance which stands at 94 34 and that's the high in the november contract from june of 2022 so the real breakout john would certainly come with a close above 94 34 out there that's what i see in the november contract what uh what questions does any of the information that i just shared with you pose that maybe i can help you answer i hope i appreciate that very thorough as always one last observation i just wanted to share with you steve yes i always look to do calculations come up with speculations and and then be interested to see if price and real time tests any of those speculations price levels time levels to give me proof or uh or negate ideas so i'm always looking for uh real-time price action to to negate or confirm some idea anyway sure um hey you're gonna run out of time i'm sorry john you're gonna run out of time for the fire room right right right hey john sorry about that we're not we're out of time folks stay tuned for all the great programming thanks for being here and i'll see you tomorrow on wonderful wednesday