 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 September 26th, the terrific Tuesday edition of today's Trader's Edge show. I'm your host, D.B. Perseverance, Rhodes, who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past. Hope everyone out there is having a great day. Hey, let's 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, means we can find the gift. In every set of circumstance, that life is gonna toss at us. Now, today you and I, we're gonna go check on the circumstance of these markets. We'll go figure out what those bulls and bears, what those buyers and sellers are communicating to you and I at just past 11 o'clock in the morning. I do 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. Now, if you've got a question, but you can't dial in, you can always send me an email. For that, send that off to Steve at tfnn.com. And inside the subject heading, please put radio show question. Now, if you're inside our Tigers Den, within any and every ping we'll do. So let's go ahead and get this show started on terrific Tuesday. Of course, this is Tiger Financial News Network. I'm Steve Rhodes. Welcome to the show. Right now you got a sea of red out there. That sea of red is all the US indices, all the sectors inside the S&P 500. Now it's down 279 points, about eight tenths percent. Little over 1% for the S&P, 47 points there. One and a quarter percent for the NASDAQ 100, 182 points. Five points for the Russell, 1% for the semis, that's 36 point move, 1% for the Trannies, 147 point move. Gold is off 17 bucks, nine tenths percent. Silver's down 24 cents, that's off 1%. Light's weak, crude is up half a percent, 46 pennies. A quarter percent for the natural gas contract and the 30 year treasury down nine ticks. Trade out a 114, 18. So why are we gonna begin? I tell you, we're gonna begin with a question that came in yesterday and get to it which was to review of the US dollar index. First, there was a question inside the Tigers and that. I did answer, I didn't get the other one in the detail with regard to the correlation between the US dollar index and the ES mini. And that's a chart that you're looking at right now. So the top portion is the ES mini. Center portion is the US dollar index and the bottom portion is the correlation. Now the correlation setting that I have right now, let's go check it out. I believe it's a 10 bar setting right now. We'll pull this over here. And we do have it at a 10, so that's 10 day average. We can change this here to a five day average which is about the shortest timeframe. I think I can put it to three. But here if you take it even just a five day average. When bars are at the bottom of the, below zero I should say, that tells you about an inverse directional relationship. When they're above zero you've got, they're both moving on average in the same direction. So you can see that the US dollar index and the ES mini predominantly as we speak right now, even on a five day average has a inverse relationship. So that's important. That's important for us right now. At some point in time that is going to break apart but it's not broken apart just yet. So that's important because if we're gonna be calling for a potential short term bottom or some type of bottom inside the ES mini, well likely we're gonna need to see the US dollar index top. Kinds of make sense, right? Okay, so now let's go over and take a look at the US dollar index and see what's going on there. We're gonna switch over to my white background charts here. If you give me a moment, we'll take a look at those currency pairs that make up the US dollar index. 57.6% for the Euro, 13.6 for the yen, 11.9 for the pound. Those three make up 81%. That's why I really don't spend much time on the Canadian Looney, the Swiss Corona, Swiss Frank, Swedish Corona out there because it just doesn't make up enough to have a substantial impact. It does have an impact but not a substantial impact on the direction of the US dollar. Well, what do we know about the Euro here? The Euro is not showing us any signs of a bottom. So the largest weighting inside the US dollar index as we speak right now is not showing any signs of a bottom. Yesterday indicated a buy the D point pattern. That buy the D point pattern formed out here with that three bar morning star candle formation. As soon as price closed below the low of that pattern, that was at 1.0633 and that was yesterday indicated that signal. So now it's needed in order for a bottom reform, a potential bottom of the Euro and if the US dollar index is gonna top it, certainly gonna need that inside the Euro, you need to see another bullish reversal candle. Now that's not likely to happen today. Maybe that happens tomorrow. Right now we've got a small bodied candle yesterday. It was a much wider bodied candle. That's why I say it's a little bit more difficult to generate a bullish reversal candle. In the case of the US dollar Japanese yen, you can see prices trading above the green oscillator and change line. It does have a roadmap indicator signal that's been triggered, but it needs a bearish reversal candle to confirm that pattern. So it's got potential, but that potential says I still need a reversal. Now today right now, we've got a little bit of a doji candle. It's too early in the session to know what the candle is going to look like out there. Doji candle would mean that a market is getting tired out here up at the highs, but you still need that bearish reversal candle. We take a look at the Great British Pound. Today has entered bar number nine of a TD nine count. That says that the pound should or could bottom between today and tomorrow. Remember the low of a TD nine count can take place on the bar following bar number nine. Now with regard to the Great British Pound, which has the best setup right now for a potential bottom, it should or would move up to its oscillator and change line. Now we can see that that oscillator and change line for months has been a key resistance level. So it would have to be two consecutive closes above that oscillator and change line, currently put at 122 to then really put some real weakness into the US dollar index. No reason to spend time on the other currencies other than US dollar index, so just simply expand out the chart. You'll see that we are going to form bar number nine today again, that high of that pattern can take place tomorrow. And I would say based upon what I'm looking at here with regard to the euro and the yen at least as we speak as 1112, that's a more likely outcome than today being the top inside the US dollar index. Hope that makes sense to everybody. Now, if we close this chart out, which we're gonna do and we're gonna take a look at, I don't know what's gonna pop up, I hope it's the euro charts, it is the euro charts. So we take a look at the euro charts. Now you'll see even on a weekly base we are going to form bar number eight this week. So that says you could see a decent bottom out here, but you're not gonna get that until we get the US dollar on a day, I'm sorry, the euro on a daily basis to generate a bottom signal. So we look at the intraday charts out here. Do I see any signs of a bottom, right? When you form a TD9 count top or bottom, in this case here, we're looking at a TD9 count, but are not a TD9 count, any kind of a bottom. Here it would have to be just simply a buy the deep one. That's the only pattern that is present on the euro as we speak right now. Well, if we're gonna see that we would see some bottoming signals on the intraday time frame, for example, the 30 minute. Do we have that? And the answer is no, we do not. We don't have that on a 60 minute timeframe. I don't have any kind of a bottom signal here or do I have the 120, the 240 and the 300? That's why it looks like to me that if the euro is going to bottom, we won't see that today. It's more likely gonna take place tomorrow. So it's more important really to take a look at the underlying instruments with inside the US dollar index, because here, did I just close out the wrong thing? Oh, I sure as heck did. That's okay, I can open it back up though. Just takes a moment, which is I was gonna look at the US dollar index. It's multi timeframe charts out here. So let me pull those up. Yeah, I didn't have those up, I don't think, but that's what's coming up right now. Okay, I had the euro charts up. So now we take a look at this. If we were just to focus on the US dollar index chart and its intraday time periods and ignore the holdings underneath it, we'd be doing ourselves an injustice. If we're looking for some type of top to form inside the US dollar index, well, we take a look at that 30 minute chart. You can see that nice rogement to indicator top that form, but now price is above profile levels. It's likely gonna go tackle that recent high. We've got some tops out here on these intraday charts, but it's really I think all about the euro. So keep your eyes on that. Steve Roach with TFNN, we'll be right back. Adding stock options to your portfolio can be a major game changer, but the full complexities of these instruments can oftentimes allude even the most experienced traders. Whether you're a seasoned trader looking to sharpen your knowledge on options or you're completely new to the market, Teddy Keckstat is here to help. On Wednesday, September 27th, from 4 p.m. to 5 p.m. Eastern time, Teddy is hosting a live stream that will teach you how to capitalize on time with calendar stock option spreads. Teddy will also go over how to trade stocks and other market movements without large capital allocation, how to expand portfolio diversification, how to maximize potential returns, basic entry and exit techniques, and more. If that wasn't enough of a reason to attend, Teddy will also be answering all questions live. 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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. Welcome back, folks. I just went to a black screen out here. There we go, we solved that issue. So I'm in the middle here of getting a couple of charts up on my screen. This one is for Dizzle inside the Tiger's Den. And Dizzle was interested, he's interested in trading the silver contract on a five and a 15-minute basis. His question was how do market profiles help him? So what we're gonna do out here is we're gonna set up those charts. I'll switch over. If I'm not already on that panel, give me a moment to see where in that guy I'm at. Just getting this set up, yeah, okay. So give me a moment, we'll pull over those charts and we'll take a look at it. So I'm gonna put a five in a 15-minute. Now, Dizzle, yesterday when I talked about profiles and what you were looking at, what I suggested, even if you're trading the inter-day charts, you've got to know what's going on up above you. You've got to know what's going on on the larger timeframe that you're trading. So what's going on on a daily basis? That's going to assist you with regard to your inter-day trading, right? You wanna trade in the same direction as the general pattern is concerned. But here with regard to, so we're taking a five-minute timeframe chart for silver. And it's not just the market profiles that you should use, although they're helpful, very helpful, especially on the inter-day trading out here. But if we just take a look at the patterns, the patterns that you and I talk about each time that we do this show out here. First with regard to the last five-minute bottom that took place in silver, that happened to be wave number seven. Wave number seven right here, you'll see that letter G. It's a very small portion of the Chapin wave out there. And it's just one of the tools that we use. When you get to that wave seven, that was confirmed at 9.40 this morning, 9.40, again, 9.40 this morning. What that led to was a nice rally. Now you have those profile levels out here. Those profile levels formed on a five-minute base at 9.45. And it set up both your support and resistance levels. Your resistance was up at about the 23, 23 type level. We can see price gets up there, it hits it, it rejects it, it bounces back down, tests the bottom of the profile, and then you finally get a breakthrough. You got a breakthrough at 10.05, a follow-through on that second bar at 10.10, and then what did it do? Went ahead and proceeded to make a TD9 count top. That TD9 count top is held. Now there's also a new profile that it formed out there. In fact, there's a new profile right now with regard to silver. So the TD9 count top forms, what does it do? It takes price all the way back to where it had broken out from using that TD9 count system, 23.14. So if you were short at the TD9 count top, you would have certainly closed out that position as price was getting close to 23.14 or at 23.14 out there. So now we know that prices, sometimes you pull back to a breakout level and that is a bottom. So if you wanted to reverse trends right now and you were going to the upside, know that your battle's right now or 23.18, that's the bottom of its profile, and that's a top at 23.23. So that was going on on your five-minute timeframe. And so the profiles are helping you to understand where are your resistance and support levels out there. And that's what's the real benefit. If you're trying to understand, why did price stop out here on this rally? Now that might have been a nice question with the wide-ranging bar. Why did price stop right here at about that 23, the profile was 23.22 out there? Why did price stop there? Well, it's real simple. If you had the profiles, you would have known that that, and that was a barestructured profile. Me and the center, it was a little bit closer in proximity to the top than it was to the bottom. So this is more sellers that were inside there. And overcoming those sellers is a beautiful thing because that tells you about a breakout. And here on that second bar above that breakout level, getting on the five-minute at 10.10, that was a nice early entry point from an interday trading standpoint out there. So those market profiles, they're helpful to us. If we take a look at the larger timeframe for silver, so we're gonna switch off at this chart, we'll go back to the black timeframe charts. I'll go to my nine panel market update momentarily. We are trading the December contract out here. As we take a look at what's going on in silver here, just simply on a, it's a very narrow profile out here. Both the bottom and the center are at the same level. And that's at 23.32. This is important to understand out here. Why? Because if we get a close below that today, we're inside that swing point right now that generated a daily TD-9 count bottom on September 14th. And if you get a close below 23.26, what this tells you, start looking for interday trades to the downside to get back and test perhaps it's just a rising trend line. You can certainly draw that in on your daily timeframe or maybe it's just simply gonna be the low of that swing. And that low is at 22.55 out there. That's just going on in a daily timeframe. Somebody take a look at our trading lights. We crude as an example. What do you want to know about it? Well, you want to know that it's just consolidating between support and resistance support at 87.38 and resistance at 91.80. Everything else in between that is just about noise out here. So that's at this stage here, that's the best that I can do for you in a short period of time with regard to the market profiles. Go watch hours of archives of the show that I do have the traders at. You'll see these profiles coming into play all of the time out there. So I hope that that helps. We did have requests to take lead a couple of instruments. I think I only have two requests out here. So let me just close, no, let me close that out. Just close this chart out. I don't need to save that or anything. And let's get over and, well, you know, before we go take a look at those instruments here, let's get back to the general markets. Cause I spent that first section, I really take a look at what's going on in the currency area and its correlation because it really bleeds into our next conversation. So if the US dollar index is going to top and it has potential, right? It's really going to be key about what's going on inside the euro out there. And we know that that directional correlation or inverse correlation exists between the equity markets and the king dollar out there. Well, you can see that today is going to become bar number eight of a TD nine count for the ESMini or should now in order for a TD nine count. So this is really important for those of you that are trying to trade the ESMini intraday, knowing that we're oversold, looking for a move to the upside. I would say today is too early to do that. Too early to do that. One, because of our look, when we took a look at the, what's going on inside the US dollar index. And second, because in order for a TD nine count bottom to form tomorrow, price must close below the close of bar number five. And that closes at 43 72. So even if you get some kind of rally out there, which would be a nice 50 point rally, I hear you Al and we'll see in your home screen. Oh, geez, sorry about that. Thank you, thank you, thank you. Thought maybe it was a caller. I'll listen to that bell more often. So now we're back on the proper screens out there. So thank you to Al for pointing that out and everybody in the dead must have been sleeping, not paying attention to what screens I was showing out there. Now what did I just do? Oh my goodness. I just lost. Oh no, there we go. And now we're back. Okay, so here we're taking those charts for the ESMini. So you can see we're gonna form bar number eight today for another for bar number nine to occur or form out here. And that's the most likely pattern. It's not the only pattern. We've got the A to B equal CD that's going on. Price must close below the close of bar number five. That's at 43.72 out there. It's still a nice rally intraday. Should we get it? I'm not suggesting that we are gonna get it just yet. We haven't looked at the intraday charts out there. The daily timeframe for the NQ is also gonna form bar number eight today. Now it's triggering an A to B equal CD to the downside. That is well out here. So I would say if we pay attention to that US dollar next week, don't see the Euro, give us any kind of a turn that is trying to generate some type of bottom or some type of counter trend move. Then probably the NQ goes ahead and does A to B equal CD to the downside. And the ES goes ahead and does more than a one to one move to the downside. So that's just a potential that we're taking a look at. But we are in bar number eight, both in the NQ of the ES and we're also in bar number eight inside the down. Now we love synergy out here for not getting the Russell 2000 to show us any kind of love. In order to show us love, believe it or not, we want to see yesterday's low. We want to see a spike below that level. We didn't get that yet. In fact, if anything yesterday's low for the Russell 2000 equity future contract was down at 1780-40. Today's low 1780-230. So you'd like to see, now that could take place tomorrow. And there is a new profile that is attempting to form inside the Russell 2000. But it would be lovely to have a unanimous vote out here with everybody forming the exact same pattern to give us a little bit more confidence in a further move higher. So that's the general markets. That's the equity future contracts. That's the US dollar index. Now we'll get back to this break. We're going to take a look at Tesla and NVIDIA. And I'd love some more requests. Steve at tfn.com. Certainly any pink inside the tires. 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 tfn.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 tfn.com and TFNN's YouTube channel with Tiger TV, live every market day from 8.30 a.m. to 4.00 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 tfn.com or on TFNN's YouTube channel and become the investor you were born to be, TFNN, educating investors. Adding stock options to your portfolio can be a major game changer, but the full complexities of these instruments can oftentimes allude even the most experienced traders. Whether you're a seasoned trader looking to sharpen your knowledge on options or you're completely new to the market, Teddy Kextat is here to help. On Wednesday, September 27th, from 4.00 p.m. to 5.00 p.m. Eastern time, Teddy is hosting a live stream that will teach you how to capitalize on time with calendar stock option spreads. Teddy will also go over how to trade stocks and other market movements without large capital allocation, how to expand portfolio diversification, how to maximize potential returns, basic entry and exit techniques, and more. If that wasn't enough of a reason to attend, Teddy will also be answering all questions live. If you're serious about making money in this market, head over to the front page of TFNN.com today to sign up for Teddy's live stream. TFNN, Educating Investors. 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. Welcome back, folks. We still got all US agencies trading to the downside. The Spotball Analytics is up by over 10% right now as we speak. Watch that at day's end. If it does have a one-day rate of change above 10%, expect at least an overnight rally attempt out there. That's what we'll be watching for at day's end. Right now, we'll take a look at the charts here for Tesla. Daily timeframe shows us what? Daily time shows us right now that prices trading below its oscillator and change line, which is green and below its daily profile level. So odds, favor, and there's an A to B equal seeding to the downside pattern that is present. There's no bearish or bullish reversal candles. We speak just yet. Close to a hammer candle, close but no cigar yesterday. So A to B would look like this. This is more of a A to B, more than a one-to-one extension out there. So one of the things that you'd be looking for here, John, in order for Tesla to give you a bottom signal would be a bullish reversal candle. Short of that, odds favor, that price is making its way down towards its TD-9 Count breakout area. That TD-9 Count breakout area is at 228.18. That is the message of the daily timeframe chart. The weekly timeframe chart shows us a consolidation. No, it shows that prices trading bull, no, a consolidation inside a new profile. That formed last week. The resistance level on that is at 272.32. The center's at 252. We're trading below the center right now. We're trading below its oscillator and change line. So what is open is 232.35. So right now, short of any other patterns that we take a look at, Tesla's suggestion wants to move back towards the 228.18 to 232.35 level. Those are where the buyers are sitting. If we look at the monthly timeframe chart, let me try to populate this, and I don't know why I didn't populate. The monthly chart right now is showing that prices above profile, but below that green oscillator and change line is telling us on a monthly basis, lost momentum out here. So it's lost momentum. Its next area of support is at 229.53. So now we've got the target level. It's between 228.18, 229.53, and 232.35. That's what the daily, the weekly, and the monthly chart show us. What else do we know about the daily timeframe chart for Tesla? Well, we know that Tesla moved lower for three consecutive sessions out here. And when it typically does that, you get a one to two, or maybe even a three bar rally. So to expect a further rally today makes a lot of sense out there, that rally should end today or perhaps tomorrow out there when we take a look at Tesla with regard to consecutive moves higher and lower. It's just understanding its dance steps. Another dance step out here could be the 30 minute timeframe. Let's see what it has to offer us. It shows what? It shows a wave number seven bottom pattern out here. That took place at, was confirmed at 10.30. That was 10.30 on yesterday morning. That has led to nothing though. So this is perfect for, for a diesel inside the Tigris, and this will take a look at this. You wanna understand market profiles during that last half hour coming to 11.30. Why did price stop at 248.64? Without those profiles, we would not have been able to answer that question. Period. There's no way we would have been able to answer that question looking at this chart under 30 minute basis for Tesla. But having those profiles gives you and I a competitive advantage out there. In fact, if Tesla were to close above 248.64, this is for John C, that would be suggesting that we wait for a further rally to the upside because price will have taken out recesses. Now it needs to close above that level for two consecutive bars to truly have some meaning. So you've just got a consolidation on the short-term basis, longer term, daily, weekly, it's suggesting that it wants to get back towards those other support levels out there. So that's what we see at the moment with regard to Tesla. John C, I hope that that helps you out yet. Your second request, and that's a request was to take a look at NVIDIA. So take a look at NVIDIA, this thing has had quite a stumble from its high. Remember that big high, that big celebration day of August 24th. And there was big volume, there was 115 million shares up at that high. So that high is likely to be tested again. I mean, that's gigantic volume. But that was obviously a blow off top and that has taken price all the way back really to the bottom of its profile back here. Now there's a new profile that formed yesterday. And that's what it's trading in right now, John. And that profile has supported 414.81 and resistance in the range of, in the range of because it is a bearish structure daily profile. So your sellers reside between 424.82 and 429.83. If price was able to, this was able to rally, then the key level of resistance above 429.83 is going to be around 437 and change. Right now it's 437 and 3 cents, 4 cents, 5 cents. So don't worry so much about the pennies, but that would be the next level of resistance that NVIDIA would have to close above to suggest that there is something else going on here. But right now NVIDIA on a daily basis does not have a bottom pattern. Well, let me take a look at this. Now hold on a minute here, Stevie. You might have misspoke. So the problem here, this is what I hate, in order to draw in an A to B equal CD pattern out here, really I'd have to use the same swing point for both the low and the high. And I just simply hate doing that. I can do it, but right now we're gonna go with no A to B, no clear A to B equal CD pattern to the downside out there, but we do have prices consolidating with inside its daily profile. Now, John C, you can also see, you've got a Rosemont Dominicator top on the weekly type frame that has led to nothing more than a consolidation with inside its profiles out there. Again, for Dizzle you can see these profiles in action right now. We can see that the key area of support out here is 408.99. If price closed B flow 408.99, what does that tell us? Well, that tells us that we should see lower price and where would the lower price be inside of Tesla? We'll certainly be back at its lows out here. And that swing point low, the key swing point low out here is August the 14th. And that August 14th low was 403.11. So even if we get it closed below 408.99, still 403.11 is gonna be the key level that if price closed below, that tells us we're getting to lower price. Now, on a monthly basis, and we're only in September 26th, so we've got a few days out here. But right now, all that, what it looks like to me is you're gonna get both a confirmed Roadschmidt Dominicator top and a confirmed TD9 count top on a longer-term basis inside of NVIDIA. So what this is really setting up for you and I, this is setting up that NVIDIA, they really want to move quite a bit lower. Now that quite a bit lower, we've already talked about the levels that price would need to take out to tell us that it's moving lower. And again, just to restate that, that's gonna be the low from the trading session of August 14th. That low is 403.11. If you get a close below that, then 364.97 or thereabouts really becomes the price target. That would be that monthly oscillator on change line. So that's what I see when we take a look at NVIDIA for the daily, the weekly, and the monthly timeframe. If we take a look at NVIDIA right now with regard to its dance steps, today could be bar number three of a move higher out there. And inside of NVIDIA right now, having those bearish messages, that's probably the extent of the rally out here, which would be a three bar rally. That should then lead to a two to three bar move to the downside out there. As it continues to do its little dance. But right now, the weekly and the monthly, the larger timeframes are saying, just be careful out there. No key levels of support have broken, but if they do, these larger charts are telling you that price might want to get much lower. That much lower can actually take it to 270 to 40. Now it'd be quite a haircut from the 500 plus level that it was at just a few weeks ago. So I hope that helps you out, John. See you with regard to NVIDIA and thanks so much for taking the time to write in. The next request coming in from Jambalai inside the Tiger's End. And Jambalai wants to take a look at both copper and FCX out here. And the reason, if we take a look at that, let me pull up my other chart. Let me see if I can find this on the black background screens. I think I've got FCX out here. And give me a moment, we'll just try to find it. If it pops up real quickly, we'll pull that up. I've got FFF. Where is it? FCX, Australian Dollar Correlation. Yeah, I've got that. I, what I did do and what we'll do that, what we'll do is we'll put the, so let's do this here, because he's asking about both copper and FCX because that's the primary component of it. So we'll do this here. In this break, I'm going to go ahead and get the historical information up on report Matt Moran. And we'll be right back. Of course I'd love to hear from you at 877-927-6648 or you can send me an email Steve at tfnm.com. 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 tfnm.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. 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The funds are designed to be utilized only by sophisticated investors such as traders and active investors. Distributor, Full-Side Fund Services, LLC. This program is brought to you by Vista Gold. Traded on the NYSE American and TSX under the symbol VGZ. If you want FCX, the reason is because it's got a couple of different correlations that you want to be paying attention to. So the first one that we're gonna take a look at here is going to be, oh, I know what I need to also do. Give me a moment here, sorry about that. Give me a moment to get back to something else too. Did I put it here? No, that's Tesla, and it's probably here on this third dollar, okay, great. Okay, so the first correlation that we've got up here at Jambalaya is at the top I've got the Australian dollar and at the bottom I've got FCX. And what you're gonna want to watch here, watch the cursor line that I've got. So here's the high with regard to the Australian dollar out here, here's a high. And take a look at when FCX topped, right around that high back here on February of 2023. The Australian dollar moved lower, what did FCX do? It also moved lower. So when you are trading FCX, you are also trading the currency pair. We take a look at the slow out here inside of Australian dollar. There was a low that came in on the trading session of that lasted on June the 1st out there. And what did we see, or was that the, I'm sorry, that was on May 31st. And what would we see FCX do from there? Once that Australian dollar started to move higher, so too did FCX. So just be aware of that correlation that exists out there. What other correlation? Well, you've pointed out the other correlation, that's pretty clear because of its major crop being copper. Here is the FCX chart compared to the continuous contract for copper. This is just simply looking at a five-day correlation. What we can say here is that FCX has a direct correlation to copper. So in order to properly trade FCX, you need to know what's going on inside the Australian dollar, and you need to go what's going on inside of a copper. Now, with regard to the Australian dollar, I'll just simply pull over this chart, and then we'll go switch and take a look at the copper charts out here. So we take a look at the Australian dollar. There's a daily timeframe. All that we see right now is just a consolidation sideways. I don't see any kind of a bottoming pattern, although you could draw an A to B equal CD to the downside. That's been confirmed a couple of different times out there. When I say you could draw it in, it would look like this. The A to B point out here for copper, this would be the short one. So the short one, you can see, this is all we're dealing with, it's an expansion of that A to B, C, A to B of that ABCD pattern out here. The larger A to B equal CD pattern. Let's see if the large one has gone ahead. Oops, grab the right tool out here. Give me a moment. So here's A. This would be the next one that I would draw in, and I'll just take that over to the C point. That's the highest high out there. So that large one we can say has completed more than a one to one. So we're looking for bullish reversal candles. And you've got one right here. You've got a nice bullish engulfing candle. That says that if we're looking at the Australian dollar, the Australian dollar were to close below 0.6367. That tells us it's headed lower. There's also wave seven bottom. Okay, I see that as well. So you've got that wave seven bottom out there. So we do have a bottom inside the Australian dollar, but watch that low. I'd watch the low of that wave seven bottom. That's one that would negate all of these. That's 0.6357. So that's the first thing. Now let's go take a look at what copper is doing. For that, we're going to go ahead and change screens. I'm going to change to a different set of panels out there. Again, we know the corporate trade in FCX. You can't just trade. Well, you can do whatever you want. I'm suggesting I'm sharing with you and showing with you that maybe what you ought to also be considering is what's going on inside the Australian dollar and high grade copper. Now let's switch over to those white background charts. We're going to have our multi timeframe charts for high grade copper. So we'll move over to there. And here you've got the monthly timeframe. What's the monthly timeframe telling us? It's telling us about a consolidation with inside its profile level. So support here on copper, this is a bare structured profile. And on a monthly basis, a close below the center of that profile would suggest a run back to 333. The weekly timeframe chart shows us that an A to B equal CD pattern would form if price were to close below this weekly hammer candle. That was the weekly hammer candle that formed on May 26. That low out there is $3.58. Price right now is testing the bottom of its weekly profile. The bottom there is 3.640. If you get a close below that on Friday, that says that that hammer candle is likely to be tested. If it gets taken out, you'll have an A to B equal CD to downside. So if you get that, that's telling us that FCX would also move lower. On a daily timeframe, if there's going to be a savior out here with regard to high grade copper, the savior would be a TD9 count. We talked a lot today about the TD9 counts that are showing up on the daily timeframe charts here. Certainly copper and the equity markets tend to, not always, but tend to move in a similar direction out there. So we've got TD9 counts, bar number eights forming the ESCNQ and the Dow right now. The Russell still needs to push lower in order for that to happen. Here we take like a copper. It too is in bar number eight. Now, in order for copper to form a TD9 count tomorrow, it just simply needs to close below the close of bar number five. And that closes $3.69 out there. So on a daily basis, you've got the potential for a bottom that likely takes place between today and Thursday out there. So that's going to be helpful in now analyzing and moving over to take a look at FCX. So Stevie, let's finally do that. Now, let me close out these charts here and then we'll get over to the daily timeframe here for FCX. I think that was panel number three. Give me a moment here. Panel number three. There we go. So we've got FCX. Now, what we just took a look with regard to copper, TD9 count potential over the next couple of days. We do not have any kind of a bottom signal inside of FCX. In fact, what we have out here is an A to B equals CD to the downside. Now I don't know if it's been confirmed or not. It doesn't have to be confirmed in order for it to actually go ahead and complete. If it has confirmed, meaning it's passed that B point with volume, it just favors that it's going to go ahead and make that completion. That completion would take you down in FCX to about 3490 or so. Now that B point out here of that A to B equals CD had volume of 8.4 million shares. When it was passed, it was passed for the gap to the downside and it was 12 million shares. FCX has a confirmed A to B equals CD to the downside that should take you into that 34-ish, 35-ish area out there. The weekly timeframe chart for FCX shows that it too is forming an A to B equals CD to the downside. Let's take a look at that pattern because that is a large one. Now FCX formed a TD9 count top on that weekly timeframe. So we take a look at that A to B equals CD. Again, we'll just simply go ahead and duplicate that and move that down. Let's see what that does. That gets us down more towards the $36, $35, $34 area. Yeah, so that's about a $34.78. I would say in this instance here, price would likely go ahead and target 33, 31 out there. So right now, the daily and the weekly timeframes, and the weekly, by the way, when it passed its B point just out of curiosity, that B point had 42 million shares. It was passed and confirmed last week with 47 million shares. So you've got two confirmed A to B equals CD patterns to the downside, Jambalaya. On a monthly timeframe chart, price is still above key resistance, which is the top of its profile. Now, if it's only counter trend moved to the downside, where FCX should find support is at 32.96, the center of that bearish structured profile, that price has been above for quite some time out there. So I would say at this date here, first keep your eye on the Australian dollar. See if that we know that it's got that little wave seven bottom, but if that gets taken out, that's gonna confirm what we're looking at here in the bigger picture, that this is gonna move lower. Watch copper as well. It's got that potential for a TD9 count. Watch that over the next couple of days. But right now, I'd stay away from FCX until you get confirmation from both copper, Dr. Copper and the Australian dollar. So Jambalaya, maybe you got a little bit more than you bargained for, but I don't know any other way to analyze FCX than taking a look at those correlations out there. So hope that that helps you out and thank you so much for the request. Inside the Tigers then we've got a dude and that dude wants to take a look at USO. So let's just populate this set of charts out here. What we'll do is we're gonna go to a break here in about 15 seconds or so, at least the music is gonna start playing. So what we will look at is we will take a look at USO and in order to take a look at that, you know what that means, we've also gotta take a look at LightSuite crude. Right now you've just got a consolidation inside of USO and that's between the price level of 77.81 and 81.34. It's a bullet-structured profile. So on a pullback, USO should find support between 77.81 and 78.20. Steve Rhodes with TFNN, we'll be right back. Adding stock options to your portfolio can be a major game changer, but the full complexities of these instruments can oftentimes allude even the most experienced traders. Whether you're a seasoned trader looking to sharpen your knowledge on options or you're completely new to the market, Teddy Kextat is here to help. On Wednesday, September 27th, from 4 p.m. to 5 p.m. Eastern time, Teddy is hosting a live stream that will teach you how to capitalize on time with calendar stock option spreads. Teddy will also go over how to trade stocks and other market movements without large capital allocation, how to expand portfolio diversification, how to maximize potential returns, basic entry and exit techniques, and more. If that wasn't enough of a reason to attend, Teddy will also be answering all questions live. If you're serious about making money in this market, head over to the front page of TFNN.com today to sign up for Teddy's live stream. 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 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 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. 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. TFNN has launched 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, the Tiger's Den, available to all tigers and tigeresses for just $1 for the year. There's no cash or ad costs when you join our community of traders. Sign up today and become a part of this educational community of traders just visit the front page of TFNN.com. Welcome back, folks. So we've got still all the US equities, indices that we track trading to the downside, the same thing with regard to the sectors inside the S&P 500. And right now what we're gonna do, let me see what screen I'm on. We're gonna go take a look at USO and that is for dude inside the Tiger's Den. Where did I put that chart? Did I put that here? Nope, that was Tesla. Give me a moment, sorry. A little out of sorts here this morning now, Nvidia. Let's try USO. So my question to you out there, those of you that trade the USO, we know that this is directly related to LightSuite Crude. What charts, what's the underlying instrument? I just kind of gave it away, didn't I? Well, sort of, because this is a trick question. So here's my question to you. If you trade USO, what is it that you think that you are trading? That's the question. Now many people would say, oh, it's trading LightSuite Crude and so let's just go take a look what LightSuite Crude is doing right now. And if that was your answer, well then I would have to say you're wrong. It's always important here. Let me just, what screen am I on? I'm on this screen right here. Let's go take a good, what are the holdings with inside of USO right now? And right now 40% of that is in November. It's the active contract, 40%. Only 40% is the active contract that we're taking a look at. 15% happens to be December of 2023. Another 15% is January of 24 and 15% is June of 2024. And then we've got the last 5% is gonna be March of 2024 out there. So it is not a matter of just take a look at what the November contract for LightSuite Crude is doing if you trade USO. There are many times where people will be trading this instrument. I've heard it before and they're trading USO and they're seeing LightSuite Crude move higher in the current contract, but they're not seeing the same thing with regard to USO. Why is that? Oh, we didn't even get to it. I realized we were at the end of the show. Oh, son of a gun out there. And I spent time getting that chart set up. We'll just simply do my apology, but you're trading those contracts tomorrow during the show. We'll take a look at LightSuite Crude. We'll take a look at each of those contracts. I'm gonna put them up on my screen right now cause you're inside the entire presents you can take a look at that. We'll go ahead, we'll do a full review for you tomorrow. Folks have a terrific Tuesday. We'll see you tomorrow.