 The following is a presentation of TFNN. The Tiger Technician Hour with your host, Basil Chapman. Call now toll free at 1-877-927-6648 internationally at 727-445-1044. Now, Basil Chapman. Everyone, Basil Chapman here, Tiger Technician Hour, and we're looking at the Dow down 82. S&Ps down, is that 6? Yep, down 6. This is going to be very interesting. Why? Because in the webinar I did last night, I was demonstrating certain tools, technical tools that suggest that unless there's a vicious change in trend, certain technical tools will remain in place until they are forced to change direction. And if you try to over anticipate, there's a chance that it's not so much that you'll be wrong, but it could be a situation where it becomes confusing because you thought that you were going to be correct, but you were misjudging the strength or the weakness. And just for an example right here, see here's the TLT. Every time the TLT's bounced, the bonds have bounced, there's been a failure. This time what we're looking at, if I use the MACD, the MACD, the moving average convergence divergence shows you that the green 9-period differential, the faster moving average, is way above the red, slow moving average. When it ran up before, yeah it crossed positive, but it was an embarrassing, it deflected lower immediately. Then it made this W pattern. I love those W patterns. And that says to me that we can't dismiss the fact that this trend line here, you see this dash trend line, we're now above it. Now I have a thing about trend lines. I've been drawing them ever since I started charting. I used to have hand charts, I used to pencil in on graph paper, engineering paper, the charts. I have a little ruler and I just draw these little transparent plastic ruler, 6 inch ruler. Then I only get a 12 inch ruler when it went up to the 2700s. Now it's in the 2700s. So what I like to say is that a trend line is an important visual representation of a potential resistance or support. But once the price has gone above it, it doesn't mean to say, hey, wait a minute, that's fantastic. We've now broken out. No, it means for the moment we've broken out, yeah, because we were above it. But the real break has to come with technicals. You're going to have some verification. You've got to have other things. Look what happened when we went so sharply higher in the bonds when they went 136.54 the TLT on the 13th of September. And then by the what was that was like 1st of October, I believe it was the 1st on the 4th, 4th of October. It's streaming at 146, 10 points higher and then it fails. Well, the MAGT did turn around, Stochastic did turn around, except the Stochastic didn't hold for very long above 80%. It went under it. So these are some of the techniques we were looking at last night. What I wanted to say is that in the arena of bonds, the TLT or the continuous contract U.S., let me just show you this right now. There have been some very positive developments over the last five, six sessions that hasn't yet translated into positive in the weekly. It hasn't affected the positives in the monthly, these little negatives. So trying to put the picture together, one of the reasons why I'd love to look at three time frames is look in the daily chart. It's a downtrend with a little bit of an uptrend, maybe even a short term buy signal, not a buy mode, but a buy signal. I don't get to have any guarantees that the buy signal will go to a buy mode, meaning it goes to at least a four higher peaks, peak D. Hey, wait a minute. The weekly chart has made the dreaded H pattern. We spent some time on that yesterday and we're going for lower highs and lower lows. So until you see a really good move into the 162 area, we're at 159, let's call it 160 right now. So until we're at 162, that MACD is not going to flatten out and that Stochastic at 29% is not going to turn up. It's going to take this shorter term daily chart to do that. And the monthly chart, well, it's still looking very good. Look, it's a cup formation potentially making a handle, a cup and a handle, because the MACD is very strong Stochastic still at 87%. So that's some of the things that is still time. If you want to, it'll be archived today, my webinar from last night for subscribers. If you're interested, I believe I've got a kind of few emails. Just thanking me for outlining and then going very specifically into so many important technical tools that are available to everyone. It's not like these are very special things. Here's available on any software package is how you use them. That's so important. Okay, let's move on now. I want to do this really quickly because I've got a lot of questions. I also want to talk about Roku. I don't want to just talk about Roku, which is up $4 and $158. I want to talk about it because quite a few people have spoken to me about it. At least emailed me and I've been emailing back. And a couple of people in particular were on the wrong side of Roku have got out of that and are now looking at it. And what they talk about, I don't even care about anything else. What I really care about is the fact that I've always said and for subscribers, they know it. I do not hang around for anything that's not working. I'm out. If I miss a stock that we've had many that have gone from one level that we entered and we got stopped out for a 1.5% loss or maybe 2%. And then it goes up 12%. Hey, we've got others that have worked. I don't want the 20% pullback or more that just sits on my head and I feel for subscribers. And I'm saying, oh my God, some per person is putting a little money to work, going off to work. They come back and they've taken this big hit and then the next day goes lower and goes lower. Fund managers are looking at something and saying, whoa, this is messing up my whole year. I don't want that. Now, that's just my thing. Others say, I'm going to put a 10% stop, a big stop. How are you going to get those gains? You take 3%, 10%, here it says 30%. I just don't like that. I just can't do it. Now, if you love the analysis and you think, OK, I'm prepared to take a bigger stop, that's different. That's your own thing and you could be well rewarded. I just can't do it. So I'm going to talk about Roku in a moment. Let me just run these two because I want to explain how all these peak E's and F's. The peak F in the Dow, down 72. But this is the first day of the turn. It hit 28,090, 28,090. The MACD's only turning down is still fabulous on balance volume. It did give the clue to me for the last few days that there was something going on just in terms of overhead resistance. That's called overhead resistance. And because of it, it tells me that there's going to be more potential for a downside move, maybe not steep, but a downside move rather than upside at this particular time. Look, weekly charges bumped into resistance and the monthly chart is in lag D. That's OK. But it's right now short term that I think we've got a little bit of a problem. So you've got the Dow at peak C. You've got the SMP, sorry, peak F. You've got the SMP at peak F. You've got the QQQ at peak F. You've got the TAS profile scanner over there. Oops, one, two, three. There it is, and the IWM made it, do you care? Oh, you're a little careful yet. You're not currently using the TAS profile scanner when looking at setting up your trading opportunities, then your arsenal is short a mighty weapon. The TAS profile scanner is a standalone piece of software that instantly filters over 2,500 global financial markets such as stocks, ETFs, commodity futures and forex. the best way to use the Taz profile scanner to profit This webinar archive is available for all subscribers immediately upon signing up. All new subscriptions also come with a 30 day money back guarantee so you have nothing to risk. 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You see a low bar and you keep going high A B C D P D even goes to E and all of a sudden it starts to decline and it makes lower highs and much lower lows. What happens is if there's a sudden turn and the technical start to improve and it makes either a V or a cup shaped formation, usually the V formation is more powerful and it gets to the downtrend line. If it pierces that downtrend line immediately start looking to the left for each successively higher peak and if it takes out the peak that started the whole down move in this case at one on Roku at 151.48 to 151.30 the next day, a trap wave two bar reversal. If it goes over the 151 area quite sharply, it says great. You could potentially have a one to one extension to the upside. Well, it didn't quite make it, but it was really close. It went to 165.10 then it pulled back. So how did I get into that pattern? Why did I even talk about the falling ax formation? Well, it's one of the things we were talking about last night. Anyway, now stochastic, stochastic said 88% of the bank is good. You did get an M shaped pattern in the in the MACD and it says, yep, there's a little bit of resistance, but you have to wait to get above 165.10 to start leg B. But I'm going to do this right now. So a number of people are asking about it. Some people had options on it. Some people were long. Some people would be short for quite a while. And this is a ruthless participant in the market. It is Roku Inc. Asia streaming devices. There's just a whopper of a story there because so many people are going away from cable. So they're using the streaming devices and Roku is one of them. And it looks very much as if Roku wants to retest in a cup formation. There's a chapter where you've got the falling ax formation right here because it looks like it next. There's the handle. There's the open blade. It's like, you remember, it's an expanding cone, the declining expanding cone. And here's a cup formation and the cup formation could have the Chapman wave drop bucket formation. Wide dropper bucket. If you've ever seen these back hose, you know how they dig down in the ground? Then they've got the on that lifts up and it's got the bucket. And when you hit this double top, the bucket opens up, everything comes falling down. So that's this to me. This is a chance that Roku is going to try for the 174 to 178 area before it starts to have a deeper correction. And that would make leg D in the monthly chart. And then I'd be a little careful. So when you're looking at this, what you want to be anticipating is that it is a stock that has a following number one. So I used to say I used to call you stock sexy stocks. I guess you don't say that anymore. So maybe I'll have to not say that. I didn't say that. What I am saying is it's stock of interest, stock of interest. And a lot of people are playing in different ways. But three things. One is if anyone was in it and was at a loss because it's showing so many green candles, look at this from the low that was made on the 7th of November at 116 26. Green, green, green, green, green, green, even yesterday's doji, long legged doji candle on a down day was a green candle from the opening and is a green candle today. So you're out of it. Now what you might want to do. Don't think, oh, my God, how am I ever going to make that money up? So I took a year that I spent beautifully. One person in particular was saying I was using the Chapman wave and I did absolutely I was doing very well for a few years. Now all of a sudden I'm looking at this thing and I've got a loss on the year when everything else was fantastic, just because I stuck with it as a short and I didn't I didn't get out of every the reason why we stick with a short position and why then the expression is you take a short term trade and it becomes a long term position. It's just a very polite way of saying, Dan, were you dumb? And I can say that because I've done it. I'm sure many of you have done it. You've had positions that killed you and you then had to come out of it and it took so much work to get to do well and then you just wrap it up like that. No, no, no. You always want to have capital. You want capital to be able to do these things. Now, for the same technique that you've used, why don't you just use a short term. It's the same technique it makes it. It doesn't know that you're trading 120 minutes or a 10 minute chart instead of a weekly or a daily. It's the same pattern if you're not looking at anything else. Look at this. He has 120 minute chart. Does it have the same rotation? Roku? Absolutely. He's made a peak G staff C. It's making a cup formation. It's got it's raining. Last time I spoke about 136. That's the time frame that I like to see things repair especially in a in a bull move or a bare move. You want speed. So you just have to keep your capital. So you want to use shorter term positions. You want to have smaller positions and you want to look at the patterns and this particular case, it won't make the cup formation if within another six hours, let's say of the 120 minute chart not at least trying for 163. Otherwise it's going to stall a little longer and it can take this and have an arch formation that makes it a dreaded H and then it can retest the low of yesterday at 1130 exactly this time just about yesterday at 147.51. So use that as an experience. So I'm never going to do that again. There's a chance you might do it again, but just you got your thinking must be. No, I will never. I have a stop. Oh, and I want you to say that sometimes you get into the position and then it goes against you. And you say, oh gee, you didn't have a stop because of whatever reason you just didn't have a stop or a buy stop whatever reason you just didn't have a stop or a buy stop. That's a percentage loss I'm prepared to take. The stock looks at you right in the eyes and it says are you kidding? I'm not giving you that kind of opportunity. You made a mistake. You want to see what happens when you make a mistake and you don't correct it as quickly as possible and it just goes up 9%. I can handle 9%. I can make up 9%. Let me see, okay. You make up your mind. As you make up your mind, it goes 12% against you. And then you're stuck and there you are just trapped. But it's not that. I don't care about that because even 12%, you can make up if you're a good trader. No. What it does is it uses up, it expends your financial capital and it uses up your mental capital. I am way more worried about mental capital than I am about financial capital as long as you're solvent. Let's face it, you take a big hit, that's bad. You've got to be thinking in terms of playing a game. Now, as long as I've known him, he's always said there's always another trade and as you're trading, you've got to see yourself. There's another trade. Don't worry. Whatever I do now, just remember there's another trade because if you lock in on that, I always joke about this, but it's not a joke. It is so, so serious. There's a little elf that's sitting on your shoulder and it's waving his finger and it's saying every time you want to do something, what are you thinking about? Do you remember that dumb trade that you're still in and it's still costing you money to think correctly? It forces you to think you're detractive. You can't focus. Don't do it. Get out of bad trades. You'll always make it up if you're thinking clearly. I'll be back. Since 1984, Basel Chapman has been using the Chapman Wave methodology to advise traders of his expert market opinion. Well, originally hand drawing charts from the late 1970s into the 1980s, Basel noticed that prices under circumstances virtually always had a certain number of legs to the upside before declining sharply. Later, Basel found that computer software which included the standard market technical indicators enhanced the degree of accuracy and calling price turns as well as market trend calls. Thus was born the Chapman Wave sequence. Using the Chapman Wave methodology along with other indicators, Basel Chapman advises his subscribers of his expert market opinion each market day with his two week free trial to the opening call Basel's daily trading newsletter by visiting the front page of TFNN.com. Cancel at any time during that trial and pay absolutely nothing. 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The Art of Timing the Trade Chart is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that you'll be able to use to spend days, weeks or even months searching to find. And right now we're offering licenses available at only $79 a month. We are so confident that you're going to love this new charting software that will even give you a 30 day unconditional money back guarantee. Don't miss out on this incredible new piece of software. Get your copy of The Art of Timing the Trade Charts today by visiting TFNN.com This segment is brought to you by Think or Swim. For more information, just click the Think or Swim banner on the front page of TFNN.com I've always put back 1075 answers. So what we're looking at question came in NTNX Could I look at NTNX at $1.63 at 30.32 It's just about to bump into the 8200 period exponential moving average. The MACD is just cross positive not great but it's cross positive and the stochastic is rallying very nicely with the on balance volume but it's only at 65%. I prefer right now at this particular stage it should be at least 78 or 82%. The weekly chart has actually gone to a MACD it's gone above all the resistances on the left into the very ugly bar of I think that was June let me just check. Is that June? May the 31st opens at 33.26 bounces all the way to 34.65 unfortunately closes $25.50 what a week So it's going into that bar the MACD and the weekly chart is very strong stochastic is 91% I like that and the monthly chart this is a leg A and there are improvements in the technicals this I like now I'm going to just do something in the notation because a number of you asked me about could do a little bit more with notations in the in my show I usually don't do all that much with actual notations because you got people that are just tuning in maybe for the first time it can be quite confusing now you see this gap down here right here and you see the way we've actually not we we're going into it I just saw that now because I pulled it back I've already done this chart some time ago what's really important is that the gap that was made from I prefer when it's quicker I could show you some examples I don't know if I have time to do it today on the 30th of May that's where it started that gap down the big red bar that I was talking about it was trading at 34.48 the lowest $32.51 the next day gaps down the high is 28.73 so what I love to do is I grab that as a gap filler and I fill it in and I just keep dragging this along until my eyes is because now this is this is not the future this is the present I say where would I get a left side right side price time match but if I went right to this candle here and the specific candles I only use specific candles let me take it to that gap up to peak C right there and now let me do this I'm going to do parallel new parallel change that to green because the other one was really more on the way down this is on the way up and I'll try to put it in over there and it takes me to round about this is a daily chart takes me to the 28th of November now I can come back and I can say okay 28th of November let me fill it in right here where can I put the chapel wave inside wedge target resistance line well what I like to do is to go on a specific candle or in this case because it's a wedge formation I go to a price point and that price point says I'm going to go right here I'm using this lower trough C and I'm going all the way to that corner edge there and that's the corner edge that takes me to the low bar of the gap before the gap down and that's round about I'm just guessing right now 32 in 3290 area it doesn't have to be exact because this is using a trend line green because it's rising dashed line because it's a very specific one and the price says if we can go over the 200 orange 200 period exponential moving average of 30.62 if we can get to 30.85 30.97 somebody in that range a little bit higher there's a real good chance that it can make a peak C or even a D up against this trend line and that takes you towards the 32 level the reason why just for the moment I'm feeling like I want to keep it there's a leg B that a new alternate count E slash B just continuing that peak D and saying that's the next letter on the high side is because the magnitude is turned up and the stochastic is doing very nicely on balance volume is good, I've got good technicals I don't have to fuss and think E oh my god it's going to turn up let's see where it goes so I'm going to say to the questioner that I'm calling this leg B for now if it starts to find this an inside bar tomorrow I will immediately go to E slash B and say uh oh there's your cup formation that drop bucket maybe you're going to fail and I'll give you the exact level it fails under 28.50 so that's like two points lower starts to fail at this particular point I think the magnetic attraction of the 200 period really is going to keep it there but it's also going to say once it goes above be careful because it's libel to come back and retest that as support so this level right here $30.62 we can bounce around and it's embanked right now giving it support which says it's probably not leg E it's probably leg B hope that helps you and what is my target on this thing $35.95 the 200 period exponential moving average in the weekly chart doesn't give you time the very sharp rising daily says by the 21 or 29th that's like what by early next week check it out November 29th oh Friday Friday a week Friday a week so let's see what happens in the meantime but the question is I know that person is a more longer term nicer position more longer term longer term this is the start look at that monthly this is just the start of a move I wouldn't get too carried away yep it was an IPO back in 2016 around about the 25 level it went up and then it crumbled down to the 14-15 area and then it ran all the way to 65 that's spectacular move fourfold increase then it comes all the way back in an arch formation now it's finding support I like the fact that you're tuning this as a kind of intermediate term buy and hold I'm not even going to tell you where to get out just let me know if it goes under 2750 at any point then we'll have to reassess but in the meantime I think it's doing very nicely NTNX 30.46 up $1.77 the name of it is Nutanix Nutanix Inc is this a buy and take or something Nutanix could be a rubber alright so that's an NTNX so the next thing I had a question was okay let me run some of these XRT XRT of course you got spectacular spectacular target they have just gone right up against as I said before remember target is not a Costco target is not a Walmart it's a very special niche I've never mentioned this a while back I said wow I went into a target here in Watertown Massachusetts the lighting is fabulous you walk in now it's really organized and you go right to the brightest spot which is home finishings or something like that but whatever it is kind of leads you there they've really done a good job I don't know why I didn't even put it in my newsletter as a long because I love this so much but then of course you can't do retail by going to one store and that's anecdotal that just doesn't work but I must say except that they're thinking they change a drag place with lighting just not too much but they did it exactly right so XRT has target with Enver believe Spyder S&P retail pulling back it's down 42 cents at 43.53 we'll talk about it in a moment we'll also talk about RTH retail which is Amazon if you're in the CD market and looking for a secure investment the Tiger First mortgage program may work for you the security for these first mortgages are building lots in the tax opportunity zone in St. Petersburg, Florida the tax act of 2018 set up tax free zones across the country where you can build and hold for 10 years and pay no tax on the profits which makes these lots valuable the investment is anywhere from 30,000 to 75,000 the interest paid is 7% yearly paid on a monthly basis the best rate for a 4-year CD in the country as of February 20th is 3.1% a $50,000 investment at a normal 4-year CD rate of 3.1% would give you income of 1,550 per year or 6,200 over the 4-year period that same $50,000 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Tiger TV for the latest market information Hi folks so the RTH which is a very good retail ETF made a high four days ago made an all-time high four days ago at 120.98 let me just type that in because I think it's going to be there for a while 120.98 and that does have Amazon hasn't been doing that well but it's been keeping its head up I think let me just check to see where Amazon is and here's a reason I mentioned this last night here's a reason why I'm a little cautious on the market right now look at Amazon it's way off the 2035.18 last high and certainly way off the 2050.50 high of September here at 1754 look at Home Depot whopper of a move down yesterday follows you in the downside down four today 221.80 this is going to be very interesting because I've got only a leg C in the monthly chart how is it going to carry it going to take time to correct and then have a really big move up I'm looking at this and say wait a minute my cash index remember the cash index is Sintas this is really a market barometer trades 270.36 then it goes to 277.85 in October higher high all-time high and then all of a sudden it takes a dive and it comes down to the 247 level and right down to 260 so it's correcting just like Amazon is Home Depot and spy is the only one that went to a new high all-time high yesterday and a leg F there it is probably a peak F today this is saying to me be careful here I don't have any signal to say that there could be a smash to the downside I do have a signal saying we could start to roll over at least for a week or two take a breather but the way you've gone up in this channel I didn't get a chance last night I did speak a little bit about it subscribers I will over the weekend I hope I remember let me make a note right now before I do anything else so weekend so weekend up channel I'll just put spy but as many other things as well so this up channel from my experience that a pattern like this very often if it extends long enough what it does is unless there is just a really bad news event it takes a breather rather than it crashes it comes down forms an inverted V and then finds tremendous support somewhere where a gap or a certain cluster formation on the left side that says yep the spy could come down to the three of 311 3 or 5, 3 or 4, 3 or 3 level maybe and then there's a chance based on the weekly charts that there's still another uproof so this is only B, this is only seeing the spy or the S&P in the weekly chart so we pull back and then we start leg G and that's really sharp and then we take a bigger breather in the monthly chart that's kind of the way I'm looking at the patterns right now and now the question is how can you make a channel when the low is so low and I've got a rule I've discussed it before I'll just mention it here that in a channel if I get enough upside resistance points and I can make a very good case to make a down channel from the up trend line I can make a lower up trend line to make a channel that channel very often starts after the sharp gap down low and the bounce that makes an arch formation and a successful retest after that you start your up channel if I did it here obviously I would have been way through the whole price movement because it would have been so sharp I wanted to tell me by its own actions what's the best pattern that I can look at so I'll do a little bit of that over the weekend now we're looking at the target target is up 13.90 it's up 12.5% at 124.74 all time high a leg B E slash B this has to be a B in the monthly chart a leg F this could be an F because there's a little short covering and hysteria here so it could make a little consolidation at the top there's a whole pattern that we do in the Chapman methodology of these big spikes there's a pattern that I'll talk about when it's appropriate but I'm going this F for now and I'm just saying yep the technicals are really strong but it might be a little overdone wouldn't be surprised at some point if between 119 and 117 there's a consolidation that's a great move up great positioning and this is up against Amazon this is really impressive however it makes a peak F top in the Chapman wave a 2 bar reversal up in the 59s and then before you know it it's in the 47s 46.06 that's in three days it's gone from 59s to the 46s that's tough stuff they're not in the right area they're in the wrong area so with that said there's a bunch of things I want to answer questions that came in yeah I appreciate that I did a lot in that webinar and it was about as comprehensive as I could do because obviously I have to mix a little bit with newcomers to the opening call newsletter and to people who have been even to webinars of mine for years and years so I try to mix it up so the question that came in here could I look at the XAL you know I'm not an XAL fan I did make a peak D top and it's kind of pulling back I'm always a little nervous about these airlines you just never know the PE in American Airlines trading at 2861 it hits the 31s now it's down to 28s it's just they struggle they used to go broke now they just keep on alacort adding costs to everything you do on an airline you'll be shocked the actual price could be 65 bucks and the taxes and everything could make it 300 something oh maybe not quite there but you know there's fuel charges there's taxes everywhere so yeah they're always having a tough time and I was just looking the other day 6400 flights a day I think it was on a flight to North Carolina so I'm looking at the American Airlines folder 6400 flights a day let me just say that again it's an airline company when the plane lands it has no less than X amount of people that participate in luggage baggage whatever it is right you've got your pilots you've got your crew you've got the food you've got everything 6400 flights a day what an operation and it's people I mean sure you've got aircraft very expensive instruments to to negotiate the size, the costs, the repairs but you've got every day you've got people that you have to pay so I'm always amazed at how it actually works so well but American Airlines look at that monthly chart once upon a time in the 59 area trading now in the 28s to get 24s this year oh I have to tell you and it's actually a pretty well run company I mean they're very good I thought I really like the fact that you have to pay for every little thing that you want anyway that's the airline does that 88s we'll be back in a moment and the question about because there was a question about the XMI all right look at the XMI I'm certain you are or strive to be one of the best of the best at everything you do in life it's the most common trade that we Tigers and Tigers share if you're looking to become the best of the best when it comes to managing your money let me teach you to do what most wealth managers tell you can't be done this is how to time the markets I'm Steve Rhodes author of Mastering Probability and for the last 12 months Timer Digest has been tracking my newsletter signals which have earned me the ranking as their number one market timer in the nation for the S&P 500 for the last 12, 6 and 3 months Timer Digest also ranks me as the number one market timer for gold as well the fact is markets can be timed and I'll teach you the exact set of tools that I use that has transformed me into one of the best at what I do sign up for Mastering Probability today by clicking on the newsletter tab on the homepage of TFNN.com and get immediate access to workshops where I take you step by step how to use an extraordinary set of tools as well as provide great market calls to sign up today if you haven't checked out the newsletters page of TFNN.com what are you waiting for all of the TFNN newsletters are informative up to date affordable and must have for every trader looking to gain a competitive informational edge in today's markets TFNN newsletters cover every aspect of the markets to offer you the very 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an easy to use liquid form primal edge is powered by highly concentrated folic and humic acids nature's preferred delivery system they've been called miracle molecules because like sunlight, air and water can happen that's right Paige they ensure we receive all the nutrition we need to be healthy and thrive we take it every morning primal edge formulated and approved by Niko and Paige of living a primal lifestyle buy it today for just $89 click on the primal edge banner on the front page of TFNN.com hi folks this is Steve Rhodes stay tuned for another great hour of the traders edge heard here at TFNN.com hi everyone Basel Chapman yeah this is the down down 109 we're going to go straight to Mike at Ormond Beach Mike at Ormond Beach how are you pretty good Basel yesterday I got into CGC and MJ the marijuana ETF where would you think our first level of resistance would be for CGC and where would you put a stop okay a couple of things I mentioned last time my webinar we were looking at these different ETFs and I said MJ starting to get very interesting it looks like there could be a bounce from here I didn't put it in my newsletter today I needed one day at least to see if this was an engulfing candle of importance so it's gapped up against it yesterday it's a lot of 1381 it's now trading four points higher at 1793 right up against the 14 period moving average I tell you what I'm going to say first of all same thing with MJ so I'm going to say CGC I don't know if I want to give you a tight stop or anything right now I'm just going to say if you're prepared to make the stop somewhere a little above today's open which is at let me just check it out today's open is 15.98 so let's say it's at 1763 just on a very short basis some part of your entry point maybe you can make 1645 a stop give it a little rub I think this is the first time that I'm seeing that the technicals are starting to improve enough that there could be a little bit more of a rally before there's a retest and retest might not be below of yesterday so I'm just going to say congratulations I don't know what gave you that impetus to get in but you correct it's a nice bounce it is only a bounce right now the MJ the bigger the board of the ETF is saying it's hit the 90 the pink 9 period moving average it's kind of stuck you want to see this not a 1732 but a 1799 at two $17 stocks your CGC I think is a better percentage gain a potential than the MJ which is bogged down by the others so sticking with the CGC congratulations I like it if I can close above 1755 preferably makes a new recovery high today by 2 to 215 I'd like it I think you've got a really nice entry point and you've got a nice cushion congratulations I took a little bit about the game tomorrow but good good good entry Mike thank you thank you for calling so folks Basil Chapman signing off down 171 watch out be careful for a short term callback handing you over to Steve Rhodes thanks for being here