Suppose that R is a commutative ring with unity and let the elements R and S belong to this ring R. Then we say that D, also an element of R, is a common divisor of R and S if, of course, D divides R and D divides S. So it's a common divisor if D is a divisor of R and divisor of S. Okay, that makes sense. The next one, what does it mean to be a greatest common divisor? So D is the greatest common divisor of R and S. If D prime is some other common divisor of R and S, then D prime also divides D. So you're the greatest common divisor of every common divisor of DNS divides into U. And so we then denote the greatest common divisor of D as GCD of RS. Now I should mention that the greatest common divisor is only unique up to association because after all, if you have D as a common divisor, the greatest common divisor of R and S, and you take some associate of that, select D prime, well, in that situation, D prime will divide D and you'll have that D divides D prime. And since divisibility is transitive, anything that divides D will also divide D prime and everything divide D prime will divide D. So when we talk about greatest common divisors, we're really talking about it up to association. Now, you typically, you probably talked about common divisors and greatest common divisors in the rational domain, that is the ring of integers, in which case you typically talk about positive numbers in that sense. So when we talk about, for example, here's the number 12, here's the number 16, we say that the GCD of 12 and 16, we often say that's four. We really mean that's four is the association class. You could also say negative four, because as a divisor that works the same way as well. Now, when people first learn about greatest common divisors, they often think of the wrong ordering. They might think it's greatest in the sense that, oh, two is a common divisor, four is a common divisor of 12 and 16, but four is bigger than two. We're not talking about the ordering of the real numbers, we're talking about divisibility, right? Four is the biggest because it, because every other divisor divides it, every other common divisor, like one and two, for example, divide four. And that's why four and negative four are actually both considered GCDs, but for integers, of course, we typically choose the positive representation. And as we look at other domains where positive and negative doesn't quite make much sense anymore, like in the Gaussian integer ring, we still often choose sort of canonical representatives if it matters, but be aware that the GCD is unique up to association. So we say that two elements are relatively prime. So R and S are relatively prime or called co-prime if their GCD is equal to one. And of course, when I say the GCD is equal to one, I mean their GCD, their GCD is, well, the GCD is the class, right? Because it's up to association. Now, who is an associate of the number one? That's any unit, any unit is an associate of one. So if the GCD is a unit, that means you're co-prime and typically we represent that using one. Now, similar to common divisors, we can talk about common multiples. So we say a number M inside the ring is a common multiple of R and S if R divides M and S divides M. Notice the difference there. The common divisor divides both numbers, but the common multiple is divided by, it's divisible by both of those numbers. And similarly, we can define the notion of a least common multiple. The least common multiple means if you have any multiple M prime, then the least common multiple will divide that one as well. So it's smallest in the relationship of divisibility. And likewise, we will denote the least common multiple as LCM of R and S. This is unique up to association. Different associates are still LCMs. And again, like with integers, we typically choose this to be a positive number, but that's not required in other rings where that might not make a lot of sense. So I want to show you an example of where, how do we put it? GCDs don't necessarily exist, right? We're so used to the integer ring that we might not realize that in other integral domains, you might not have unique factorization, but you also might not have LCMs, you might not have GCDs. And so I actually want to come to this example right here of Z adjoining the square root of negative three. We played around with this example before and showed that this was an example of an integral domain that's not a unique factorization domain. And we also showed that in this ring, we have irreducible elements that are not primes. In an integral domain, primes are always irreducible, but you can have it be true that an irreducible is not prime. We found an example of that here. But of course, in a unique factorization domain, primes and irreducibles are the same things.  If you don't have unique factorization, weird things can happen, like irreducibles aren't prime. In this non-UFD, we'll also see that you might not have GCDs. And if you don't have GCDs, you also might not have LCMs as well. So their existence is also a property of UFDs, which we'll talk about in just a second. So consider the following. The number two divides four, and the number one plus the square root of negative three also divides four. We talked about this previously. Four, of course, factors has two times two. It also factors as one plus the square root of negative three times one minus the square root of negative three. This was the example we used earlier to show that this ring does not have unique factorization because these are different irreducible factorizations of the same number four, okay? So I want to point out here then that two and one plus square root of negative three, these are both divisors of four. But I also want you to consider the number two plus two times the square root of negative three. Two divides that. Well, that one's pretty easy to see because you can factor out the two. So you get two times one plus the square root of negative three. But by doing so, it also makes it obvious that one plus square root of negative three also divides that. So notice what's happening here. Two divides four. Two divides two plus two times square root of negative three. So two is a common divisor. But likewise, one plus the square root of negative three, it divides four and one plus the square root of negative three divides two plus two root of negative three. So these are two common divisors of four and two plus two root of negative three, okay? Like we argued in a previous video, but we can make the argument right here again. Two doesn't divide one plus root of negative three, nor does one plus root of negative three divide two. They're not associates of each other. The associates of two are plus or minus two and the associates of one plus root three, negative three are one or minus one plus root negative three. Because in this ring, the only units are plus or minus one. So they're not associates of each other. And I should also mention that these numbers have a norm of four, right? If we take the norm of two, this equals two squared plus three times zero squared. This is equal to four. Now on the other hand, if you take the norm of one plus the square root of negative three, you're gonna end up with one squared plus three times one squared, which is of course one plus three, which is likewise four. So they can't divide each other without being associates because norms factor and they have the exact same norm. So they only divide each other if and only if they are associates but they're not associates of each other, okay? So if there was a greatest common divisor, pretend there is one for a moment, call it D, then the greatest common divisor of four and two plus two root negative three, it's gonna be a number of the form A plus B root negative three because everything in our ring looks like that. But it can't be two and it can't be one plus the square root of negative three. But when we look at the norms, this is important to consider the following. It's also true that the greatest common divisor is not four. It's also not two plus two root negative three, okay? Because if the GCD was equal to four, that means four would divide two plus root square root of negative three there, which we have the same problem again, right? The norm of four in this situation is gonna be 16. But likewise, the norm of two plus two root negative three in this situation, you're gonna end up with two squared plus three times two squared. So you end up with four plus 12, which is equal to 16. Again, these same numbers four and two plus root negative three, they have the same norm. So the only way that four divides two plus two root negative three is if they're associates. But the associates of four are plus or minus four. Same thing going on with this direction. So they don't divide each other. So the greatest common divisor of four and two plus root square root of negative three has to be something smaller, but at the same time, it has to be the biggest one. So what we see here is the GCD is divisible by two. It's divisible by, excuse me, one plus root negative three, but it also divides four and it divides two plus two root negative three. The norm of two and the norm of this number were four. The norm of these ones are 16. So it's gotta sit somewhere in the middle. So in particular, the GCD, if it existed, would have to be a number whose norm is equal to eight. Eight is the only divisor of 16 that's divisible by four. That's not four or 16, right? So we have to have that the norm of D is equal to eight. So suppose that such a number exists, then that would have to be a number. There has to be a number in our ring. So this is something of the form, C plus D times square root of negative three. We'll call it E for a moment. There has to be some number so that D times E is equal to four because after all, we need that D divides four, right? If we take the norm of that, we're then gonna get the norm of the norm of D times the norm of E is equal to 16. Since the norm of D is equal to eight, that means the norm of E is equal to two. And like we talked about before, there is no way that the norm of such a number could be two because the norm always looks like A squared plus three B squared and there is no integer choice for A and B that allows this to equal two. So this has been proof that we don't have a GCD between four and two plus two times the square root of negative three, which is a very curious thing. GCDs might not exist in a general domain, much like irreducibles are not necessarily primes in a general domain. The two things are actually quite related to each other because I wanna then just make a quick argument here that in a UFD, GCDs exist. And likewise, LCMs exist. You can cook up a similar example, like in this ring here, four and two plus two root negative three, they don't have at least common multiple by basically the exact same problem here. But in a unique factorization domain, GCDs exist. And why do they exist? It's the same reason. It's the same algorithm I should say that you learned in primary school. So like if you're trying to find, what's the GCD between let's say 12 and 18? Well, the idea is look at the unique factorizations. Look at the prime factorizations, 12 factors as two squared times three, 18 factors as two times three squared. You look at all the common primes, so two and three are both in common. Then you pick the smallest power, the GCD is gonna then have to equal two to the first times three to the first. So 12 can only offer one three and 18 can only offer one two. So the GCDs can be six. You can derive it from the unique factorization, the prime factorization I should say. And so this algorithm works in any UFD because we have prime factorizations. Given the GCD between any two numbers that are not zero and not a unit, because those ones are exceptional, a unit divides everything. So if one of these is a unit, then the GCD is just the other number. Zero, of course, is weird because everything divides zero, all right? But if you'd have two numbers, which are not units and not zero inside of your ring, then that has a unique, it has a prime factorization. So the GCD is going to be, select all the common primes and then choose the smallest exponent amongst all of them. By similar reasoning, LCMs also exist because you're going to look at all the primes and look at the maximum power of each of the primes. And you can build them from that algorithm we learned back in primary school, which is pretty cool. And so that's going to end lecture 16 where we've talked about, of course, unique factorization domains and we've talked about factorizations and integral domains in general, right? If you want to talk about factorizations in an integral domain, a UFD is the place to be. Primes and irreducibles are the same things. We have prime factorizations. We have GCDs, we have LCMs. If you're in a domain but not a UFD, some of those things might fall apart, like of course, in this ring, Z times the square root of negative three. And we'll explore many of these ideas, of course, in the future. Thanks for watching. If you learned anything about factorization and ring theory like this video, like the other videos in lecture 16 as well, post it in the comments if you have any questions that weren't answered and please subscribe to the channel to see more videos like this in the future. Thanks everyone.


The following is a presentation of TFNN, the Tiger Technician Hour with your host, Basil Chapman. Call now. Call free at 1-877-927-6648. My name is Basil Chapman here on the 9th of November and happy birthday to all of those celebrating your birthday today. I've got a family member and we've also got a family member in the TFNN team with Tom O'Brien. So happy, happy birthday and everything the best. We're looking at the S&P down five. Now what happened here and this is the whole psychology of the market. If you look at the market as a test of the mentality of buyers and sellers, look at this. Here's the 200-period moving average and we're going all the way back to yesterday about one o'clock. Actually, we can go back even earlier. We can go back to 11, just about where we are 24 hours ago. The 200-period moving average, the market dipped and then it went above the 200-period moving average and then it held it, went to peak F, pulls back, holds, holds, holds, and then bounces up, comes back, retests. It keeps going higher. That determination was fulfilled when this morning at about three o'clock eastern time, the S&P pulls back sharpie and then all of a sudden has a spike and look at this green nine-period moving average. Has a spike, holds, I've got an alternate counter, F slash A, then a G slash B, and it's still holding. You're thinking after so many days, the Dow is still in a leg, A to the upside, the QQ is in a leg, A to the upside from below that was made Friday two weeks ago. Now what we're looking at is within the context of the bulls, they turn around and they say, oh, this market just, and the bear say, this is impossible. This is just, it cannot keep going higher. Well, what happens is it goes to peak C and we're always looking for D's in the Chapman Wave methodology, the fourth highest peak, and that's where other things can happen. And right here in the one-minute chart, you get this beautiful cup section from the high that was made at about 850, pulls back, and if you look at the measured move, the vertical measured move of the technicals at that point, and then the technicals when it went to the higher high at 41, 41, 13, at about nine, let's call it 916. Look, they make a little double top in the E-mini source to pull back and all of a sudden the stochastic, which is above 80%, and then suddenly goes under it. Then I've been moving average crosses negative at that peak F. This is that cup for me.  And look at this, we go from 41, 44, 13, round number high to a low, maybe as we're speaking, yeah, just about 43, 89. Yeah, we are at 43, 92. So what happens is that the disbelief and then the bullishness that gets kind of, especially when you go from this peak C to that peak D, even a higher high and the technicals are starting to falter, that's where the bulls are just totally surprised. But so are the bears because the speed of this is, if you weren't using some technical analysis to be able to get into a short position and we have a couple of people then who did that, then look what happens. The speed in which it comes down and what's it doing? It goes right to the 200-period moving average, holds it for just two, three bars and then plop, it goes under it. So and now the Fubonacci levels that I've got in here are useless because we've gone above that, so this I have to take out, let's just get out of it, remove it. And also it's a little messy, I don't need it right now. I guess remove, yeah. Oh, no, what am I doing? Oh, wait a minute. Fubonacci, remove. Why are there so many here? Just remove, remove. No, I think I've made it. I hope I haven't made a big mistake here. Sorry, I'm taking a little time here because I'm removing these but I should have just said Fubonacci retracement. There, okay, good. And there's still more. Gosh, I didn't realize that. I wonder why there was so many lines. I don't like too many lines. Okay, look how clean that is. All right, so within that context, I wanted to say the surprise of the move down so soon after the, so soon after the futures had made a high and new recovery high so that when the market opened, it was opening to a kind of a weakish market. So now let's just look at this. Now I can go through all the numbers that I want to talk about what I see at this particular point. So let's go through to the, go start from the beginning. INDU. I said I'd do something. I'll get to it. So the high yesterday of 34,252. So the, the chapwave inside track we saw is go above it. Let me just extend this line a little bit. There it is. Go above it and now it's testing it. So this became the repeller zone is trying to become a propeller zone, but we're still too close to it. So it is now a support level. And what I said to subscribers, we're anticipating a pullback. We're anticipating that this chance that the, that this gap, the low of the 3rd of November, the low of 3946, that somehow we can get into that area. That's going to be the big test and maybe go a little lower. But this is what I call in the chapwave methodology. We often get this in the futures when at 830, there's an economic report or sometime during the day there's no economic report. You get a spike up and it's like a single leg up and then it fails and it comes down and takes out the left side. Look, I don't see that here because I see the stochastic is flat at 94%. The MACD is expanded. The 9 period is way over the 14, the 200 period moving average. The price is way above that. And that's a 30,000 78. They're tremendous support. So it's going to have to be a real dark news that the market doesn't like at all. And it just tanks the market. I don't see that right now. So I've had no choice, but of course a single leg A, maybe a peak A today, but a buy mode. And that implies that we should still go to a leg B, then a peak B, and then a higher leg C because the floating net until it makes a peak, and then a peak C, and then a D. That's a really big ask when you've had a move of almost 2,000 points to the upside to say that, oh man, we're going to double the move. No, what happens very often, the greater the move up and then the lower the next high is made. In other words, let's go to the S&P. The S&P is probably making a peak B today. No, it's a leg B, 43, 93, 40. So a little bit above yesterday's high of 43, 91, 20. So let's just say it pulls back and then it makes a leg C just normally higher. So you understand that the Chapman's methodology says if you go from a buy signal to a buy mode, you should see four higher peaks. If it's upgraded from a buy signal to a buy mode, it means that you should go to at least four. It doesn't say how high. You need other techniques to do that. So what I'm saying is, I believe we're in a buy mode. I will only know where the V shape at the bottom of any dip occurs here to make peaks A, or in the S&P's case, a peak B. In the QQQ, it's the same as the Dow. It's just made a new leg A. It hasn't even made a peak A yet, still a leg A. And in the QQQ, oh, sorry, QQQ, I don't believe it's completely different. But let's go to the S&H. Because S&H is in a leg B and it's above the sidetrack balance. A lot to talk about. Downtown 74, S&P is only down four. We'll be back in a moment. If you're looking for potential trading setups in the stock market, then Rocket Equities & Options Report is a newsletter you should try. 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Subscribe to Tom O'Brien's Gold Report newsletter now at TFNN.com 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 catch or added 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. Toll Free at 1-877-927-6648 Internationally at<PHONE_NUMBER> Hello, just as we're going through this, let me just get to a question that I had here about V-SAT. V-SAT is V-SAT in satellite communications. I followed this for quite some time at a very big arch formation from 2020 back early in 2020. I ran from the 26th area up into the almost 70, and then came all the way back, held that left-side low beautifully, and then I put in a left-side, right-side price time match which said that to July of 2023, we should try to get back to the 27th. It actually went to the 27th, but it never took out the left-side low that was my target of 25-10. And it continued lower one more later, and then it continued even lower and lower and lower. It went down to the 15s, ran up to the 22s, pulls back with a higher high, sorry, a higher low, and now a very good move today, up 18% to 3.2. So John says, hello Basil, I bought V-SAT on that double bottom, and today broke out 14%. Your opinion, if you have time, would be greatly appreciated. Thank you. So I've drawn this in right now. I've updated the chart that I had earlier before I had this as a move that could go to the left-side high of, let's see, 20, I think it was 20.80, I can't remember, why is it not showing? There it is, of 21.50. And then we ran up instead to the high of 22.22 on the 18th, then it pulled back. I love this action, and what's interesting, I don't know if this is part of the XLC, am I correct, XLC? Yeah, the XLC communication service, because Verizon and AT&T, they were doing horribly then, the XLC hit the 200p moving average of 63, and then ran up, it's in peak A, peak B, and new peak A, yep, it's a buy mode, and look at that beautiful chat, I couldn't believe this when I was looking at the major communications, and they were all doing just horribly, and other ones that maybe it was Dish, maybe it was Comcast was holding well, I don't know what it is, but it was holding so well when it shouldn't have been holding on, it should not have been holding on, but it wasn't listening to me, it held well and it's still 9p moving over the 14 in the Wiki charts, and this I think is part of that, I should check, but I'm not going to check right now. I just want to look at it because VSAT independently has had a really good move, it hit the 200p moving average in the Wiki chart or in the 45s, it comes tumbling down to the 14s, so I like this now, so you have got, you bought on that double bottom, now this is a little mini double bottom, so you bought in the 17 or 18 area, I love the fact that you did that and today you're getting the result, because if it wasn't today and it broke under, it went to 1710, I'd be saying to you, it's making lower lows and lower highs, so this is really important. The Wiki chart needs a lot of work, so what I'm going to suggest to you is you've got the position, the question really is, do I buy, do I sell, do I hold? And as I'm looking at it right now, I'm suggesting in this market, and this fits exactly the scenario that I wanted to talk about, where the stocks that it just being clobbered is the only word, I don't know if that's an English word, whatever, we've always used it, clobbered. Just smacked around, and now it's showing strength. If you look at Disney, I suspect this is probably also not satellite communications, but it's in the communications area, a beautiful move up today, right to the 200p moving average, and it's funny, I kept saying all week, is this the time to be at least starting a position in Disney, and we'll focus on other things, which seem to be working out, but it wasn't pity, because I want to be building for subscribers, building a portfolio that is in the other, in the other sectors, in the other stocks, that are just, they were decimated, and now they're working well. I wanted to talk about that, I'll use that moment now. Look at Shopify. Shopify absolutely brutalized, 176 in November of 2021, goes down to 23. Now it's showing strength, and that tells me that in the, everyone keeps talking about the Magnificent Seven, don't, you've got to learn to focus on the market, you've got to look at all the chess pieces. This is the area to look at, the laggards are coming on, so we could get a rotational correction in the general market, but we could start to see, you're not seeing it in the IWM, it's very specific to stocks in certain areas. So just keep in mind, so the fact that you've got VSAT, and it's working out well today, and if it's earnings on what it is, I like that. So you're in the, remember in the magician or politicians, they wave the left hand, wave the left hand, it's the right hand that's doing the trick. And everybody's looking at the left hand, or the right hand, the left hand does the trick. And this is exactly what you're looking at right now. So within that context, I love it, and it has another one, a D-dog. Another one, and many of us have been looking at for ages, especially some subscribers that I know are always looking at it. D-dog goes from 118 down to 79, 78, and it's trading today, and that's what I'm talking about. So we've got a rotation going on, you're in the right area, the right stock doesn't matter, it's the wrong area or the right area, but preferably the right area, it's fabulous. So let's get back to this. So this is what I'd be looking at. In this particular context, it is just early in the day, I don't know what the reason is for it to be bouncing like this. I would keep that core position as long as I can. But I'd have a trading position. And this is given, I wanted to get to the 120-winner chart right here. Now I'm spending a little time on this, most people are not in VSAT, but that's not the issue. We're talking about analysis here that we do at TFNN for anyone who asks. And this is a question that came up and I'm just going to do it. So you see the trend of removing areas at 19.32, it's way above that. So I would look at this and try to keep a core position and get a trading position. And the trading position says, maybe I even have to go to the 10-minute chart of VSAT, VSAT. And after congratulating Jimmy and the Dan, he had a short position on the E-mini. He sold it just almost within a couple of points of the high. And because I know that he likes to keep positions that are working, congratulations. That was a really perceptive and significant and technical entry. And congratulations. So this is A, this is B, this is C, and there it is. C and yeah, this is D now. So VSAT is pulling back a little bit in the 10-minute chart. You can see it right here. I'm going to do Apple as well. I was asked if I could do that in the very short term. So I would say to you, just you've got to give it a little time because if this market does down almost 100 right now, this is exactly what we were looking for for Subscriber to the Opening Call. The S&P is down only 7. So there's a rotation going on. The QQQs are down only 12 cents, or 20 cents, sorry. So what I, QQQ, yeah, 21 cents. So I hold off a little bit, but if all of a sudden it finds supports at 20.31, if we can hold above 20.08, that 20 cents from here, it doesn't go there. I'm just giving a scenario. If we can hold there, and in the 2.30 to 3.30 time frame chart, it looks straight back. There was 20.50. That's the kind of action you want. And then I'd be looking at possibly adding to that position. But meet that QQQ position. This is a nice move up. I don't want it to be a one-off option. So hold, make a new recovery high tomorrow. Down's down 100. I'll be 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 Kegstad's Tiger Forex report. Teddy Kegstad 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 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's 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 TFNN.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 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.  First-time subscribers also get a 30-day money-back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. TFNN.com Educating Investors Steve Rhodes started his trading career as a student almost 20 years ago, and the student has now become the master. Steve won the prestigious Timer of the Year award in 2018 and barely missed that mark again in 2019, finishing at number two for the year, an amazing accomplishment. 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So look at this, in the temporary methodology we're looking for at least a bicycle to be upgraded to a BIMO to go to a D. That's the fourth highest peak or high, I can go E, F and G, but D is where you've got to do an analysis to see if there's an instant restart for another A, B, C, D to the upside this is not A to be equal, C to D, this is high peaks and A is the first B is the second, etc. Well, Apple was doing very nicely and then at 11.9, so that's right here at 9.33 it pops up and it goes to 183.55, that is peak D from the starting point just above the 200 period moving average and it starts to pull back and goes towards the 200 period moving average has a bounce to peak A, B, C minus because it fails and it takes it out, goes to the 200 period moving average, hugs it, tests it, breaks under, goes over, breaks under and now it's plummeting down below it I should say plummeting, but it's sliding in 182.51 Look, here's a peak D and the 5 minute chart there it is there's your down arrow, I'm just putting it in now and here's your peak D I can't put the down arrow just yet I have to wait for it to go pink with a 9 period moving average but there's a real good chance based on the MACD and stochastic this is a 10 minute chart so all of these things apply it's the same thing that we're looking at it doesn't really matter most importantly you see how the green 9 period moving average is positive positive positive still positive hasn't turned pink just yet but the 5 minute has and that just says there's a good chance that at some point in the next hour or so the 182.37 low that was made at yesterday at 3 of 5 in the afternoon 5 minutes past 3, Eastern time correct? we'll be tested I can do a left side, right side price time match to it but this is what I want to say because there's still too much to do see let me go through this now I wanted to talk about the single leg A up and that is in the down so what I did the day after the Friday low Monday did not see the VIX index stream to the upside but everything else was just perfect for a turnaround I was a little skeptical not in the sense that I didn't I said on Tuesday this is fabulous action but I had to analyze what the VIX not doing what I thought would do on the Monday whether that was the low on Friday the low or A low and I said I think it's A low for now but I love what's going on and I wanted instead of what we normally do we'd grab the Dow in a position and we still have the short position from the exact high I haven't decided yet whether I want to get out of that no need to just yet there's still a lot of a lot of evidence to be proven here to say that the degree of upside potential from here that's what I'm talking about so within that context we grabbed Microsoft at the low of Tuesday and we've run it up it's been fantastic I called it a proxy for the Dow diamonds because it was about the same price it was doing everything but it had now the S&P, the QQQ's the XLK everything that I wanted for this particular move but it was still a silly thing not to just grab the Dow at least the diamonds if not the three times long and just written it up and said okay take me where you want so in that sense I'm looking at the Dow with a single leg A to the upside now I just spoke about the rotation well the rotation says that maybe it's time now for these 7 or whatever you want to call them that have been leading the market up and really a big percentage of the key indices to take a bit of a breather at this point I'm only calling it a breather and the question came in right here about the speed with which and the upside move in the 120 minute chart yeah and now it's flattening out we start to make only slightly higher highs but we are making higher lows but now we start to store in the S and P so it's the same as the 120 minute chart peak A, peak B, peak C peak D peak E peak F this could be a G alternate count G says C so yeah but this is exactly the time that you would expect it to be so now what I'm saying is within the context of what we're looking at I'm going to show you this particular chart to show the fantastic symmetry look at this SMH this is the first time it's broken above you can't you can't make this up in fact it's to find charts like this this is a textbook chart of how when I talk about the time and I say how do markets know about diagonal moves yeah horizontal it was 20 it pulls back you know 20 is the level that it can go to and if it breaks out that's great it pulls back you say wow 20 but to say 20 19, 18, 17 how does the market know that it has this fantastic trend line that never gets pierced I don't know the way I discuss it is that this is the tide and the tide is going down and the tide this is the estimation I'm showing you had a move from 161, 17 we are still short from 159 just over 159 I'm making decisions to see whether or not we cover that we've taken quite a bit off but and we've had the SOXS at times but anyway so look at this angle blue is this degree of angle I don't know what it is let's just call it oh where is my protracted I can't find it right there I wish I had the orientation had an angle thing you just grab and you put the angle in anyway so this angle it's not 45 degrees it's about 65 degrees down then goes up at about a 45 degree angle and then it stops now it forms this inside track repellent zone but wait a minute when it comes down it does exactly the same thing this is your standard A to B equals C to D but it does it not knowing that that is a beautiful angle of descent in the tide the tide is moving down it has the exact emotional response to the upside from this low and it stores at the inside track but the tide is going down so that means your resistance level is going down and where does it goes to it goes to exactly the tide lower tide it's not going to go underneath because it's going to float and it holds it at about 136 10 and now it's gone up and right here it's in a check wave inside track now it hasn't done the one to one in the angle because it's to the right side but it has done it in a slightly steeper angle and it's gone a little bit above I'll make this darker for now just so that you can see it so yeah you're inside track so this is exactly the area that I would expect we're going to start to see whether or not the estimators are going to reverse you usually get it twice but three times one two three that's really unusual yeah three times on the downside so we'll see because if the S&P so the estimators single leg A up nope it's a single it's a B because there was a fractional high right here for peak A but it's the same principle but the stochastics at 95% that's fantastic on balances on balances overboard it could pull back we should see a pullback very soon the estimators up 182 at 153.27 and it's only in a leg B that seems to have failed because the magnitude was good because the stochastic went over into 90% area and immediately came down this is going to be very nice I think there's a change here I'll be back to the good part I'll be back I'll be back I'll 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Meantime back at the ranch so here we are let's just go through this again so this is so far a single leg to the upside but the stochastic's fabulous unbalanced volume isn't even overboard yet 90s way above the 14 prices way above the 200 I like this very much and I think the falling axformation I'll talk about tomorrow in technical Friday is looking very good here for the Dow but if there is bad news you've got a couple of gaps and gaps mean nothing until you start to turn around and then you're facing the first gap don't even think of the second gap until you're one at a time so in this particular instance we've got so much support in the 33,800 to 33,700 area until we get there I'm not looking at this as saying now you want a short I just don't want a short as a very short term yes so okay within that context I'm done with that the QQQ just is the same thing it's gone above now you've got two areas of support you've got the former repellent zone between 370 and 368 and you've got 366 as the 366 as a 9 period exponential moving average support so that's good and you've broken above the inside track but the week is not done we're watching this closely so so far this is a very good action someone said can you just show us the Microsoft I don't want to get into that this is an incredible move 366,780 is the target and what I had when we went along here at 338 was that I wanted to break above that it did it so quickly above the left side higher than 346 this area and now you've got a cup formation I'll take time to talk about this tomorrow but this is the dreaded H pattern beautiful cup formation which says if you close above the arch high there's a good chance you're going to go to just under right on or just above the previous all-time high in this all-time high with 36678 and then you've got to be careful I'm suspecting that this leg in the monthly chart goes to 366.79 to break above it to start a new leg F-C in a monthly chart so that's great so let me just say that I think there's an opportunity here to have a bit of a rotation and you'll start to see those stocks that you've got Hammett come back not all of them are in the Dow for the Dow to hold up you'd have to have some of them in the Dow and you've got some really good leadership in the Dow now the next question came we could look at the XLE XLE is pulling back very sharply so here's the move that we would anticipate it's actually a little bit more I'll just do this now why not because so many people use the 1 to 1 now the reason I like this is it's got the channel wave inside look at this this is the falling X formation but it's also the up channel and if it takes it out at a peak B especially this is A that's B watch out because it could do in this case the 1 to 1 to the downside so enough people are looking at this and I'm going to do that there you go so look where we are I said it's a little bit more yep it's a little bit more so just keep that in mind I'm getting rid of this because once it fulfills its obligation it's kind of done now what we have to look at is where is support and support if I use the troughs I don't have a trough so the only thing I can say is that the low of this bar of July I think it is yeah July the 21st with a low of 80.92 is this symmetry I can't even draw a symmetrical thing here yeah I guess I could okay so let's just do this channel wave bar symmetry it's not a trough I'm just choosing a bar here and I'm going to go to that high right there at peak D at 93 in the 93.60s I think it's 93.60s and now we're going to do the right side well we haven't got there so this is not going to work it has to be going out a little bit further so I'm not going to use that what I am going to say I'll keep this there just for the moment you see this arch formation remember the rectangle formation within that you can get a very large arch formation if that arch formation takes out the midpoint of the rectangle be careful because if it doesn't immediately go back to the upside and takes out a left side low in this case it would be looking at longer term the low of March of 75 36 that's way down that says watch out because the next key level of support in this case I can make it even a support much higher than that look here's a channel line channel line says 81 40 let's call it 81 so it's just three and a half points if it takes out that support level for the first time in a long time it says watch out because it could test the left side low so in the energy sector the XLI the SME select energy spider fund has already done a little bit more than the one to one yes your dreaded H pattern what's that where you go from a move down there's one dreaded H right there take out the left side low and it can go one to one to the downside you do it again this is not one to one to the downside but it's a pretty steep decline and now you've got another one so this is the third one so this is just saying to me it's better to say that 85 25 the 200 pre moving average is now the strong resistance so you know that the downside let me go to the day each hour only that beautiful art formation okay now it's much clear good I'm pleased I went to the dating because that was I wasn't getting anywhere with the other so now we can do this we've got from this low right here you go across I usually like to go to a particular candle or you can go to the high in this case there's no reason why not to go to the high and that is a little doji candle at 93 point 69 on the 14th of September remember 14th of September so that's right here now I'm going to go click and all I'm doing is I'm using this is the plum line and I'm saying alright oh I had to really draw that one in from some time ago I just saw it I didn't I didn't finish it look that was the support level that I do in before oh my goodness look at this I gotta remember these things you remember what I said right here this is back I remember distinctly now I forgot all about it but now I'm going to remember it look what did I type in there unconventional chaplain wave flat base restart to the 84s and we were our up and now I can't remember exactly where I typed it in I'm not sure if we were there but we I remember it was something in the 87 area well we ran all the way to 93 point 69 and what happens we came back down and what did we go to we went to 85 point 73 not bad didn't quite yeah isn't that interesting oh 84 point 26 I knew it would take a while it took it out now you've got your second one oh I'll do a little bit more when we get back XL is going down the reality is that navigating financial markets can be risky markets can be chaotic and difficult to understand having the latest market advice can help you turn this chaos into a key for creating winning trades at TFNN we understand that it can be hard to find reliable market news that's why each of our market experts offers their very own market newsletter a must have tool for every out there 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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 don't forget you can listen to TFNN live on your mobile device 24 hours per day go to TFNN.com then hit watch Tiger TV that's TFNN.com then hit watch Tiger TV Hi folks so I had a great question here Battle of the X70 is not doing well yet WFRD is approaching the new high WFRD has been a great position for me interesting so WFRD I'm thinking WFRD I remember that name from the oil service yep it's oil service it does equipment and servicing for the oil and gas natural gas so natural gas is doing horribly and yet WFRD is up there but it's the equipment and services so that's you remember that's always late that means you it's like syntax where you have to you have to make a contract and that contract just goes on and on until it doesn't so I think that's so we're looking at two different things I'll get a little more into that tomorrow in the meantime let me just say yes I agree and that's what I'm saying that even within sectors that have been beaten down XLE they are beaten down some things are working so the way I'm looking at this there's a left side right side price time which says I'll go into this unconventional fret based tomorrow restart tomorrow if I ever remember XLE XLE Friday okay and it says that based on this technique it should be I'm not doing it for time running out of time it doesn't matter we'll finish this up so based on this technique I would say to you that from this level here that sometime this is a deadie chart sometime next week it could take a little longer but we should be testing the 80 ones 83-24 that's what I'm looking at for the XLE and then you have to assess so that's what I'm looking at for the moment but the monthly chart says it's just a rectangle trading in a trading range but that's a wide trading range right here's the other thing I wanted to mention so did I have a chance let me just do this real quickly there's always so much to do so look here's the example so it's bouncing back XLE I just wanted to tell you that going into a 3 o'clock time frame today if the Dow is only down 40 points so that's very good action if it accelerates it says tomorrow could be a very weak session have a great day safe tune from Steve Rhodes check out my opening board


Okay, happy Sunday. Hope you're doing well I've had a great weekend and enjoyed the the sunshine wherever you are thought I'd get ahead of the game and put this Briefing out early Sunday night ahead of the globe X reopening instead of the usual Monday morning Just to buy myself a little bit more time I will endeavor to share the latest kind of headlines if there's any that comes out overnight and some technical charts into the Amplify live discord private room for the community But otherwise look let's get straight to it and let's have a look over a few things I want to discuss going to wrap up some of the weekend news flow obviously historic G7 tax deal That's been struck has been a little bit of volatility in crypto again overnight and There's some updates on the US infrastructure bill in the US as well And so quite interesting Information that's come out that could be slightly problematic for Biden going forward Then we'll look at the week ahead going to focus on a couple of key things We've got the Bank of Canada and the ECB interest rate rating meetings happening this week Wednesday and Thursday Respectively and probably the main feature of the week is going to be US CPI Coming out and also we have the release of UK GDP at the end of the week So let's just get straight into it and have a look at the charts and obviously a little bit of a digestion of where we where we finished post payrolls and obviously payrolls came out and Very similar fashion really to what we had last time where the market was kind of Perhaps not quite caught so offside as before but again the bar was a little bit firmer You remember on Thursday. We had a string of good data including the likes of a really strong forecast beating ADP and AD and and payrolls on Friday did not live up to that kind of expectations so as such Quite clearly to see really in gold I mean these two spots are that sell-off that we saw on gold on Thursday last week And we had some of the good data coming out kind of technical breakdown Helping as well with the break of the trend line some momentum as we are triggering through some of the support levels but to where we really closed on Friday and Completely took back that entire move after that payroll report So as you can see here, you got gold at the top But we just looked at then you've got the s&p 500 on the right here and a t-note the US tenure at the bottom all Rallying and that tells you one thing. It's kind of a policy Moratory policy oriented move that it kind of validates the more cautious gradual approach at the Fed of which They've been telling us for some time that that is the kind of Tactic that they're going to adopt going forward irrespective of what we're likely to see which is again For fairly scary levels of inflation that will come out in CPR reports in a few days time From an s&p perspective, obviously We're right back up there again pretty much So we came up to retest that previous high that we saw Right at the beginning of last week and that's pretty much where we finished But you can see just the severity of the rally that we saw after that payroll report and remember that was the last Opportunity really ahead of the blackout period which is now in force ahead of that mid-June Meeting so it does take some of the pressure off and that certainly was reflected in market prices Friday about the idea of any near-term hawkish surprise and of talking of tapering anything of that nature and definitely not expecting too much of detail To be discussed at that June meeting and so on a daily continuation, you know, we're right up there again knocking on the doors At the all-time highs as far as the s&p 500 is concerned and that's an area We'll be keeping an eye on and what will likely dictate really whether we push on on the daily here break Perhaps pull back and then a push on next target up Psychologically up to around 42 50 here in the s&p really is that CPI number if it isn't as high as I'll discuss in more detail in a moment that people expect then certainly that in combination with the jobs Ongoing situation now the back-to-back payroll figure. I don't see any reason why we don't we don't print a new all-time high Certainly this week in US equities the Nasdaq if anything the Friday acceleration was even more Acute to the fact that tech stocks Particularly were suffering at the middle part of last week And we were seeing a bit more of a cyclical play where really strength was seen in more like energy and financials And that got reversed obviously on Friday Where is the tech and nasdaq now performing on the basis of that slightly softer jobs number that we saw From a currency perspective obviously that weakened the dollar and and gave some reprieve to what otherwise had been a downward trending Major pairs and euro dollar and cables throughout most of last week terms of euro dollar Not too much. I'm looking at really right now at this point in time When we get back underway and start recommencing trade but on a daily chart Obviously, we had a bit of a breakdown last week particularly on Some of the fluctuations in dollar strength on that good data on the Thursday last week Which did break the trend line definitively that had been holding up the euro of the last two months We have recovered some of that given some of the downward pullback in the dollar on the back of payrolls interested to see how we play out at around these levels really either north or south of this Horizontal 121 65 and a half in the futures Which as you can see has been a bit of an inflection point for the euro of the last several weeks as far as cable is concerned We do have some data coming out at the end of the week Which I'll talk about in a moment after I've wrapped up the news But cable's not too interesting near term We had a double top and what has been a good area as well at the end of May beginning of June At 142 handle which has been significant So definitely on the upside to be keeping an eye on that and then we had the Friday late evening lows Which came in at 41 55 which we'll be watching again largely for the week. I do think that it's more Dollar movement that will be leading the direction of these major pairs And it's going to be that see CPR report There's going to be particularly key for the fate of those major currencies as far as energy markets are concerned We continue in that upward trending market The trend channel is still being respected for the moment. And so that's what we're still watching Downside at 69 you can see the market bounced off that Going back towards the end of last week and that was also a point of resistance back on the third and on the second Of last week. So any pullback says a couple of areas to keep an eye on so 69 26 It's kind of resistance point turn support then the 69 handle then lower down 68 87 which starts to encompass Prices back for really the month of June and then also the trend line. Otherwise on the upside All roads lead to 70 bucks And again if we did get and not as high as feared inflation number and that weakens the dollar and The dollar continues to remain offered throughout the rest of that week Then there's no reason fundamentally looking more specifically to dynamics for oil. Why I don't think we can But we should stop us from going higher and eventually coming up to 70 bucks to be quite honest But look, let's talk about some of the news and what's been going on our obvious Concise as I can be We had this G7 ministers backing of a global minimum rate of at least 15 percent of tax They agreed that countries should have the right to tax a certain proportion of the largest most profitable multinational's profit in the locations where it is generated So as we know this is quite important for some of the big tech names in particular So your likes of Apple alphabet and so on given the fact that you know for us in the UK Places like in Dublin and Ireland where the tax rate is lower They play pay close to no tax at all and companies like Facebook would be included in that Couple of things to be aware of the Treasury Secretary Janet Yellen Said that both Amazon and Facebook will fall under the new proposals for the global minimum corporation tax However, I've just seen an exclusive for the Guardian newspaper in the UK in the last hour And they've come out and said actually there's a loophole, which would be particularly Net positive for Amazon to evade this tax And the reason for that is that a communique from the G7 ministers said that they envisaged pillar one would only apply on Profit exceeding a 10% margin for the largest most profitable multinational Enterprises and the reason why that is important is that restriction could then rule out Amazon where their profit margin in 2020 was just six point three percent very small comparative to some of the other companies And so therefore they wouldn't have to pay tax on that. So we'll see Obviously the accountants for these big companies are kind of geniuses and they'll find any way not to pay tax, but as far as market implications are concerned I don't really necessarily think that they'll be a Big or if any reaction in any of these tech stocks because this has been very well telegraphed This move was probably going to happen for one Amazon are going to evade it because of their low profit margin anyway as part of that first pillar ruling of how this Particular deal is constructed. So that's number two. And so I'm not necessarily expecting this to be anything to Impactful for the first week first day of this week's trade if you look at the weekend Dow via IG It's quite a good indicative measure of how we should reopen in the futures market shortly on Sunday night And it's seen flat. So the market's not really that spooked by this. And so that's how I'd be looking at it other things to be aware of This guy You might not recognize this guy does look a little bit like Liam Neeson actually come to think of it But it's not Liam Neeson It's Joe Manchin and you probably would have heard of him if you're fairly familiar with US politics because he's one of those names That is a bit of a thorn in US president Biden's side and a couple of things to be aware of here One is that we are looking for updates on the infrastructure bill in the US this week specifically and the reason for that timing is that the US Transportation Secretary someone you probably recognize his name for when he was running during the presidential race Pete Buttigieg He Circled Monday June 7th as the date by which negotiations with the Senate Republicans must have a quote clear Direction and if not, he suggested Senate Democrats should propose a more targeted infrastructure bill So looking out for commentary pretty much as we start the week and obviously this infrastructure bill Kind of dragged its heels a little bit and the more it drags its heels I was reading over the weekend in some articles that some of these US based Beneficiaries on the infrastructure side. So particularly types like US steel firms They've been up like a hundred percent or so in the last couple of months So if we start to get this infrastructure bill look a little bit shaky, they've got a long way to fall back To kind of reprice if you like and the new timing or the passage at all of the infrastructure bill And what we were led to believe just a few months ago So definitely looking out for that the reason why Joe Manchin who's the West Virginia senators particularly important is he holds a swing vote in the US Senate and on Sunday He voted to block a bill overhauling US election law presenting a major setback to Joe Biden's efforts to reform voting rights So what exactly it was this well Manchin said the bill which expands mail-in voting Lengthens the hours over which people can vote was the wrong piece of legislation to bring the country together and unite their country Remember Biden was particularly successful at the election over Trump Because of the mail-in voting system and the more he can kind of emphasise and push legislation or new forms of voting in that direction the more faithful will probably be for Democrats given the Demographic and the type of way of which they they're the Democrats tend to vote and So the other thing Manchin though reiterated that he would not help Democrats as well scrap the US Senates Arcane voting procedure known as a filibuster which requires a supermajority of 60 senators to sign off most pieces of legislation So again just to put this in context one of the main things here is that Although the Democrats do control the Senate at this point in time. Remember is the 5050 split in fact Satchity 5048, but the two independence voters kind of then put it to 5050 and therefore Kamala Harris the VP has the deciding vote and thus controlled to the Democrats Joe Manchin is a Democrat, but the problem is though. He's fairly Not that aligned with with Biden So therefore he is one of the main Figureheads if you like that can determine whether or not by the ministry administration can pass through key legislation And he's a key person to watch and his latest things could then have knock on implications Then for this infrastructure bill going forward So that's the update there in the crypto space Crypto stable coins. They've seen a bit of volatility Over really a main thing coming out of China and remember it was the Chinese legislation and further commentary that's just really Impacted Bitcoin in particular over recent recent weeks But we both suspended some crypto related accounts over the weekend When trying to view them a message would simply come up saying that accounts have been reported for violations of laws Regulation or we bow rules and so again more complications in that that key area has been It's weighed on the price a little bit But I was just having a look and it's kind of fluctuated today rather than necessarily be lower. I'd say But in the further development that undermines a little bit this idea about Institutional adoption the reason why this headline is mentioning Goldman's CIO so CIO stands for Chief Investment Officer and Earlier this week Goldman's held two round tables with 25 different CIOs of long-only funds and hedge fund managers And they were basically asked what do you see as quite key for going forward or what was your preferred investment style? And I know this is a bit small So don't let me talk you through it But basically what it was saying was which investment style or asset class is your favorite asking these fund managers And they said growth Followed by value and then which of these investment style asset classes is your least favorite Bitcoin number one least favorite new IPOs second least favorite, so again Not drawing too many conclusions out of this but obviously from a slightly bigger picture You know this institutional adoption is obviously a key talking point As we continue to go forward but with with Elon Musk Obviously pulling in pulling out of Bitcoin What is he doing with it with all the commentary of late with the large fluctuation and that kind of? short-term crash in prices that we saw and a huge volatility over that period Institutional adoption which might come in the future. It's probably not going to arrive anytime soon And this kind of ratifies that kind of the way that CIOs are thinking at this point in time All right, let's talk about the week ahead And a couple of key things as I said, I'm only gonna talk about the key things So it's not an exhaustive list just so you're aware, but just going through things then the Bank of Canada Is actually meeting on? Wednesday I'm just gonna correct something on my notes in fact so Wednesday the BOC is meeting now expected to shake Not to shake up the market Then they're expected to reiterate their recent policy rhetoric and probably decide then they're gearing up for another round of QE tapering Which they've already commenced probably in the month of July Canada's been Experiencing two-fold. It's had a bit of a setback employment rates had actually says Employment rates had dropped for a second consecutive month in May That's because they've had certain pockets of outbreak of COVID-19 which has required more Containment measures to be to be put into place However, their vaccination rates in Canada are particularly good And so therefore as we go further forward in the months ahead further tapering is expected to continue going forward in the economy to expand the next arguably Biggest thing of the week then is US CPI now US CPI is due on Thursday And that is expected at four point seven percent That's against a previous of four point two percent the core year-in-year is expected to have risen through from three percent to three point four percent So that would be the highest levels since the mid 1990s and if you think about where interest rates were there in the US are awfully lot higher than where they are at the moment So again, this is key because the market is ultra inflation Sensitive and this is an inflation Metrics measuring forward-looking expectations of inflation. This is inflation as it's measured. So These numbers are going to be a real test for the market and this view of how transitory inflation is and Couple of things here to be aware of and a few things I was reading for one It's quite important to think about or what other drivers of inflation to determine whether or not they are indeed transitory I temporary of nature and as you remember the last CPI report You can see here the main drivers of core inflation in April and used cars Transportation services and shelter now a couple of different things to be aware of then so first use cars Prices of used cars increased in an astonishing 21% year-on-year in April if you think about what's been going on chip shortages Causing a lack of manufacturing of new autos So therefore squeezing up these prices and the expectation is is that this is going to carry through into this month's reading Or this week's reading as well The other thing then is the and second is the rent of shelter component What also transportation services were also part of flipping the April core inflation report and an upside direction So they're the key areas that you need to be looking for and how they're performing When you're kind of interpreting this number, I guess the more proportion it is concentrated in in an area Let's say like used vehicles. I would say that the less Evidence that gives to the inflation bulls Because then if once you take that out because auto manufacturing will pick up in the period ahead as the economy Reopens and people go back to work and there's less supply constraints Well, that number is going to come down again. And so therefore by definition This is temporary and if it is one of those main contributing areas This is how people are going to compute whether or not the Fed is right in the stance that they're taking The true test of inflation are just reading a report out of Nordia this evening And they said that really it's going to be what happens with inflation. It's likely to stay Present over summer. It's about what happens after summer, which is going to be key the direct Bonuses if you like of the Biden administration So stimulus checks and so on will run until September But in parts of the US the checks will already be halted during June for areas like Iowa Mississippi and that will give us a flavor of how the labor market looks posts these money handouts Which we know The lot of federal states as well have been cutting off some of those programs trying to encourage people to get back Into work given the fact that they were benefiting from the fact these stimulus checks out weighed minimum wage in the US So a couple things to consider that the final few things are we've got the ECB meeting on Thursday We're not really expecting anything of a great deal to come out there from a definitive policy change point of view It's kind of like they need to avoid Mentioning the word taper just to keep the markets Remaining confident that nothing's going to come out and surprise them particularly given the fact that lockdowns are currently being lifted in Europe Vaccination rates to continue to improve Despite the slow start that we saw several months ago. So business activity consumer confidence and inflation are all expect to rebound shortly One of the main things to remember is Christine Lagarde herself said late Last month that it was far too early to discuss reigning in plans around their bomb program We've had a number of dovish comments out at ECB officials in the recent days and weeks That would lend its hand for them not to do anything too drastic this time round However, we do get the latest staff economic projections growth expected to be relatively unchanged inflation like to be bumped a Little bit higher is probably the base case that most people are looking for and then on Friday Just to wrap things up. We get the UK data coming out, which is GDP The reopening of shops outdoor hospitality in April will unsurprisingly lead to another decent monthly growth rate and pretty much reiterates then that kind of more Medium-term positive outlook for the UK of which at the moment comes in contrast to what has been the trending weaker dollar of late and that should keep Cable knocking on the door at these multi-year highs at this present point in time But that's that's it. So I'm gonna leave it there as I said I'll update for the guys in Amplify live.com if you're not part of that community yet You can join absolutely for free. So just check it out Amplify live.com But for those already there, I will see you first thing in the morning And I'll be sharing some technical charts and an update on the news and so on. All right guys Thanks for listening and have a great week ahead. Take care