Okay, in case you were wondering, this is Hawaii, the state of clean energy. That's where we are. That's what we do. That's what we think about. And that's certainly what we discuss on this show. To my left, Peter Rosick, spokesman of Hawaiian Electric Company. To his left, Mitch Ewan, co-host here on this show. He's the regular guy on Wednesday afternoon and on the phone, Nick Hendrickson of Eurist Energy. We are so happy to be all together. Hi, everybody. Say hello. Hello. Hello. Thanks for having me. Okay. Mitch, can you give us a scope of this discussion? Yes, we're going to talk about the Pahlehuah. Did I get that right? Close. Pahlehuah. Pahlehuah. Okay, so now we all got it right. Pahlehuah. Windfire. I'm on the west side of Oahu out in Waianae side. And so we want to know all about it, Nick and, you know, the good, the bad and no ugly, please. So let's go ahead. So, Peter, you know, this project has been around for a while. You and I have discussed it years ago. And we've discussed it with Nick also. Can you give us kind of a pre-see about, you know, the history of the project? Sure. The, well, from one electrics point of view, within the last couple of years, we put out a request for interest and then we put out an RFP for renewable energy last year. And the request was anybody interested in building a wind farm. And the fact is there is no one else interested in doing that. We've got a lot of solar projects. So this project, the Gil family, which owns the land and got together with the URIS, which has done projects here in Hawaii and across the globe, a very well-established renewable energy company, came to us with this proposal that they put a 47, 48 megawatt wind farm at this area that is above and kind of behind the kahi power plant. And since most people don't get up there, you know, you go up to the top of the ridge and then the land goes back kind of flat and rolling for a fair distance. And some people have been to the camp up there. It used to be called Camp Timberline. So we negotiated with URIS and we came up with a power purchase agreement with a very good price and very good terms as far as we're concerned. Well, we went to the commission and the commission is now reviewing that power purchase agreement. We've had some other filings related to competitive bidding because there is nobody else that wants to do one of these projects. And from the point of view, this gives us some diversity of technology. You know, we have a couple of wind farms on this island up on the northern or shore or getting more and more solar, which is great. But we'd ideally like to have as many different diverse portfolio. Diverse portfolio, exactly. So we have Waste to Energy here. We have a lot of solar and we have a biofuel plant, biofuel capable plants and so forth, another wind farm. Really, this is the last viable space on this island. Not only that, but as I recall, this is a very good place for wind. Very strong wind. It's got a very high wind capacity there and wind.  We take the total potential and then the total reality and that percentage is called the capacity factor. Wind has a very high capacity factor and this site, like the sites on Maui and the sites in Kahuku as well, has a very high capacity factor. So you get a lot of bang for your buck. The other factor is that this wind site is just above the Kahi power plant where all the connections are. Exactly. So you have to build new connections all over the plant. That's absolutely right. You know, coming out of Kahi is what we call our 138KV network. It's our high density network. And by connecting to that, we solve a number of problems. First of all, you don't have to build a long line to connect to somewhere else. And secondly, the 138 system is a redundant system. In other words, there's at least two and sometimes three lines so that if one should happen to fail and it could happen or we have any kind of problem, the other one can step in. So that means that we don't have to worry about, you know, we sometimes take one of those lines out of service to do maintenance or sometimes there's a problem. And if this were not connected to that 138KV system, we'd have to ask the wind farm to shut down because we can't take their energy because, you know, the extension cord is disconnected. That's not good for anybody. So by connecting it to the 138KV line, we can do it at a very low cost to anyone, whether it's paid for by them or by us, the customers.  So it's a very, it's very good. It's, you know, it's good. We wouldn't be doing it if we didn't think it was a very good project. But this is one of the reasons that we think it's a good one. Good. So, Nick, you know, can you give us the four corners of this project? I recall, I couldn't be wrong, that's 48.5 megawatts. Am I right about that? It leaves about 47 megawatts and it kind of depends on the final configuration of the turbines themselves. But it's 13 turbines that are 3.6 megawatt machines. So that's, it's about 47 megawatts, give or take. OK, so give us the dimensions here, the specs, if you will. Yeah, sure. Just to go back to some of the things, you know, you referenced and also Peter talked about, you know, yours has been, was attracted to the Hawaiian energy market and its commitment to renewable energy for some time. That we started looking at investments in the state back in 2014, I believe it was. And just because of the way that things shook out as far as what HIKO was looking for at the time, we made a lot more progress early on on a PBS solar project that was was built and that we own and operate in on the west side of Oahu near near the proposed windside as well, but it's over in Waini. So for the first kind of phase of our of our efforts in the state, we were really focused on bringing that project to completion and then as that project kind of wrapped up and operations began, we really started taking a closer look at the site that we refer to now as as Pahlehua. So as Peter had mentioned, HIKO recognized the value of the site. We went through a process kind of identifying that there aren't really a lot of other sites on on the island that would be viable from a standpoint of providing energy from wind. And that's at the end of last year. We came to an agreement on the on the power purchase agreement and we were kind of off to the to the races. So that's kind of where we are now. As far as the project itself and the specifics, like I mentioned, it's 13 turbines. It's anticipated to be 3.6 megawatt machines. So the the actual model themselves are going to be by a manufacturer known as Vestas. So Vestas is one of the the European based companies, one of the the largest. Depending on the year, it's either the number one manufacturer, the number two manufacturer of turbines worldwide. The turbines themselves are about 250 feet from the base so the ground to the hub, which is kind of the middle of the cell. And then if you kind of anticipate the entire height of the turbine being the maximum blade tip, it's kind of one of the blades is sticking straight up in the air. So to speak, they're a little bit under 500 feet. So they've got a 136 meter rotor diameter. So the entire swept area is has a diameter of 136 meters. These are absolutely the kind of the newest and greatest and most efficient turbines out there. They have all the sort of features that you would imagine for kind of the highest, the most advanced technology available anywhere in the world. So we're excited about what these turbines allow us to do at the site. They're far more efficient than some of the earlier iterations or more configurations of wind projects can see for the site. So what that's allowed us to do is really get more more energy, more megawatt hours out of the site by using far less machines. So that's that's always a positive. As far as the actual energy being generated, that you go would be buying under the the PBA. Our expectation is about one hundred and fifty thousand megawatt hours of electricity would be generated on an annual basis at the site. So how many homes with that service? Yeah, so I was just going to get to that. So that's from our from our calculations, it's about twenty five thousand the average a lot of homes use so that'll power a fair amount of energy for the for for the island. And we'll be selling that under a fixed price contract you go for for twenty two years. So he goes got a big guaranteed source of the energy at a fixed price that it can provide to its customers. That's kind of the I guess the four corners. I'm happy to talk about other specifics or let's first look at your slides. We have three slides. So let's put the first one up. OK, this is a map here. Can you describe the map, Nick? Sure, and I'm assuming it's the one that shows the location of the project because I'm not actually looking at the slides myself. Yes, it's got a green a green line on it. It looks like a green arrow sign. Got it. So this is the general location of the site. As you know, as you can imagine with with wind projects, you want to put the turbines where it's windy. And in most cases, that's on areas that are, you know, kind of elevated or on ridge lines. So as Peter mentioned, if you if you're familiar with the area behind the Kahi power plant, there's kind of a general mountain sloping upwards towards, I would say, it's the northeast and that land kind of lands off on the degree as you as you go up the up the slope. So we'll have thirteen turbines kind of generally situated up there that on the on the mountain kind of above the Kahi power plant or above the the landfill area. OK, how about the next slide? Oh, this is a this is what is this a timeline chart? Yeah, yeah, do you have this one handy, Nick? Can you describe it to it? Yeah, yeah, I'm familiar with that. So this is this is a slide that I think goes into some some detail of showing kind of where we are. And you know what I would refer to as a development cycle, the process. So, you know, we we first when we first started when we first started talking to he go about the project, it was gosh, 2018. And we we agreed on the terms of the PBA power purchase agreement kind of late last year. And so where we are right now is, I would say in the early stages of the comprehensive studies that need to go on to actually get the projects ready for construction, permanent and ultimately built. So I think the important point of this slide is that this is a this is a true multi year process. And we're the process and the point of that process right now where we really are kind of down in the weeds, doing the analysis and the studies on site, looking at the environmental, biological issues, cultural concerns and all that really get the project, you know, in a in a form that it can be it can be permanent and built. So the other point here, I think the people people you raise with us is, you know, are we going to have the public going to be able to have and I have insight or an ability to comment during the the permit process? And the answer to that is absolutely yes. And so as you can see from from that slide, there's a multiple steps throughout throughout the cycle in which there'll be public engagement and the ability for public comment on specific aspects of the project. Yeah, that's the way it works in Hawaii, for sure. Any more slide? We got one more slide. Ah, this is my favorite picture for sure. What's this? This is a picture of a windmill now of a turbine wind turbine. So that so it should be the the actual we got that from the manufacturer of the turbine vestus themselves. So that is should be the vestus V136. So this is the specific turbine model that will be utilized at the site. So again, it's the best in class. It does really, really well in the environment that we're anticipating it to be placed in and we're excited to be installing it at the site. Beautiful. So what about it, Mitch? What are your thoughts so far?  Or has that already been done?  What's the status of that? Right now, if you want to go back to the slide that kind of shows the timeline, we haven't done an actual EA or an EIS yet. A lot of that will get determined as a result of the study. So once we start getting the data back from the studies about what level of biological concern there is or not, we'll be able to kind of make the determination. So I'd say we're a ways out from making that determination. Of course, we'll do everything that we're required to do under the law and under the permitting regime. But I don't have the results of the studies yet because, frankly, the studies are actually still ongoing. And with a lot of these studies, it's not obviously a one time thing where you go out and you kind of look around and take stock of what's out at the site at that period of time. We have biologists engaged and they're out there on a regular basis doing seasonal studies that you really have to take account of what's happening over a seasonal period or even over a multi-year period. So once we have those, the data sets that are generated from those studies, we'll be able to make a better determination of what process we should go through. Well, I was looking at the aerial photograph of the site. I didn't see any major subdivisions or houses around the area. You look like you're kind of tucked away up on the top of the mountain and everybody else is down at the ground level. Yeah, that's a fair perspective on it. I mean, there aren't really... We purposely don't site turbines for a variety of reasons near areas in which people live. That's not generally a prudent way to do this. And the areas in which we're anticipating putting the facilities aren't near any residences or any areas like that. Well, we're going to take a short break, you guys. But before we do, I just want to make a personal statement. Can't wait to put a point of personal preference, kind of thing. When I first saw the first wind project in Southwest Maui, you know, the project, I forget the name, it's the mountain up there. I was taken by it. I loved it. I saw it as a harmony with nature. I saw it as aesthetically beautiful. And I saw it as the sound of it was a special sound. And it touched me. It touched me as a complete aesthetic experience. And ever since then, I must say that I love wind. You know, I'm not saying I don't like solar, but wind is dynamic. It's kinetic. You can feel it. Yeah, and I'm a kite flyer. So I know about wind and kites. And I know about the vibrations you get on the lines to the kites. And it's that kinetic experience that it's a zen, zen thing. So I kind of I really like wind. I want to say that before the break, I got it off my chest. Now we're going to take a break. OK. Aloha, I'm Jane Sugimura, our host here at Think Tech Hawaii, a digital media company serving the people of Hawaii. We provide a video platform for citizen journalists to raise public awareness in Hawaii. We are a Hawaii nonprofit that depends on the generosity of its supporters to keep on going. We'd be grateful if you'd go to thinktechhawaii.com and make a donation to support us now. Thank you so much. Aloha, I'm Lauren Pear, a host here at Think Tech Hawaii, a digital media company serving the people of Hawaii. We provide a video platform for citizen journalists to raise public awareness in Hawaii. We are a Hawaii nonprofit that depends on the generosity of its supporters to keep on going. We'd be grateful if you'd go to thinktechhawaii.com and make a donation to support us now. Thanks so much. I'm so I'm so glad I got a chance to express that to you guys. I really needed to do that. No, we we we appreciate the zen of your comments. For us, you know, it's just the main thing is when we compare solar to wind is wind is going 24 seven. And it's not just during the day. You can add a battery to a solar installation and you can use that electricity another time of day.  So but the wind is going pretty much, especially in a place like that, which is very windy. And to Mitch's comment, there aren't any houses up there because nobody wants to live in a wind, you know, in the middle of a wind pattern is that these wind farms, wherever they are, are always in spectacular locations. Well, they're very if you like them, they're very majestic looking. There's no question there. They look like giant birds on the on the horizon. They're like swans with a long neck. I mean, but, you know, that doesn't if you have to look at them all the time, your opinion could change.  And I see it as more than just the kinetic energy thing. It's a statement. It's a statement. This community, this country, whatever it is understands about renewables, understands about climate change, understands how we have to, you know, make our community adopt this kind of technology, this kind of energy. It's a it's a grand statement for that neighborhood, for that community. In my view, well, one thing I just wanted to jump in on to when we were talking about is obviously, you know, we're a big proponent of solar energy as well. I mean, we we own the project and why and I feel like it plays a very important role in a lot whose energy makes as well. But one aside from the fact that, you know, as a wind project, we do generate during periods of time, actually a fair amount of our energy is actually generated when solar energy isn't available at nighttime. The other the other point and when we were talking, I think it was last last time we spoke was was in December of last year. You had Tony Gill, who's from the family that owns the property on. You know, they have a very defying goal of rehabilitating the land that the project is going to be located on. They're very environmental, that family, very altruistic, too. Exactly. The reason why I mentioned that is one of one challenge or limitation with with solar projects is you really do have to take it. They do take up a fair amount of space. So putting putting solar up at the site up there, even if it was feasible, would be problematic from a rehabilitation standpoint, because it wouldn't be able to actually rehabilitate the land of the same degree with the wind project. You know, you've got these towers that have a very, very small base and you can you can run cattle. You can grow crops pretty much right up to the base. So it really is complimentary, not only from an energy mix and diversity, but for the long term goals of the family rehabilitating the land up there. It really kind of it does it does a lot to address those issues. Peter, can you talk about where this fits in a diverse array and portfolio? As we were discussing, the diversity is very important. We've been dependent on oil and a little bit of coal for a hundred years. And that's gotten us where we are, which but it's no longer feasible. So we're getting more and more solar. As you know, we have about seven or eight projects that were approved late last year. We'll be shortly going out. We're talking to the PUC right now. We'll probably be going out for what we call phase two. Likely that'll be a lot more solar projects. So the solar, you know, why leads the nation in solar? Both when you combine the solar projects like the Eurus project, that we call a grid scale projects with the rooftop solar way ahead of anybody else where we're doing quite well on solar. But in terms of diversity, we have the two wind farms on this island. They're two on Maui. They're two on on Hawaii Island. But we can this adds to that to that picture. And then we'll go out, as I said, in a few months within a couple of months, I think to ask for more projects. And in all likelihood, we'll get back mostly solar and solar with with with batteries. So this helps to keep the the projects diverse and keeps our, you know, from having all one one all of our one basket gives us some variety because as we've been now several times, this is going 24 seven. Hawaii is an evening peaking state. You know, we don't have a lot of manufacturing. We need the power in the evening, five o'clock to nine o'clock. Solar doesn't help and batteries can only do so much. They're great. So having a significant wind input to a system is absolutely essential or you end up having to fall back on on other things. So as we move forward toward our next, you know, milestones, we are going to get all the solar we can. But the wind is very important for that diversity of technology. And the location, as we discussed as well, is very good for a lot and a lot of respects. It's close to power lines that exist. It's right near our power plant. It is in an area without a lot of residences nearby. It'll certainly be visible, but I got to give yours a lot of credit. They were talking to the community. The community was understandably concerned about the visual effects. And so the yours redesigned began to redesign the location to some of the turbines. So they're set back a little bit from the very rim of the back of the valley there. And, you know, I'm not nobody saying it'll be invisible because it won't. But it will be less obtrusive, I think, than it would have been before. So yours has been out with the community. It's not a one time deal. It's an ongoing deal. You never can never do enough community outreach. You know, you talk to 10 people and five groups and the 11th person says, well, I never heard about it till now and I'm I'm unhappy. So you can it's an ongoing process, but I got to say yours has listened. They have a lot of experience in the community from their solar installation, which is right on the ground and right in neighbor with a lot of neighbors. They know the people, a lot of the people in that area. So it's a process, as we've seen, that's ongoing. There's the permitting side, but the community outreach side is ongoing as well. And people will have chances to say, you know, I really am bothered by this and it's in your interest and it's in our interest. If that can be fixed, we're going to try to try to fix it. It's not a matter of trying to stop the project. It's a matter of trying to get it right. And you get it right by listening to the people who are going to be living next to it.   Absolutely.  Thank you. If we had a notable increase in sea level and all that, that is going to affect public opinion. And it's going to affect this whole mix of opinion that go around these issues. And five or ten years ago, people were beginning to get it now. We're getting storms. We're going to have a nine, may have a nine hurricane season coming up. We've seen what Olivia and Lane did not so much to this island, but the Big Island took a terrible beating. I don't think there's any, you know, question about extreme weather is already here. There's flooding in Waikiki. There's there is King King Sir, King Tides. I'm sorry, you know, it's not an if. It's a sense because we're already feeling it and it's only going to get worse. It is. It's going to be on everybody's mind. No, I think you're absolutely right. And it wasn't on everybody's mind five years ago. Certainly not 15 years ago. It was very, very theoretical. Still people who are think of it as theoretical. But I think anybody that reads the newspaper watches television news or watches think tech or I just assume they watch think tech. But, you know, they realize that this is something and we can't, you know, we can't lie still. And I've always said, you know, we're not the amount of greenhouse gas we admit from this island is minuscule in the worldwide situation. But on the other hand, you can't ask other countries to cut back when you're not doing everything you can yourself. And it's a better feeling when you are doing what you can. Absolutely. Mitch, you had something? I just had one final thing for Nick, you know, as you go through this process, I mean, we are part of the energy policy forum, which is sponsoring the show. So, you know, in your as you're wrapping up or as you're going along, if you can spot or identify any policies that might help improve the process, not beat the system, mind you, but just make the system better. We'd love to hear about it so that, you know, we can inject that in the system, maybe make it more streamlined for people that follow you as you have your lessons learned going through here, you know, like share them with us so that we can spread that word out there as well. Yeah, no, absolutely. I commit to doing that. And I will say that, you know, we were attracted to the Hawaiian market for a large to a large degree because of the leadership of Governor Ige and the, you know, the leading 100% renewable mandate that Hawaii passed prior to any other state in the United States. I mean, California kind of followed Hawaii in that regard. So the leadership that Hawaii has shown on the policy front is a big reason why is really the reason why we're here. So as far as what kind of more micro policies, it's definitely something that, you know, we can always, you know, use the support of policymakers. And yeah, I commit to keeping my mind open to policies that could help facilitate this kind of development. Every project in yield policies, we have to live and learn on everything. Always looking for best practices and all that. I'd like to make one of my statements, if you don't mind, you guys. Is there any way we can stop you?  You know, Nick was talking before about the new technology involved, you know, in these turbines. And I don't think people realize. I think people have a very primitive view of what a turbine is and how wind works. They is something out of Don Quixote, if you will. Sure, yeah. Or ancient Amsterdam perhaps. But the fact is that, you know, since we've been covering this, since the, what the odd years I like to say, you know, the technology in solar has gone light years ahead. And so is the technology in wind. Absolutely. And people have to appreciate that the wind turbines of today are way different than they were five or 10 years ago.  And in the background, you see a row of these, what I think are beautiful, modern wind turbines.  Hawaii played a big role in that because we had, up in Cahooka, we had some of the original, you know, models that were being tried out. And some of them look like egg beaters. And some of them, you know, one, do you have how many turbines do you have? And how many wingspans do you have on it? It's come a long way, and we're glad that yours is committed to getting the newest and the best.  We have one, yeah. We had to take it down from the building. We have it inside now. So we go over and we run our hand across it every so often, I'd say. So let's let you make the last statement, Nick. What would you like to leave with the people? So I'd just like to say that, you know, we, you ourselves as a long-term partner with EECO, we've really appreciated their desire to help support the project. And we have a long-term commitment to the state of Hawaii and Nahuatl, and look forward to working with the local community to make sure that this project happens in a way that is the most appropriate for all parties involved. Okay, make sure you get to close. You're the co-host, right? Yes, well, thank you everyone for attending the show. Nick, thank you so much for coming to us over the waves by the magic of electronics today. And we'll sign off and see you before we know it'll be Wednesday again next week. Thank you, everybody. Thank you, Nick. Thank you, Peter. Thank you, Mitch. Thanks. Aloha. Thank you, bye-bye. Always great to be here.


The following is a presentation of TFNN The Trader's Edge with Steve Rhodes Oh toll-free at 1-877-927-6648 or internationally at<PHONE_NUMBER> The Trader's Edge now Steve Rhodes Good morning folks welcome to the October 26th the terrific Thursday edition of today's Trader's Edge show I'm your host Stevie Perseverance Rhodes who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past Hope everyone out there is having a great day. Let's make sure we have an extraordinary one Now the easiest way to do that is to always remember that life is happening for us not to us That's right. When you and I make that one little two-by-four shift means we can find the gift in every set of Circumstance that life is gonna toss at us now today you and I we're gonna go check on the circumstance of these markets We'll go figure out what those bulls and bears what those buyers and sellers are communicating to you and I at just past 11 o'clock in the morning. I want you to know I'm absolutely grateful for your presence here But even more important than that and that's this during this next 53 minutes. I'm here to serve you So feel free to pick up that phone dial on in at eight seven seven nine two seven six six four eight Now if you've got a question, but you can't call in you can send me an email Send that off to Steve at tfnn.com and inside the subject heading if you would be kind enough to put radio show question Of course if you're inside our Tigers table then any and every ping will do so let's go ahead and get this show Started on terrific Thursday. Of course. This is Tiger financial news network. I'm Steve Rhodes Welcome to the show mixed bag out there. We take a look at the indices Dow's off 43 S&P's off 21 Nasdaq 100 is down 158 while the Russell's up 1% 16-point move there some buyers up 3 tenths were sent That's a 10-point move trainees are down 6 tenths or 90 points You've got gold off 4 bucks silver down 15 pennies like you'd crude off a buck 57 printed out of 8381 natural gas up 3 cents 30-year treasury bond up 20 ticks printed out at 109 oh one the leader in the clubhouse to the upside is O'Reilly Automotive a $41 move nearly 5% service now just behind at 32 bucks the upside 15% there morning stars up 32 bucks I'm sorry service now was up 6% and the 32-point move equinex up 26 bucks 4% Linux International is up 6 and a half percent or 22 bucks. Those are the movers shakers to the downside Align technology looks like it's out of line down 25% of $61 move West pharmaceutical services off 35 bucks or 10% Belmont Industries down 13 bucks 30% Mastercard down 19 5% there Eli Lilly off 3% or 17 bucks So we got movers and we've got shakers. Let's begin the day by take a look. What's going on inside the equity future complex out here Let's do this. Let's go over and take a look at where do we want to start? Let's start here. Let's start Let's start over here. Let me change screens Give me a moment Second here, sorry about that a little hiccup, but we're gonna be there Okay, so we're gonna start off on this screen here Which are gonna show us the daily equity future contracts out here So the ESMini in the upper left-hand corner what you'll see it's triggered roads minting indicators They don't already confirm that pattern on October 24th But the key here is it did not close above that red oscillator and change line So there was no confirmed signal that that bottom was really gonna take hold So what we're waiting for now today is going to become bar number eight of a TD night out bar number nine tomorrow Just simply is going to need a close below 42 41 75 so to a certain extent is saying that if there is a rally for that pattern to confirm You're not going to get substantial significant movement out there But if you're looking for a TD night out bottom, that's what we'll need to do tomorrow is close below the close of bar number five If we saw bullish reversal candle today that would generate a roads mint indicator bottom And it would also confirm an A to B equal CD to the downside out there And if we want to go ahead and take a look at it We are in wave number seven that is letter G now that needs a higher low So the ESMini S&P 500 ESMini is signaling to you and I that it's attempting. You don't see the chart What the heck don't know how you don't see the chart Peter anybody else Should be it should be there posted should be live out there, but keep giving me some information if for some reason It's not out there. So so that's what's going on the ESMini. It's definitely giving us a signal Okay, perfect that it is attempting that it has all the signals out there I say signals it has all the it has all the patterns. We're just waiting for confirmation And then of course what we're also waiting for is in fact to close above that red oscillator and change I now we take a look at the NQ the NQ yesterday negated his TD night out bottom It is now completing at least the one-to-one it's a little bit beyond the one-to-one a to be equal CD pattern So that says if we get a bullish reversal candle, that's going to confirm a buy the D point pattern today We'll become bar number eight of a TD 9 count It simply needs a close tomorrow in order to confirm a TD 9 count a close below 14 7 12 No other patterns out here in the NQ for us to pay attention to inside the Dow The Dow formed an actual buy the D point pattern on the October 6th Candle session that created a four river morning star pattern, but if price did close the day below 33 021 that pattern would get negated So that's still an effect out there. There's a roadsman to indicator signal It's been triggered that needs a bullish reversal candle to confirm a bottom out there no wave seven That was negated this morning when price closed below or tick below at least the October 23rd low out there So a couple different potential bottoming patterns inside of the Dow well one that's already existing So price has to close below that level that I gave to you to gate that signal the Russell 2000 is a strong dog out there Now we take a look at it yesterday was the completion of a TD 9 count bottom if price closed below Yesterday's low. So let's take a look at that yesterday's low. I gotta move this over the side yesterday's low is 1657 80 a price closed below that that definitely tells us about a further move lower now the key level here 1686 at the moment in 1686 is it's red oscillator and change line if price can close above that this TD 9 count bottom Will in fact take hold now if it takes hold Still has battles up above and up above because that's where the profile levels are If it's only a counter trend move inside the Russell 2000 We won't know that first in order to even consider a counter trend move We've got to see a close above that red oscillator and change line 1686 as we speak right now, but 1731 to 1741 would be where a counter trend move would fail price were to close above 1741 They'd be back to where price had broken down from at 1800.90 so that's what we have going on we take a look at the daily time frame charts for the equity future contracts I'm gonna just close that out because I can open it back up later, but just to free up some resources Let's go from there and let's go take a look at the US indices out here We'll come back to currency pairs, but let's go take a look at the US indices and see what kind of signals We have here in the upper left hand corner We're gonna start with the a doubt now the Dow formed a come a buy the d-point pattern had that same four river morning star pattern So it's key level of support is down at 32 846 94 It does have a rose been dominicator signal triggered at bullish reversal candle would confirm another bottom In the case of the S&P 500 just like the ES mini today will become bar number eight It's also in wave number seven that is letter G out there So that needs a higher low the rose been dominicator signal That's also present needs a bullish reversal candle. So the S&P 500 just like the ES mini is signaling to you and I it's certainly Prepared to make a bottom we take a look at the NDX 100 the NDX 100 bar number eight wave number Seven I believe yet wave number seven that is letter G. I've no rose been dominicator signals This requires a bullish reversal candle or just simply a teeny-dine cow bottom and that just simply is going to need a close tomorrow below 1460485 we come back to this break. We'll finish looking at the equity cash indices. We'll look at the Seasonal patterns. What are we expected to find a bottom? Where are we? We'll be right back Currencies commodities and bond markets are as important as ever right now with how they're driving the volatility in equity markets Across the globe, which is why it's a great time to try out Teddy keg stats tiger forex report Teddy keg stat breaks down the forex markets every Monday using his 30 plus years of experience as a trading veteran of futures Forex stocks and options Teddy releases his weekly tiger forex report every Monday morning with coverage of all the major currency pairs Including the dollar index the euro dollar pound dollar dollar Swiss dollar yen as well as many more And he also has weekly coverage of the crude oil market and the 30-year t-bonds as they both influence forex markets tremendously When you sign up for the tiger forex report you also gain instant access to Teddy'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 comm TFNN educating investors You might think that if you want to be successful at trading in the stock market You're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide It's impossible get some advice from the experts You might find that it's not so impossible after all for daily market overviews that give you direction on the key indices Selective stocks and commodities subscribe to the opening call newsletter at TFNN.com The opening call newsletter is written by Basil Chapman Creator of the trading methodology known as the Chapman wave The Chapman wave up-down sequence gives you an edge in identifying price turns Finding the peaks and valleys and stock prices get the opening call newsletter by Basil Chapman in your inbox every day First-time subscribers also get a 30-day money back guarantee if you're not satisfied Let us know and you'll get a full refund within 30 days of signing up TFNN.com educating investors Steve Rhodes started his trading career as a student almost 20 years ago and the student has now become the master Steve won the prestigious Timer of the Year award in 2018 and barely missed that mark again in 2019 Finishing at number two for the year an amazing accomplishment Steve Rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn and he shares his vast amount of trading knowledge Every day in his mastering probability newsletter Steve's award-winning newsletter Mastering probability is delivered every trading day with updates throughout the afternoon sign up for Steve's market newsletter Mastering probability and you'll receive access to seven of Steve's educational webinars Absolutely free at TFNN all our newsletters come with a 30-day money back guarantee So you have absolutely nothing to worry about visit TFNN.com and try mastering probability 30 days risk-free today TFNN educating investors toll-free at 1-877-927-6648 internationally at<PHONE_NUMBER> 131 S&P off 29 Nasdaq one or 183 Russell's still up about 1% or 15 points And in fact, that's where we were kind of left off with regard to the Russell 2000 So it completed a TD 9 count bottom yesterday the bullish reversal candle today would confirm a Rogement of indicator bottom the key level inside the Russell on the cash industry is about 1677 50 That's currently what the oscillator and change on is printing out a close above that Would suggest at least a two-day rally perhaps more but take a look at the semiconductors out here The semiconductor index is different than the SMH in fact I'll show you if you take a look at the semiconductor index right now You can you will complete a TD 9 count bottom today That should take price up to its oscillator and change on at 33 22 if I take a look at the SMH is what put this over here right now You'll see there's no TD 9 count pattern. I mean it is going to perform bar number 8 today So really what you want to do is a semiconductor index itself is preparing to form a bottom I don't have that same signal inside the SMH is I would rely in the semiconductor index itself versus the SMH is for The signals we take a look at the transports today. We'll go ahead and complete a TD 9 count bottom pattern That says today's low is something you should jot down on a pad of paper Press close below that tomorrow or in the next few days that tells you about a strong moment to move to the downside Now as the composite like the NDX 100 also in bar number 8 of a TD 9 count and with regard to the New York stock exchange of Bullets reversal candle today would confirm a roads meant to mitigate her bottom. It is in wave number 7 That is letter G. So we got a lot of G's out there And those can all know those require a higher low So the earliest that that pattern could confirm is tomorrow But folks the real key area out here with regard to resistance that price must close above In order to signal that there is at least some kind of bottom attempt out there is getting above those red Osset and change lines. Otherwise, that's the price target on a counter trend move out there And that's the importance of that tool Now where do we go from here? Let's go from here now I'm concerned if I put this next tool up on this screen right here that it's gonna shut it down for some reason So we're gonna switch over to a different screen and then we're gonna take a look at the seasonal patterns We're gonna try to understand seasonally. Where are we at? So we'll change the screens here. They give me a moment We'll get back to the main screen out there and now we'll put up the seasonal pattern So when we can take a look at the seasonal patterns out here, this is the S&P 500 This is for 95 years. The red vertical line out here is the where we're at today Yeah, where we're at today. What's that tell us that says that we're supposed to see on a seasonal basis Again just true flat-out seasonal basis that the S&P 500 is supposed to make a bottom right about now Well, jeez We just went over all those charts in the ES mini inside the S&P and the cash indices and they're certainly giving you and I that signal Now that's 95 years. What we can also do is we can go and take a look at the same 95-year period of time And we can switch it to only take a look at pre-election years turns out that for pre-election years We're supposed to be forming a bottom today Now that bottom is only supposed to last basically until maybe the very early part of November Kind of like a window dressing period and then price resumes its way to the downside So from a seasonal standpoint at least for the last 95 years And how do I change this now for less 95 years? We're basically at a point in time regardless of whether we take a look at the pre-election cycle Or we just take a look at a straight out We should be bottoming right around now doesn't guarantee we're gonna get a bottom if we take a look at the S&P 500 Just look at the last 25 years. Well, guess what? We're supposed to find a bottom right around now as well Let's take a look at instead of 25 years. Let's look at 15 years worth of data 15 years says the same thing. We should should be finding a bottom about now And if we take a look at the ten-year time frame, we've got that same message So there's a lot of reason for you and I to be taking a look at the indices out here and say, you know what? We may just get we should we may get a viable bottom or we may at least get a tradable bottom That should last for at least two to three days. Maybe it takes us into the early part of November What else is out there that's assist us with that idea? Well, let's go take a look at the New York Stock Exchange and we take a look at the advanced decline With the McClellan oscillator advanced decline oscillator out there That's gonna be panel number three what you're gonna see is I drew in a rising green line When we have that making higher lows and price we take a look at the New York Stock Exchange the upper panel Making lower lows. That's an indication of a divergence that is preparing us for a bottom Remember inside that New York Stock Exchange chart it also had a roadsmen to indicator signal bullish reversal candle potential TD 9 counts Although I believe that today was bar number seven of that let's go back and take a look at it But all of this is really lining up for what should happen now what it could have could have what it should have We'll find out soon enough out there if we take a look at we had the perigee lunar phase come in last night at like 2252 or 2253 or something right along those lines That's another line of demarcation for us to pay attention to that line out there is be 4181 50 inside of the ES mini inside the NQ that price bonus 14 3 1450 and that says that if we can start seeing price close above that level and then take out resistance areas You're watching this on Tiger TV. You're gonna see that we have and we're looking at just the upper two panels We have resistance areas at the descending trend lines We have resistance areas at the top of the profiles if price is able to clear those levels That tells us that what we were just looking at is likely to come to fruition Which is at least a at least a tradeable bottom out there Is there anything else that you and I can look at to assist us and I would have to say Mmm, not really out there now We do know that there is an influencing factor of the US dollar index We know the US dollar index has more of an impact on metals and it does on the equity futures out there But it's still something to pay attention to so why don't we go take a look at it when I first started off We're taking a look at it. We take a look at the daily US dollar index chart out here And what we can see is price right now is trading above the top of its daily profile That's printed at 106 42 and there's a US dollar indexes around 106 57 I do have a 10 minute delay on this data feed out here closing above 106 42 I don't know for two consecutive sessions would indicate that price is likely to make a run for its rose momentum indicator top at 107 05 also closing inside that swing point in order to do that You need a close they above 106 51 would be another indication that that is likely to happen However, we can't just look at the US dollar index and think that that's all we need to do to figure out What is going on instead? We need to take a look what's in the underlying What's going on on the underlying instruments the instruments that actually make up the US dollar index What are they doing here? We take a look at the euro US dollar You can see it's got a TD 9 count bottom and right now price is trying as it has done for the last several days out here It is trying once again to close above that green oscillator and change line Well, if the euro is going to move higher, there's one thing I can guarantee you It'll put pressure to the downside on the US dollar index. It's 57% It's a lot of pressure that it would put to the downside So the level to be watching today not so much the US dollar index charts. It's really watching the euro Oh, shoot. Wait a minute here. It wasn't at the right spot. Gosh started. Thank you. Sorry about that All right, so now back to the euro US dollar we're back to where it's supposed to be and what we can see here Still the same scenario TD 9 count bottom and price testing a key level of support and that is that oscillator and change line Now that's printing right now at one point zero five three zero eight if price can hold that level It offers the opportunity for price to make a move to its TD 9 count breakdown area, which we know is strong resistance That's at one oh six seventy three So if this level of support holds still the same thing and it moves higher from here It'll put pressure to the downside inside the US dollar index. We get back to this break We'll finish take a look at the currency pairs. We do have some questions that have come in So I want to get to those as well and be right back the gold report as A precious metal gold is still king It continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC Market the US futures market and the Shanghai gold exchange the gold report Tom O'Brien publishes his weekly gold report every Monday morning for subscribers Consisting of coverage of the XAU HUI GDX the dollar bonds the South African Rand as well as 25 different mining equities with specific buy-sell recommendations The gold report New subscribers get a 30-day money back guarantee so you have nothing to risk Subscribe to Tom O'Brien's gold report newsletter now at TFNN.com Sharpening your skills as an investor is like getting better at playing a musical instrument You have to practice sure, but you also need excellent instruction from experts at TFNN You'll get advice and guidance from the authority and technical market analysis, and it's not just dry tedious text either TFNN airs live financial content streamed live on TFNN.com and TFNN's YouTube channel with Tiger TV live every market day from 8 30 a.m. To 4 p.m. Eastern for free each host is an experienced trader and gives their take on the market while taking calls and questions Live from around the world from the moment the market opens until the closing bell sounds Tiger TV has eight different shows with Expert hosts to help you make the right moves with your money watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be TFNN educating investors TFNN has just launched their new trading room the Tigers Zen hosted at discord TFNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours And now they are expanding their reach with the Tiger stand available to all Tigers and Tigris's for just one Dollar for the year. 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So if we take a look at the hero just back at the year You can see that since October 5th Price has pulled back several times and tested and rejected that red oscillator and change line That's how significant a level of support that is just like we were take a look at this So it should hold it has held in the past It should move higher at least up to that 106 level and if it does that that's gonna put some weakness inside the US Dollar index, however, if we get a close below that red oscillator and change line That's a whole different story out there And that's what makes that level so important to be able to watch day 1.05 303 as we speak right now a close below that takes us back towards that TD9 count bottom And that'll put strength inside the US dollar index and strength inside the US dollar index is coming from the yen a 13.6% of the weighting and a close today above 150-16 will negate its roadsman to Mindicator top a close tomorrow Above 150-16 when they get its weekly TD9 count top in this case here if the yen is moving higher It's getting weaker and will put strength inside the US dollar index The Great British pound is found support at its oscillator and change line very much like the euro that's been tested And it's been rejected several times. That's currently printed 1.21 year zero if price closed below that Well, that says we're headed lower that'll go ahead and put strength inside the US dollar index So right now the end kind of dealing with the resistance level So not sure which way that's gonna go but the euro and the pound are suggesting that the US dollar index should pull back out There so I hope that that helps everybody out Let me go ahead and close those charts and let's guys start getting to some of the requests out here I don't want to get it behind on those And the first one that we're gonna look at is gonna be for Alton And he's in a Palantir and he's just looking for some ideas as to what this is doing or where it's headed to So let's go take a PLTR as a ticker symbol out there Let me get this full thing set up so I can look at it on my other screens as well and Palantir is So what is it so you're long so you're below support you're below profile support You're below oscillator and change line support on a daily basis and quite frankly You need a much of you need a big spike lower in order to trigger a TD9 account bottom That spike lower now would have to be today And we need to spike below 1521 if it did that Then we would get a TD9 account bottom short of that We don't have a TD we got a TD9 account, but it's not doesn't qualify as the bottom pattern that I'm looking for So therefore if you don't get that spike down below that level we just looked at this is likely to continue to head lower now Price is trading into a swing point a swing point was from October 23rd 55 million shares yesterday you got into with 46 million shares today so far. We are at 21 million shares Oh boy, so you're moving into that swing point with volume or it appears you are at least for the first two hours of trading That says that at least price would get down if you close inside that swing point with volume that Increase the odds that that low would be tested at 1521 tested may be broken if I look at the weekly time frame chart It's just a consulate price of consolidating with inside its weekly profile So price could be targeting 1423 Alton and on a monthly time frame the level of support out here is 1502 That's a new profile that formed last month or a couple months ago out there. So I'd watch the daily Watch the daily, but at least you should get a retest of that swing point out here Not that that's a bottom or anything, but you should get a retest of that October 23rd swing low And again that number was down to the 1521 level So Alton, I don't have great news for being long palantir at this stage, but maybe you're in a much lower prices And at this stage here, it looks like it wants to continue to move lower Let's go take a look at Microsoft this for S&P inside the Tigers then we take a look at Microsoft What do we see so Microsoft has pulled back and it has tested its oscillator and changeline That's at 330 57 now. Let me see where we're actually trading some tea We're 33122 So as long as that holds S&P 330 57 and preferably the level that you want to see hold There's a top of its daily profile and that would be at 33139 So you'd like to see it close above that if you do get that then we're likely to see Microsoft complete It's a to be equal city to the upside out there I don't have that that drawn in here, but that's the pattern that is in play out there now What happens if price closed below 330 56 then and this could still be a countertrend move out there Could be the problem with be calling that as I have this two-bar rule And so if it closes below the top of that profile, we only have one bar above the top of that profile But ordinarily a countertrend move would find support in the zone of 329 15 to 33139 out there with 329 15 being the real key level, but right now as of 1135 You've got a bullish message with price at least testing and so far holding that key support area And that's the important chart now on an intraday basis the 30 minute charts or anything to assist us There's really not it's got an a to b equal city to the downside needs a bullish reversal candle has gotten back to close The gap that it formed out here from a couple of days ago But it's still inside that candle from the 4 p.m. Close on October 24th So this would say that you need to see a bullish reversal candle on a 30 minute basis to confirm a buy the d-point pattern So hope that helps shout SNP. I know that muck inside the Tigers. I wanted to take a look at Microsoft as well Let's go take a look at our next request which is coming from jambalaya I don't know if it was your question or not, but jambalaya was mentioning and video so on a monthly basis and Jambalaya, I don't know if this is what you saw, but it's got a teeny nine count top out here It's got a roach mint and indicator top and Nvidia likely pulling back to test 380-04 or so that's its green oscillator and change line weekly chart roach mint and indicator signal if price closes below the bottom of its weekly profile Tomorrow, that's 408 99 odds favor a further move lower If we look at the daily timeframe out here the daily timeframe formed a sell the d-point pattern now You could actually be getting a sell a a to b equal CD to the downside How would that unfold well the swing point that it needs to close below is from October 23rd the volume there was 47 million shares nvda Today so far in the first two hours of trading you're at 23 million shares. This has volume So it looks like if you get a close below that swing point Don't know if you will or not, but if you do get a close below that swing point That's from October 23rd that low 409 45 you'll have a confirmed a to b equal CD to the downside now Where could that take us to for that? I'll go take a look at my other charts. Let's do this here Let's go ahead and switch over to the black background charts Give me a moment Here and then we'll just simply expand out the daily timeframe so that that's all we're looking at We'll get rid of the a to b equal CD pattern We'll get rid of that now. We'll leave that trend line in here So let's go draw in the new a to b equal CD pattern out here. Oh, I see there's actually a larger one So there for this number of them possible, but now that we got this chart open what let me pull this back just a tad further as well So Microsoft is trading back into what is an area of support that was generated I told August the 14th out there. So the volume there was 69 million shares So you're pulling back with similar type potential similar type volume today So here's here's the large rate of equal CD is let's take a look at that That is really a swing point from September 21st 45 million shares out there So let's draw that one in we'll draw in a number of them because there are a number of them So the a point that's gonna remain at the high of August 24th the b-point on this one So low September 21st and then the c-point is October the 12th. So one to one. We get you down to 383 23 out there That's the first one there was the second one that I was looking at my smaller version of the screen out here And there's your a-point which is at the c-point. Here's your b-point. It's at the October 23rd low a two-day retracement That was 41% that one gets you down to 370 So you got to watch today's volume and I would say that you also want to watch the price point of 403 11 you close below that or likely headed lower in N video. We'll be right back You might think that if you want to be successful at trading in the stock market You're going to need a crystal ball after all it's impossible to predict the future, right? 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This mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market to stay on top of stock patterns You can take advantage of sign up for the Fibonacci 24-7 newsletter at tfnn.com when you subscribe You'll get a weekly report from veteran day trader Larry Pezzavento on stocks You need to pay attention to and you can trust Larry's analysis after all He's got 45 years experience as a day trader Larry will also provide daily charts Videos and data on the key markets that he's tracking expect notifications from Larry on market movement You need to act on at any time first-time subscribers also get a 30-day money back guarantee If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up Subscribe to the Fibonacci 24-7 newsletter today tfnn.com educating investors Are China a shares hot or not? If you trade China a shares now may be time to take a closer look trade CHAU or CHAD Directions daily CSI 300 China a share bull and bear ETFs China a shares in either direction Visit direction investments calm today an investor should consider the investment objectives risks charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this and other information about direction shares to obtain a prospectus or summary prospectus please contact direction shares at eight six six four seven six seven five two three The prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk Including the possible loss of principal the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor four-side fund services LLC This program is brought to you by Vista gold traded on the NYSE American and TSX under the symbol VGZ Natural gas for Ron inside the Tigers and his question is long or short My my response or answer would be long from a trading at not not from an investment standpoint I don't think that we've made the bottom yet out here But we could have but right now what you've got is price trading above the top of its resistance the top of its daily Profile that's where I thought and yesterday price stopped right there It was both the oscillator and change line in the top of its profile now the day's not over and price may get back below 338 and if it does just tells you that man this thing likes to consolidate Certainly between profile levels out there But if price can close above that it offers the hope of at least rallying into the high here from October 18th that highs at 352 354 if price close above that then you're looking to move to 369 now the issue here With regard to longer short What I was looking at is kind of like what I call a junior swing point out there and so far price is tested rejected That's the a bar from October 18, so it makes a little bit tricky But by days in you might have your answer and I'll still go with the close above 338 Should get us up to at least test the top of that swing point may be higher now on a 30 minute basis run This formed a roadsman to indicator signal did that as we were coming into the 1130 time frame But price is also found support at this stage at 338. That's the bottom of its profile out there So what we might see here is we might see natural gas Continue its rally from this point forward out there I don't have any other charts out here to suggest something different now if we saw a close below 338 different Different scenario, but right now it looks to me like but natural gas has done It's pulled back it sets the level of support and it should trade higher from here run So I think from a trading standpoint. It's a long at this stage here. I'm kind of out of Not so sure about the longer term I think the longer term with regard to the way natural gas has been trading doesn't come in until January or February Of next year, so hope that that helped you out with regard to natural gas and thank you for the request Let's go to our next request out here This is coming in from not a trader and not a trader wants to take a look at ticker symbol Gis so let's get that pulled up here. Give me a moment. We'll get to those charts Am I on the right page? Yeah, okay, just need to get to the right thing So Gis it should be right tucked in right here and this is general mills Gis And that is trading looks like it wants to trade to so not a trader I don't recall what your question was or if you had a question But here's what I can share with you and that is that yesterday Had a big close above the top of its daily profile and you're trading above that you're trading of yesterday's high What general mills wants to do is make a move up to its breakdown resistance level. It's a very devilish number It's 66 66 out there the weekly chart is looking promising because right now price is trading above It's also during change line and that suggests that what we could see out here is a move up to 67 29 So you got 66 66 you've got 67 29 as your resistance areas on a monthly time frame This formed a roadsman to indicator top price is pulled back to test its breakout levels poured at 59 90 That supports the idea of a bottom and at least a further move higher out here. Is it a significant bottom? I would say a price close above 67 29 the answer to that question would be yes So if you're it is it's definitely on a buy as we speak right now Just don't know how it's going to deal with that resistance zone, which we'll call between 66 66 and 67 29 so I hope that helps you out not a trader, but a good pick with regard to General mills out there charts look pretty darn good. Let's go take a look at Apple. That's for a muck in In Italy I or maybe you're not in Italy. I'm not sure where you're at today But let's go take a look at this for Mike as well as for Nancy and we take a look at Apple What do we know about it? Well one we know that today is going to become bar number eight of a TD 9 cow pattern We also know that it's a wave number seven. That's letter g that needs a higher low out there There is an a to b equal cd to the downside that Coder should take Apple towards the 163 ish area out there And that would then say if we get a bullish reversal candle, you would have a Gartley buy pattern So the buy patterns that are in play out here for Apple today will become bar number eight Says that you could get a bottom between today and Monday wave number seven you get a higher low That says that you would have a bottom Price then if you get those signals should take us up to its oscillator and change line 172 and change right now. It's 172 78 on a weekly chart out here The swing point for the a to b equal cd had volume of 261 million shares when we closed below that it was a 285 million shares and that was back on the trading week of September 29th So Apple does have a confirmed a to b equal cd to downside on its weekly time frame Let's go figure out where that could take us to just simply see if we can do the cut-paste and assemble part of Stevie's techniques out here. There we go. So we got the cut-paste and assemble So the one-to-one gets us that's still the same one-to-one that we're looking at a daily time frame So it's around the 163 type area on a monthly time frame for Apple Apple is starting to get back in trade ins. Oh, no, I'm sorry. There's a new profile that is formed for Apple That profile, let me give it to you. It's gonna be at the bottom is 14701 So that certainly is game out there and the resistance zone because its bearish and structure is between 186 85 and 198 23 But let's take a look at apples in bar number eight So when an instrument gets into a potential bottoming signal if it is going to form a bottom We ought to see some intraday signals that help us out when I look at a 30-minute time frame chart We don't have such a pattern. We do I do see an a to b equal cd to the downside Actually, there's several out here that you can put in But you still need either way no matter how we would paint this you still need a bullish reversal candle to identify some type of a bottom Out here, so we don't have the signal necessarily a 30-minute time frame chart to suggest that a bottom is in What if we switch to a 15-minute time frame chart Stevie? Well, if we look at the 15 minutes still nothing there to assist us with a bottom that I see quickly Let's look at a 10-minute chart out there and on a 10-minute chart You could get a rose mint and indicator bottom I don't have the right oscillator and change line up there But we can say the resistance is at 168 94 168 24 and 168 94 That's Apple for its 10-minute time frame out there. So there's a potential for a bottom We're just not yet seen it in the cards just yet out there, but it is worth monitoring for sure So Nancy and Mike I hope that helps you out with regard to Apple Phil wanted to take a look at MasterCard MA is a ticker symbol there. Let's pull those charts up. We take a look at MasterCard We can see that do this thing is a gap to the downside bar number seven today below weekly profiles inside the monthly profile So the next price projection level I would have to say would be 339 93 that's the center of its monthly profile out there now. There's an a to b equal cd to the downside that B point had volume of 11.7 million shares was passed last week with 12.4 So there's your confirmation of an a to b equal cd to down so let's go ahead and draw that in get a price projection Looks to me like we're already at the one-to-one level So now what you'd be looking for you're probably the one-to-one point two seven two level and MasterCard on a weekly basis Is you would be looking for a bullish reversal candle We can say the same thing about the daily time frame But when you make a to b equal cd patterns out here You don't make them with wide-ranging bars and that's what we have this morning out here So this is suggesting to you and I lower price as far as where's the next support area out here? That would be down at 346 31 when we take a look at the daily time frame So MasterCard is not looking good at all We take a look at the daily the weekly and the monthly time frame charts out there So Phil I hope that that helps you out and provide you with the information that you were looking for as well We get back to this breakout here. We're gonna go ahead and take a look at XBI and that is for Greg M Steve Rhodes with TFNN Currencies commodities and bond markets are as important as ever right now with how they're driving the volatility in equity markets across the globe Which is why it's a great time to try out Teddy Keg stats Tiger Forex report Teddy Keg stat breaks down the forex markets every Monday using his 30 plus years of experience as a trading veteran of futures Forex stocks and options Teddy releases his weekly Tiger Forex report every Monday morning with coverage of all the major currency pairs Including the dollar index the euro dollar pound dollar dollar Swiss dollar yen as well as many more And he also has weekly coverage of the crude oil market and the 30-year t-bonds as they both influence forex markets Tremendously when you sign up for the Tiger Forex report You also gain instant access to Teddy's 60-minute webinar archive. 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So, in the next module now we shall see what is the benefit of having such an orthogonal set particularly in view of the problem we have concerned ourselves with for such a long time that is to solve equations like A x is equal to B alright. Now consider A matrix that is given like so A 1, A 2 until A k alright. So, what are these? These are all tuples of numbers ok. So, suppose these are all m tuples suppose this is the case and you have been asked to solve as usual A x is equal to B right. And suppose you have been told so exactly the setup for what we have just studied suppose that the columns which are familiar vectors like tuples of numbers m tuples of numbers. So, these columns of numbers that we have now A 1 through A k these constitute an orthogonal set of vectors in the Euclidean space m-dimensional Euclidean space and they do not contain 0. So, immediately what do you know? Full column rank obviously right because this is a linearly independent set. What sort of a matrix do you think this is if it is full column rank?  Tall, square at best, but in general it is going to be tall. So, obviously we will assume that m is greater than or equal to k right. Now with this additional condition that is being given to us we shall now see how this translates to a simple solution ok. Any questions? So, what we have is basically something like this x 1 times A 1 plus x 2 times A 2 plus dot dot dot till x k times A k is equal to B and we want to solve for these x 1 through x k where of course x is equal to x 1 x 2. So, as this is this is the column picture of the system of linear equations instead of looking at them as equations you know those hyper planes and those biases that we have introduced this is just those columns and does this does there exist a linear combination of the columns of A that equals B. Conversely the question is does this vector B which is already a fixed vector given to us belong to the image or the column span of the matrix A yeah and if so then find me that particular combination. So, now that we have been given that this is an orthogonal set what do you think we should go ahead and do? So, orthogonality comes only in case of inner products. So, obviously there is an inner product in this space and you know these inner products these are just dot products real vector spaces is also familiar to us. So, what do we go ahead and do? What do you think we should do? So, this is my important equation let us name this equation 1 take the dot product of both the sides with any A i yeah. So, we can take the dot product because this is a scalar. So, the dot product will be essentially with this vector yeah and then every time we take the dot product with any A i its dot product with or inner product with the other A i is apart from the chosen i itself will vanish because of the orthogonality. So, what I can say from here is that x i is going to be nothing, but the inner product of A i with B divided by the norm of A i squared do you agree? So, this is exactly that scalar that I am looking for and what will it look like in terms of matrices then? What is what operation is this equivalent to? If I want to write it in a compact form? So, suppose I stack these fellows up like so A 1 transposed A 2 transposed A k transposed is this not the same as A transposed yeah. So, if I hit this equation here maybe use a different color. So, if I hit this purple equation with A transposed on both sides what will that lead to? A transposed A x is equal to A transposed B right. What do I know about the structure of this A transposed A?  Not really identity. Yeah, it is a square matrix of course of size k cross k no doubt it is just a diagonal matrix or any of the diagonals 0 can any of the diagonals be 0? Why not? Because we have ruled out this. So, what you are essentially looking at then let me erase this starred assumption which is all too important here, but what we then land up with is something like maybe I should write the second term too. So, maybe I can also write this A transposed B as what is this going to be and there you have it exactly this expression is it not because each of those diagonal entries yeah they are non-zero. So, this matrix is invertible this is a diagonal matrix as the D inverse exists right. So, this is the motivation behind looking for this property of orthogonality, but we are not done yet I mean if life was so easy that every time you encounter an equation of the form A x is equal to B but the columns of A are orthogonal conveniently then all you need to do is just hit them with A transposed on both sides and just invert a diagonal matrix which is very easy to do and that is it yeah. So, life is not always that simple. However, we might come up with a system of equations like so where except for the orthogonality there is something nice by that I mean that at least this is full column rank. Now, we wonder then that if we are given a system of equations of the form A x is equal to B with A having full column rank which is to say that the columns of A are linearly independent, but no claims about orthogonality can we somehow massage this yeah to look at an equivalent system of equations which does indeed turn out to be like so with that assumption going that is the columns are not just linearly independent, but they are also orthogonal and do not contain a 0 vector. So, given that then the more sophisticated question is when you bring yourself out of this realm of matrices is given a bunch of vectors that are linearly independent can you cook up another bunch of vectors that are not just linearly independent, but also orthogonal and on top of that what more you must be talking about the same problem right. So, what is sacrosanctin this problem exactly? So, the image of that matrix A that is given to you whose columns may not be orthogonal and the image of the new matrix that you might be getting should be identical because you are looking for a solution to the same problem. So, you should want this new set of orthogonal vectors which you might have cooked up if possible to also span the same vector space that is a span of this set of linearly independent vectors that has been given to you through columns of an arbitrary matrix that is going to have full column rank must be the same as the span of the set of the same number of orthogonal vectors ok. So, the question is can this be done can we get such a set of orthogonal vectors and the beauty about this result is not only is it an affirmative answer that is it can be done, but it is a very constructive answer. The way the proof of this result follows also shows you not just that fact that such a set exists, but also how to go about constructing such a set such an orthogonal set. So, that is what we shall call the we call rather the Gram-Schmidt procedure and we shall now take a look at how this allows us to go from any linearly independent set to a an orthogonal set of vectors which span exactly the same. In fact, it does a little more than that as will be apparent from what we shall now show, but I want you to remember that the motivation is to again solve problems like these Ax is equal to b right the motivation stems from there. So, here goes suppose v an inner product space has a set of independent vectors say s is equal to v 1 v 2 till v n there exists a w given by w 1 w 2 w n such inner product of w i with w j is equal to 0 for i not equal to j that is the first which essentially means that w is an orthogonal set of vectors right. The span of v 1 v 2 v k is equal to the span of w 1 w 2 till w k for k belonging to the set 1 2 ok something very very interesting. So, we are not just saying that the overall set w is going to span the same subspace as the span of s, but we are also saying that if you go ahead and pick out some arbitrary number of fellows from this set s ok and you go ahead and pick out the same number of fellows starting from the left that is the order must be preserved then each such subspace within that subspace overall span must also equal ok. So, of course, it also comes with another benefit that if i is equal to j you can make all of these unit norm in which case sometimes people use the term orthonormal set. So, in the inner product of a vector with itself is which is a norm of the vector is unity it is a unit norm vector. So, when you have a set of vectors each of whose norm is unity and each and it is an orthonormal orthogonal set you sometimes say it is an orthonormal set of vectors ok. So, this is basically the claim that is there in this Gram-Schmidt procedure ok. So, you have corresponding to this linearly independent set you have this orthogonal set right and once you have that then you can reformulate your problem of solving A x is equal to b as is obvious right there is a column span of this and the column span of this would be equal right. So, it is just about a choice of basis if you can represent a vector b in terms of the basis that is given by the w's you can also represent it in terms of the basis given by the v's you know how the basis transformation works right. So, I want you to understand that once you have solved it for this it is as good as solved for this too right. So, that is a huge plus when you are dealing with inner product spaces. So, how do we go about proving this the proof will constitute in showing the following facts. So, I hope I can erase this right this is clear. So, we shall proceed by mathematical induction ok. So, by mathematical induction that is going to be our go to strategy suppose n is equal to 1 I mean there is really nothing to prove in that case s is just v 1 choose w to be just v 1 upon non v 1 and you are done nothing to prove here really right. So, this is the base step suppose now n is equal to 2 what do you do any ideas what can we do now suppose you have the set v 1 v 2 once again you can go ahead and choose sorry this is w 1. So, again you can go ahead and choose w 1 in much the same manner as you chose it here, but how do you choose w 2 projection we have not yet spoken about what projections are we will deal with them shortly, but not in today's lecture surely. So, what do we do what is what do you mean by projection basically maybe in terms of the definitions that we have introduced so far you can talk about it again dot product is very specific to Euclidean spaces. So, you can actually dictate the term to me if you what do you think this is going to be. So, for n is equal to 2 s is equal to v 1 v 2 yeah. So, let w 1 is equal to v 1 by non v 1 oh I do not need this right. So, this is sorry yeah that is what it is what about w 2 what can I do about w 2 how do we define w 2. So, this is remember, but what we are defining. So, you might as well put this symbol here what do we do yes v 1 minus or rather v 2 minus what do we take what do we subtract from it that is it that is just a scalar right sure something is missing.  So, of course, you can go ahead and check that the span of w 1 is the same as a span of v 1 there is only two things to check here and then you have to check that the span of w 1 v 1 v 2 is equal to the span of w 1 w 2. So, first of all just notice here what is given to us that v 1 v 2 is a linearly independent set. So, can this w 2 vanish I wonder because if this is w 2 vanishes then it is no good to us can w 2 equal to 0 why not if w 2 is equal to 0 then that means, this equals 0 if this equals 0 then this is a linear combination of linearly independent fellows with a certifiable non-zero coefficient at least here. So, therefore, this linear combination cannot vanish because v 1 and v 2 at least is a linearly independent set that is given to us. So, therefore, this w 2 is definitely a non-zero non-trivial vector what is the next thing we have to check then this thing that we have constructed is it indeed and part of an orthogonal set that is inner product of w 1 and w 2 going to be orthogonal at all of course, you might say we might still need to normalize this, but it does not matter you see do not normalize this do not normalize this let us not choose an orthonormal set let us just choose an orthogonal set that normalization we can do when we are actually constructing explicitly those vectors for the time being we have just claimed orthogonality not orthonormality. So, let us just take the inner product of w 1 and w 2 what happens that is like taking the inner product of v 1 with this. So, this is equal to so, let me draw a line here is equal to v 1 v 2 inner product minus v 1 inner product with itself which just cancels out right actually I think we should have sorry I think we should have flipped this no yeah this should have been flipped it is basically v 2 minus v 2 inner product with v 1 not v 1 inner product with v 2 yeah because that is what works for us yeah because the order matters you see it is a it can be a complex inner product space as well in which case we cannot be frivolous with the order of this inner product. So, then of course this is 2 this is 1 yeah. So, now you see this is just v 1 inner with v 2 and this when it gets pulled out it is the complex conjugate.   So, of course these get cancelled out this is equal to 0. So, indeed it is orthogonal yeah what mode is there to be shown that the span of these 2 fellows must be the same as a span of v 1 and v 2, but if you look at w 2 here what can you say from this expression if you look at this expression here this immediately leads us to conclude that w 2 belongs to the span of v 1 v 2 that is the very definition of something belonging to the span of a bunch of vectors it is written as a linear combination of v 1 and v 2. So, it belongs to the span of v 1 and v 2 now if it belongs to the span of v 1 v 2 then what can we say this is contained inside span of v 1 plus span of v 2 I am not claiming anything about direct sum or anything right it is true is not it. It is a sum that containment is already known right, but what is this yeah. So, what can we say about w 1 now w 1 is belonging to the span of v 1 and w 2 belongs to the span of this. So, what can we say about the span of w 1 and w 2 it is contained inside the span of v 1 and v 2. So, span of w 1 w 2 is contained inside the span of v 1 v 2, but here is the deal what is the dimension of this vector space what is the dimension of this vector space. So, you have a two dimensional vector space contained inside another two dimensional vector space what is the obvious conclusion. So, this dimension is equal to 2 this dimension is equal to 2 see that is the other side of the proof right we have said if you want to show two vector spaces to be the same you show both sided containment or if you can show one sided containment and the fact that the dimensions of those two fellows are the same then you do not have to show both sided containment instead you can just argue that they are one and the same right. So, based on this we have the span of w 1 w 2 is the same as the span of v 1 v 2 is that clear. So, at least for the base steps we have seen right n is equal to 1 n is equal to 2 we have seen this. The reason why I did this in somewhat detail is because now when we extend this for the inductive step we have to assume that this is true for some p for n is equal to p and then we have to extend it for n is equal to p plus 1 and show that given it is true for n is equal to p it must be true for n is equal to p plus 1 and you will see how the arguments and the reasoning and everything follows exactly these steps that is why I did this step for 2 normally people would do just this step for 1 and then go for the inductive step, but it helps because this is already a smaller vector space with only 2 members. So, you do not get addled with too many variables here, but now what we are going to do is go for the inductive step. So, this much is clear right n is equal to 1 n is equal to 2 the fact that Gram-Schmidt procedure works and gives us an orthogonal set corresponding to a linearly independent set is at least proved or shown this. This is just you know simple thing. So, this is in the span of v 1 and v 2. So, this is the span of v 1 plus v 2 and this I mean this is not that important here, but the fact that this is contained inside this and w 1 is also contained inside span of v 1. So, that is basically contained inside one of these fellows. So, the total span of these 2 fellows because this fellow is also coming from this alone. So, it is also contained inside this and this fellow also contained inside this. So, yeah. So, therefore, this entire span is contained inside this entire span and then we know that this is linearly independent. This is also linearly independent because this contains 2 non-zero vectors first is non-zero because v 1 is non-zero second is non-zero as we have explicitly shown. So, 2 non-zero orthogonal vectors must span a 2 dimensional subspace. So, therefore, this is of dimension 2, this is of dimension 2 and therefore, they are equal right ok. So, now consider v 1, v 2, v p to be linearly independent with. So, this is s with w is equal to w 1, w 2, w p orthogonal such that the span of v 1, v 2, v k is the same as the span of w 1, w 2, w k right. So, that is going to be our inductive step the first thing. So, this is assumed to be true for p.


Other parts of Africa, a delegation from West Africa's main political and economic block arrived in the Ghanian capital on Friday. This is in hopes of steering the junta that ousted President Arthur Cundey towards a civilian-led constitutional regime. Regional leaders suspended Ghani's membership of the 15 nation-equals block on Wednesday, but stopped short of imposing further sanctions. The African Union announced on Friday that it has suspended Ghani from all its activities and decisions-making bodies because of the coup. That's back in the decision by ECWAS leaders. The ECWAS delegation was led by its Commission President John Clody Cassie-Brough, also Ghani's foreign affairs minister, Charlie Ayoko Bochway, and Burkina Foreign Minister Alfred Barrie.