📈 
QQQ 
IWM (Nov 9 weekend update): index are nesting to the upside with the melt-up wave 3 of (3) starting next week. Signs I see:
1. QQQ price bounced off 50 EMA and closed high with strong volume.
2. Weekly RSI has broken above previous pivot, showing strong momentum. If it were end-stage wave five, it would have shown bearish divergence.
3. IWM chart: price was just testing the key 2024 high. Two sets of wave 2 are clearly seen off the april's low. It's a 12, 12 wave nesting to the upside instead of 1234 wave since April's low because the last high didn't make a higher high in RSI (wave 3 would have made a higher high).
4. The QQQ/SPY chart shows no divergence, which means QQQ is leading and outperforming SPY.
5. Risk-on assets like #Bitcoin stopped dropping and is holding its critical 100K level (also 50 weekly EMA). Bitcoin is making another wave 2, nesting to the upside also.
6. Tech was holding (despite last week's breakdown), while other defensive sectors reset to cause breadth to deteriorate and reset sentiments.
7. If we get a follow-through to the upside on Monday, it confirms this bullish count to the upside.
NDX 
SPX 
SPY #Elliottwave #bullish
QQQ IWM (Nov 9 weekend update): index are nesting to the upside with the melt-up wave 3 of (3) starting next week. Signs I see: 1. QQQ price bounced off 50 EMA and closed high with strong volume.
2. Weekly RSI has broken above previous pivot, showing strong momentum. If it were end-stage wave five, it would have shown bearish divergence.
3. IWM chart: price was just testing the key 2024 high. Two sets of wave 2 are clearly seen off the april's low. It's a 12, 12 wave nesting to the upside instead of 1234 wave since April's low because the last high didn't make a higher high in RSI (wave 3 would have made a higher high).
4. The QQQ/SPY chart shows no divergence, which means QQQ is leading and outperforming SPY.
5. Risk-on assets like #Bitcoin stopped dropping and is holding its critical 100K level (also 50 weekly EMA). Bitcoin is making another wave 2, nesting to the upside also.
6. Tech was holding (despite last week's breakdown), while other defensive sectors reset to cause breadth to deteriorate and reset sentiments.
7. If we get a follow-through to the upside on Monday, it confirms this bullish count to the upside.
NDX SPX SPY #Elliottwave #bullish
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.