Nasdaq, 28 SEP - Elliott waves | Gann | Planetary Aspects $QQQ
As expected a wave C is currently unfolding which gave us a nice profit.
Price approaches the 14766 Gann level so that we may look for potential (temporary) support. Wave C is still short but since we have a lower low, it fulfils the criteria for completion, and we can look to reduce exposure to be on the safe side. It is also possible to count 5 waves down (green count), however this count can extend if wave C continues to progress.
Should Nasdaq drop further, the next levels of support might be:
- 14524 Gann level & wave A-C equality
- Gann level 14284
- Gann level 14046 & 1.618 Fib extension of wave A.
Implied Volatility is high after today’s sharp drop. Selling option premium with wide strikes can be profitable should the decline slow down from here.
Correlations: DXY stalled today in a potential resistance zone. If USD cools off it will help the yield-sensitive tech sector to find temporary support zones.
_______________________
www.constellations.trade
In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand, and to use options premium decay for consistent income when markets may contract and range.
Open an account here if you'd like to support my work:
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These abbreviations in the chart are ideas provided as educational information and do not constitute financial advice:
STO = sell to open
BTC = buy to close
BTO = buy to open
STC = sell to close
Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.
Price approaches the 14766 Gann level so that we may look for potential (temporary) support. Wave C is still short but since we have a lower low, it fulfils the criteria for completion, and we can look to reduce exposure to be on the safe side. It is also possible to count 5 waves down (green count), however this count can extend if wave C continues to progress.
Should Nasdaq drop further, the next levels of support might be:
- 14524 Gann level & wave A-C equality
- Gann level 14284
- Gann level 14046 & 1.618 Fib extension of wave A.
Implied Volatility is high after today’s sharp drop. Selling option premium with wide strikes can be profitable should the decline slow down from here.
Correlations: DXY stalled today in a potential resistance zone. If USD cools off it will help the yield-sensitive tech sector to find temporary support zones.
_______________________
www.constellations.trade
In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand, and to use options premium decay for consistent income when markets may contract and range.
Open an account here if you'd like to support my work:
TastyTrade
America's best Options, Futures and Crypto broker
start.tastyworks.com/
Deribit
The world's most liquid Bitcoin options platform
www.deribit.com/reg-14912.6680
Binance
10% off trading fees with this link:
accounts.binanc....me/en/register?ref=LLBB97...
These abbreviations in the chart are ideas provided as educational information and do not constitute financial advice:
STO = sell to open
BTC = buy to close
BTO = buy to open
STC = sell to close
Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.