Nasdaq, 8 OCT - Elliott waves | Gann | Planetary Aspects $QQQ
QQQ/NDX is currently at the 50-60% retracement level, along with AAPL, GOOG, and SQ. Sellers usually try to step in this zone.
Gann level 15010 provided resistance with precision almost to the dollar.
I can’t help but interpret the count as a series of abc waves (in green). The good news is that this makes the entire structure corrective. The bad news is that, if correct, a wave (y), in blue, may unfold and take us lower.
Potential supports are:
Gann level 14284
Gann level 14046 & 1.618 fib extension of wave (w) slightly below
Should price go higher, we are able to count 5 waves from the previous low, a sign that the correction could be over and we may look for ideas to gain long exposure again.
Correlation Energy & QQQ:
Soaring energy prices have raised concerns of inflation, which is usually countered with higher yield, because inflation erodes the future cash flow of a bond. Higher yield then hurts the yield-sensitive tech sector because it becomes more difficult to re-finance debt. Should oil cool off it may be a positive sign for a rebound in Nasdaq.
______________
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.
BTO = buy to open
STC = sell to close
STO = sell to open
BTC = buy to close
TD = Theta Decay (for example a strangle or iron condor)
These abbreviations in the chart describe ideas that are provided as educational information and do not constitute financial advice.
If you'd like to support my work, you can open accounts here & get discounts:
TastyTrade
start.tastyworks.com/
Deribit
www.deribit.com/reg-14912.6680
Binance
accounts.binanc....me/en/register?ref=LLBB97...
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.
Gann level 15010 provided resistance with precision almost to the dollar.
I can’t help but interpret the count as a series of abc waves (in green). The good news is that this makes the entire structure corrective. The bad news is that, if correct, a wave (y), in blue, may unfold and take us lower.
Potential supports are:
Gann level 14284
Gann level 14046 & 1.618 fib extension of wave (w) slightly below
Should price go higher, we are able to count 5 waves from the previous low, a sign that the correction could be over and we may look for ideas to gain long exposure again.
Correlation Energy & QQQ:
Soaring energy prices have raised concerns of inflation, which is usually countered with higher yield, because inflation erodes the future cash flow of a bond. Higher yield then hurts the yield-sensitive tech sector because it becomes more difficult to re-finance debt. Should oil cool off it may be a positive sign for a rebound in Nasdaq.
______________
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.
BTO = buy to open
STC = sell to close
STO = sell to open
BTC = buy to close
TD = Theta Decay (for example a strangle or iron condor)
These abbreviations in the chart describe ideas that are provided as educational information and do not constitute financial advice.
If you'd like to support my work, you can open accounts here & get discounts:
TastyTrade
start.tastyworks.com/
Deribit
www.deribit.com/reg-14912.6680
Binance
accounts.binanc....me/en/register?ref=LLBB97...
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.