weve had a very impulsive move up from the corona lows, and were now experiencing the correction that everyone knew was coming. now that everyone 'knows' were in hot water and is wondering how hot it can get panic selling should lead to volatility drying up. we may just get that impulsive move back up from here.
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now that cash has essentially closed the gap we may bounce off of 11900
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11960 is where that TRAMA is hanging out right now. thats a level to break for bulls.
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if we dont close over 11850, hourly is headed for oversold rsi and the index is probably making new lows soon
@Farzana_22, yes. by the 9th of oct.. could still happen.. bottoming is a proccess and chart patters dont seem obvious until theyve fully played out. i said it would retest 12000, and we did. i also said i would not hold onto it if it started closing below 11900.
Farzana_22
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now 11750 , still running?
cerealpatterns
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@Farzana_22, the term 'till the wheels fall off' comes to mind. when youre aiming for big gains it helps to have a small position size, tight stop loss, and late expiration. if youre playing an etf like TQQQ i would adopt a wait and see approach. from here it looks like we retest 12k resistance and closing above that probably means 12300. if we reject from those levels and break 11900 id stop out. 11850 still remains the level to hold for bulls on the hourly, and if we close below that and set a lower high it looks like were in for new lows. qqe is long hourly, and theres no reason to panic just yet. trama is attempting to cross above vwma. theres a lot of indicators signaling a trend reversal, and we could definitely double bottom here. worse come to worst you took your chance at nailing the bottom, and if youre feeling skittish theres nothing wrong with locking in some profits.