NQ Batman Pattern Lives and Risks on the Downside
Since NQ started that awesome batman pattern back on July 20th, It has been swinging wildly up and down. But we find ourselves back at the top of the channel around 11,000 where anything can happen. So far NQ has burned up to tap a bit over 11,000 and correct immediately. We expect no different this time, but that doesnt mean it cant break out and fling itself higher. Maybe 11,350? That's where my top red line is at so that is pure speculation. However on the daily NQ looks like it is in a very gnarly ascending flag, bear style and ready to tear a new asshole into some FOMOing retail traders.
We should know quickly this week if NQ needs to burn down or it will make a break for the border above. Until then I would keep your trigger finger near the sell button and set up some alarms both ways. If it flies up, let it run and then take profits! If it decides to fling itself to earth like the Space X Dragon Shuttle, then drop that b*tch like a hot potato. You can always buy more, but it sucks being underwater. At this point in the game, NQ has met its match for the moment and unless it clearly and decisively breaks through, we can expect this puppy to leave orbit and take a one-way ticket back down to earth.
NQ short: SQQQ (use rarely, because shorting the NQ 99% of the time is like predicting you are going to be a millionaire tomorrow. Sure it might happen and maybe eventually it will happen. BUT LIKELY IT WON'T HAPPEN, so don't waste your time hoping).
We should know quickly this week if NQ needs to burn down or it will make a break for the border above. Until then I would keep your trigger finger near the sell button and set up some alarms both ways. If it flies up, let it run and then take profits! If it decides to fling itself to earth like the Space X Dragon Shuttle, then drop that b*tch like a hot potato. You can always buy more, but it sucks being underwater. At this point in the game, NQ has met its match for the moment and unless it clearly and decisively breaks through, we can expect this puppy to leave orbit and take a one-way ticket back down to earth.
NQ short: SQQQ (use rarely, because shorting the NQ 99% of the time is like predicting you are going to be a millionaire tomorrow. Sure it might happen and maybe eventually it will happen. BUT LIKELY IT WON'T HAPPEN, so don't waste your time hoping).