QQQ | Short Opportunity | 1 Day | RSI Divergence
The QQQ has gained over 50% in the last four months, we expect a strong correction soon.
On June 10 - 2020. it had its first new high at $248 with an RSI topping at 75.
On June 25 - 2020. We had a new high topping at $251 with a lower RSI 69.40.
July 01 - 2020. We had a new high of $250 with an RSI of 63.
The divergence can be seen when it has touched the same level over and over again but with a lower RSI. This means that the trend is getting weaker as well; the volume Is dying down.
The second possibility is bouncing out of the 50 EMA at $232-$235.
I'll kee you guys updated as the trade unfold.
On June 10 - 2020. it had its first new high at $248 with an RSI topping at 75.
On June 25 - 2020. We had a new high topping at $251 with a lower RSI 69.40.
July 01 - 2020. We had a new high of $250 with an RSI of 63.
The divergence can be seen when it has touched the same level over and over again but with a lower RSI. This means that the trend is getting weaker as well; the volume Is dying down.
- The first corrected is expected to be a 38.2% fib level, around $20.
The second possibility is bouncing out of the 50 EMA at $232-$235.
I'll kee you guys updated as the trade unfold.
If they can't consolidate at this level, I expect this to go lower.