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Will_Wong

QQQ: Wave 4 End Game Approaching. Confluence of 200MA, 23.6% Fib

Invesco QQQ Trust, Series 1 (NASDAQ:QQQ)  
Will_Wong Updated   
NASDAQ:QQQ   Invesco QQQ Trust, Series 1
Wave Analysis
9
20
waveanalysis
and Wave A = Wave C support. Watch wave (iii) carefully. If trend support holds and wave (iv) bounce commence soon after open on Monday, it is likely that 23.6% Fib will hold. Otherwise, Fib 38.2% might get tagged.
Comment:
QQQ gapped up at the open and never looked back. Wave (iii) was cooked last Friday and the trend support held. At the end of the day, QQQ formed a long green hammer which is bullish. As it is, QQQ remains inside the up-channel. If QQQ encroaches into wave (I) tomorrow, then this count will no longer be valid and we will have to look at something more bullish, including the possibility that Feb 09 low was the end of wave 4.
Comment:
Bearish Engulfing today. Count remain intact.

snapshot
Comment:
I think today's price action brings QQQ closer to the end of wave 4

snapshot

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