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.
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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.
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Bearish Engulfing today. Count remain intact.
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I think today's price action brings QQQ closer to the end of wave 4
Actually, it is possible that this is the start of wave 3 of 5. However waves 4 are always very tricky so lets just wait and see.
cedarfox
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On what timeframe are you counting the waves? When are your waves 1 and 2? Thanks.
Will_Wong
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@cedarfox, I typically use the daily, sometimes 4 hour, sometimes 1hr, and for day trading 5-Min and 1-Min charts. The time frame should be apparent on the charts.
vikramkommaraju
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The last 3 candles resemble a bullish sandwich reversal pattern?
1. The first candlestick in the formation is a long black (red) candlestick that closes near its low.
2. The second candlestick is a white (green) candlestick that gaps up from the previous close and closes above the previous day's open.
3. The third candlestick is a black (red) candlestick that completely engulfs the second candlestick and has the same closing price as the first candlestick. Traders should wait for the high of the third candlestick to be broken in the bullish stick sandwich formation prior to taking any long positions.
If the third candlestick closes at the same as first cs, we might have a reversal?