Bears and bears oh my. Look all over twitter and every wave theorist out there screaming top is in. Could contrarian be right here? Honestly the looks of this QQQ Chart it is very possible that the wave 3 top is not in yet. I wont be surprised to see blood red futures tonight leading to one last hurrah rally.
Bull count - going down for our wave 4 as we speak, bottom between where we currently are and 371. We currently sit on last pivot AVWAP, that should provide a bounce. Question is will it be sustained and go back to touch that upper trendline? If so we see wave 5 of the 3 PT in the mid to upper 380's again. Lots of shorts will get burned if this happens.
Even though this count is valid doesn't mean it has to happen, the market is fragile right now and OPEX week. Be smart, hedge appropriately, and remember, cash is a position!
Bull count - going down for our wave 4 as we speak, bottom between where we currently are and 371. We currently sit on last pivot AVWAP, that should provide a bounce. Question is will it be sustained and go back to touch that upper trendline? If so we see wave 5 of the 3 PT in the mid to upper 380's again. Lots of shorts will get burned if this happens.
Even though this count is valid doesn't mean it has to happen, the market is fragile right now and OPEX week. Be smart, hedge appropriately, and remember, cash is a position!