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EuroMotif
Feb 21, 2024 6:18 PM

QQQ Dancing on a High Wire $422.93: Golden Genesis fib and top?= 

NASDAQ:QQQ60
Invesco QQQ Trust, Series 1NASDAQ

Description

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QQQ is dancing on a high wire, a Golden Genesis fib at $422.93
Failure here could indicate top is in, so this is a key level here.
Just below is a fib confluence at $418, last stop before SERIOUS dip.

It is PROBABLE that we orbit this fib for a while.
It is POSSIBLE to bounce here and keep going up.
It is PLAUSIBLE a bull trap / distribution is done.

Here is a snapshot of the Genesis Sequence for the Q's:


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Comment

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Un Oh

Just fell thru after a couple of "Pings" from the top side.
"Ping"=Exact ricochet from a fib that you can almost HEAR.

Now that we are below, I will be looking for a Ping from the underside next.

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Comment

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Back to the "Scene of the Crime" and then some

Trip below Golden fib picked up speed
Middle East conflict hurt tech stocks and other high flyers.

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Zoom in (m5)

We see plenty of Pings on all of our fibs,
so now they are all alerted and energized.

Good news for Bulls:
- Dip so far looks corrective and not impulsive

Bad news for Bulls:
- Dip probably not over, so be wary of bounces for now.

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Comment

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Followup to last snap shot

We may have bottomed yesterday at $413.18
Now back to the BIG BOSS golden fib at $422.93
Likely come back a bit, but watch for break soon.

Comment

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Follow up to last snapshot:

We initially got above the Golden fib at 422.93,
but then came a new dip exactly to support at 418.40
then we look to have tested the two fibs around 422 .

Looks like we are good to go,
good to go to new highs that is,
test / retesting appears to be done.

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Support and ResistanceFibonaccifibogoldenratio
Comments
tantamount
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Watching as well! Nice chart, sir.
EuroMotif
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@tantamount, nice mapping of confluences!
TheKitchenTrader
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Double Top would blow people's minds here.
EuroMotif
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@TheKitchenTrader, lol, indeed! Am kinda doubting it thanks to NVDA, but lets see....
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