Description
⋅ It looks the QQQ is going back into the channel soon. Don't be surprised if it goes to the bottom of the channel at around 250-270.
Comment
⋅ Looking at the futures, the QQQ is likely to break the top trendline and gets back to the channel sooner than I thought.
Comment
⋅ The QQQ forms a lower low today at around 318. Expect a lower high again in upcoming days.
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⋅ Feels like there is one nasty dump of the QQQ coming in the future. Be prepared.
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⋅ Weekly close below the top of the channel line. The dropping could continue into the next few weeks.
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⋅ On the way down to the bottom of the channel as of May 9, 2022.
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⋅ Got there after a huge drop since Mid-August. Not a surprise.