QQQ had significant gains recently and a correction was only a matter of time. The question is how deep the correction will be. As I see it, there are 2 major support/resistance lines - long term and mid term. Mid term trend line (1 on the graph) created from 3 points on the graph, first is February peak, second 13th July, and latter is 6th August. Then at 18th August this line broke to new highs. This break turned to be as false break due to the lack of having as a support line. The second line (2 on the graph) is a long term line that prooved itself few times during history. It was created at 2016 and tested again and again in 2017 and 2018. I assume this line will proof itself again soon.
On this chapter, QQQ fell from 303 to 270. Than had 38.2% upside correction exactly on fibonacci and 20MA lines. My guess is that the bulls will take it down till the long term line (#2) .
Good luck to all of us. Have a great week.
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Obviously, I meant bears will take us down.
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Note that line #2 is also combine with 3*5 fibonacci line (bottom 168 , high 303) . This strengthen #2 line as a support line.