Hello Traders,
Today we look at QQQ. We had a massive selloff Friday and then on Tuesday. I believe the local bottom is in and the bullish trend will continue. One interesting thing many don't know about gaps is that if you are in say a bullish trend and you get a pullback to a gap and it either reverses right before it or just after entering it that is a very big bullish continuation sign. Looking at QQQ you can see it entered the gap because the gap starts at 686.49 and todays low was 686.39 which means it slightly entered the gap and reversed. It now sits at 707.92. Many are calling for more blood. I think this is where the bears get hurt...they are seeing bearish signs...they think more down is incoming...
If this follows a very similar price path in a similar TA setup I found we could see the next leg hitting ATH then going to the 2.0 fib which sits at $810. I also show the 1.272 and 1.618 fibs below it which also could be targets.
Lets see what happens!
Today we look at QQQ. We had a massive selloff Friday and then on Tuesday. I believe the local bottom is in and the bullish trend will continue. One interesting thing many don't know about gaps is that if you are in say a bullish trend and you get a pullback to a gap and it either reverses right before it or just after entering it that is a very big bullish continuation sign. Looking at QQQ you can see it entered the gap because the gap starts at 686.49 and todays low was 686.39 which means it slightly entered the gap and reversed. It now sits at 707.92. Many are calling for more blood. I think this is where the bears get hurt...they are seeing bearish signs...they think more down is incoming...
If this follows a very similar price path in a similar TA setup I found we could see the next leg hitting ATH then going to the 2.0 fib which sits at $810. I also show the 1.272 and 1.618 fibs below it which also could be targets.
Lets see what happens!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.