QQQ Breakout Fifth Wave Expected Soon
After a couple of modest down days we see that intraday QQQ did close the gap from 9/5/19 and bounced to fill today's gap down as well.
Index is primed and loaded for final push to double top and possible new ATH. I bought Sep 190 calls and sold the Friday 13 192's to hedge.
Looks like end of a Fourth Minor Wave, IMO; The EW is now evident and P/C ratio is up again, VIX was up today, bearish sentiment means time to bullup again.
Intraday at 2:15pm we see an A-B-C correction following a 5-wave minute EW bullish impulse from noon. Expect EOD short covering rally and higher by EOW.
Short again when sentiment reaches bullish high. GANN: Most new ATH occur in September! A real possibility. Would not short this Cup & Handle formation!
Terrific bullishness in RUT leads the pack, other indexes should follow suit. DJT is also bullish, which is a leading indicator.
As usual, just an idea, not advice; trade at ur own risk, GLTA!
Index is primed and loaded for final push to double top and possible new ATH. I bought Sep 190 calls and sold the Friday 13 192's to hedge.
Looks like end of a Fourth Minor Wave, IMO; The EW is now evident and P/C ratio is up again, VIX was up today, bearish sentiment means time to bullup again.
Intraday at 2:15pm we see an A-B-C correction following a 5-wave minute EW bullish impulse from noon. Expect EOD short covering rally and higher by EOW.
Short again when sentiment reaches bullish high. GANN: Most new ATH occur in September! A real possibility. Would not short this Cup & Handle formation!
Terrific bullishness in RUT leads the pack, other indexes should follow suit. DJT is also bullish, which is a leading indicator.
As usual, just an idea, not advice; trade at ur own risk, GLTA!
Trade active:
BAM!
Comment:
Closed for a nice daily gain on pump & dump. Opened a few small shorts just in case this thing rolls over again. Still expect higher but shorting puts rather than buying calls now, hedging. If it does manage to creep higher will feed more in. Weakness in IWM with strength in QQQ today reverses Tues pattern, suggests rotation of assets in/out of these issues with little new money flowing in at this price.
Comment:
Index reached overhead resistance at 192 has bumped this zone since 9/5 gap; might be a rejection pivot, have to see if enough momentum can carry to tar zone. Good place to lighten the load IMO.
Comment:
Pushback from 5 Sep price, exactly at 192.40. I suppose they will try again.
