N0tSwift

QQQ to 260 by Mid-November

Short
NASDAQ:QQQ   INVESCO QQQ TRUST UNIT SER 1
This is what the charts say to me. C Leg of A/B/C Elliot Wave

MACD crossover disagrees
RSI Neutral

Please correct me if I've missed something. I want to be a Bull, but the 9/3 peak and 12 year cycle up vs. an 8 year average 33% correction, and the Macro economics of layoffs and forebearance screams crash to me.

*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*

Comments

elliot wave analysis is pretty fake news, wouldn't try and use it on the QQQs here, unless you can make it fit for a bullish analysis :P

QQQs right now I think the best "analysis" I'd make of it is of the price action and volume.

Right back to the basics.

We saw a couple big volume buying days over to start this little leg up, followed by dropping off volume.

This is consistent with instituional buying to a T.

Text book stuff.

Big volume they buy in, then let the price drift and slowly keep accumulating while trying to keep the price low.

Then big buy in again and they slowly accumulate again.

Looks to me like right now they're in the drift the price down accumulation phase.

If we see a gap down on Monday that gets bought back up over the day it'll be more confirmation of this
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N0tSwift TraderCaps
@TraderCaps, Thanks for the thoughts. I'm new to short term trading. Mostly Buy and Hold guy and sell losers quarterly, buying more into winners (Buffett strategy), and it's worked well for me.
Elliott waves have been useful for me combined with RSI spikes followed by MACD crossover for good entries in Sept/Oct, but short term record.
Mostly looking for when we bottom post 9/3 high to put the majority back into the market.
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TraderCaps N0tSwift
@N0tSwift, interesting.

I'm not a fan of short term trading either. It sounds like you have a strategy that works for you.

I recently read Charting and Technical Analysis by Fred McAllen, great book, talks about some of the institutional buying stuff.

I think it looks a lot like what he talked about in the book and kind of seems to fit.

I mean, even just comes back to the fact that big money like pension funds and the rest of them, where can they put their money when bonds aren't paying nearly anything anymore. It's all gotta go into companies and tech are some of the best all around businesses.
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