$QQQ 2024 downside price targets + timing
It's very tough to forecast price + time and get the exact timing and price targets correct. However, I'm going to attempt to do so.
Over the next year, I expect
QQQ
to fall somewhere between 35-50%. If the move that I'm expecting plays out, we'll be right around a 50% drawdown from the current levels.
The chart attempts to forecast time and price levels that are important over the coming year (2024). Each grey box represents a price level that should get hit within that timeframe.
Again, this is extremely hard to do accurately. Often I do these for myself just to try to anticipate large changes in trends, but I thought I'd share this publicly as it would be fun to follow along over the next year.
Essentially what I'm forecasting is one more move up before the end of the year. It should happen before Christmas, but I'm allowing myself some extra time.
Then Q1 should be extremely bearish for the markets with the largest leg down during that time. There are two scenarios that I'm looking at. Either we hit the lower targets all in one move $205-218, then bounce afterwards (this scenario would be the bottom), and we'd retest that lower range in Q4. Or, we hit $246-255 and then bounce into Q2 and fall further in Q4 marking the final bottom.
Regardless of which one plays out, you'll want to buy equities in March/April and then again in October/November.
Q2 and Q3 we should see a bounce where you'll likely want to take profits on the way up.
Let's see if it plays out as anticipated.
Over the next year, I expect
QQQ
to fall somewhere between 35-50%. If the move that I'm expecting plays out, we'll be right around a 50% drawdown from the current levels. The chart attempts to forecast time and price levels that are important over the coming year (2024). Each grey box represents a price level that should get hit within that timeframe.
Again, this is extremely hard to do accurately. Often I do these for myself just to try to anticipate large changes in trends, but I thought I'd share this publicly as it would be fun to follow along over the next year.
Essentially what I'm forecasting is one more move up before the end of the year. It should happen before Christmas, but I'm allowing myself some extra time.
Then Q1 should be extremely bearish for the markets with the largest leg down during that time. There are two scenarios that I'm looking at. Either we hit the lower targets all in one move $205-218, then bounce afterwards (this scenario would be the bottom), and we'd retest that lower range in Q4. Or, we hit $246-255 and then bounce into Q2 and fall further in Q4 marking the final bottom.
Regardless of which one plays out, you'll want to buy equities in March/April and then again in October/November.
Q2 and Q3 we should see a bounce where you'll likely want to take profits on the way up.
Let's see if it plays out as anticipated.
Comment:
Upside targets look like they're getting hit today.
Comment:
Target tagged
Comment:
Adding to my puts
Comment:
Top target now hit.