Still maintain QQQ is well over due for a correction despite this upward trend being very resilient. Technicals post market are giving mixed signals so lets recap.
With QQQ sitting at All Time Highs (ATHs), and no overhead line of resistance. We switched to Elloitt Wave Theory (EWT) to project a potential top side limit of advance. Turns out our upper target of 234 was just off by a penny (234.01) as the inter-day high before a slight reversal. In good keepings with the EWT, the price action should post topping our retrace to the area between the bottom of Wave 4 and the Top of Wave 2. Caution: EWT is something i don't use very much due to its complex nature (its an art not a science).
What to watch:
The MACD has still yet to give us a solid trade signal but is again curving down While still above the zero line. -
The EMAs similar and are still in a positive upward position though flattening has not giving a sell signal but its positive nature .
Near term GUESS: 228-227
This is simply a guess giving there is no clear sell sign and the trend has just been resistant to the upside.
The 1 hour chart though is conflicted. It shows a negative crossover of the MACD but the EMA are still positive. IF the 1hr chart continues this trend a synch negative outputs in both the EMA an MACD, this would give us a greater chance of one of the two indicators (EMA or MACD) on the 4 hour chart of crossing over. IF this occurs, further details within the price action should lean us further in one direction for the other.
I still retain a lean to the downside and the price making the earlier predicted move to close the gap created from Feb 3's gap up.
With QQQ sitting at All Time Highs (ATHs), and no overhead line of resistance. We switched to Elloitt Wave Theory (EWT) to project a potential top side limit of advance. Turns out our upper target of 234 was just off by a penny (234.01) as the inter-day high before a slight reversal. In good keepings with the EWT, the price action should post topping our retrace to the area between the bottom of Wave 4 and the Top of Wave 2. Caution: EWT is something i don't use very much due to its complex nature (its an art not a science).
What to watch:
The MACD has still yet to give us a solid trade signal but is again curving down While still above the zero line. -
The EMAs similar and are still in a positive upward position though flattening has not giving a sell signal but its positive nature .
Near term GUESS: 228-227
This is simply a guess giving there is no clear sell sign and the trend has just been resistant to the upside.
The 1 hour chart though is conflicted. It shows a negative crossover of the MACD but the EMA are still positive. IF the 1hr chart continues this trend a synch negative outputs in both the EMA an MACD, this would give us a greater chance of one of the two indicators (EMA or MACD) on the 4 hour chart of crossing over. IF this occurs, further details within the price action should lean us further in one direction for the other.
I still retain a lean to the downside and the price making the earlier predicted move to close the gap created from Feb 3's gap up.
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