Updated the giant Butterfly harmonic painting over Qqq. Has it seen its best price? The harmonic becomes invalid when C races over A.
As I mentioned in SPY idea also, when the SMA changes direction, it pulls the market towards it for a test. Qqq has been the strongest amongst the indexes but is due a test of the SMA50 that turned up a while ago.
C has not raced over A yet. But it seems like it just keeps going up... I really doubt there is going to be a significant drop.
frodo75
⋅
@markchang444, There is no drop till there is. The February drop just crept upon us. People had stopped bothering about the incredulity of the price rise long before that. There were no bears left when it dropped. Note, I am hoping this harmonic does not play out. I am confident that it will not play out because of a responsible and awake Fed and elections around the corner. I mentioned before, I would be buying bullets and not stocks at D.