-Bears perspective: We are currently trying to test new highs, but today's gap down shows exhaustion from the bulls. The market will continue to push till we reach a major resistance then a leg down is inevitable till we reach a comfortable support. The major resistance is displayed on the chart along with a time-frame as well.
-Bulls perspective: We fumbled this morning but recovered and are now making new highs from the bounce. This will continue till we reach the 300 mark then after we will hang around that price till a push up or bounce off of the .618 fib (294 or something around there).
Anyway trade smart and wait till confirmation from the market. I will keep this idea updated... it was pretty fun and experimental with the sine waves, but I feel pretty confident.
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I will have a call that expires the 15th and a put that expires next week. Let me know what you guys think... I am always wanting unique inputs on the market.
However, I do think that QQQ is near some level of resistance. We are closing in on that initial sell-off gap and it is going to be interesting how the market reacts will react to it. It could hang around for a cup of coffee till it pushs beyond it or bounce and get a comfortable correction.