TQQQ Bull in full control?

Nov 12, 2022

So if your not familiar with elliot wave here's a super quick summary.

There are 5 waves and after the 5th wave is complete u have a strong pullback correction which could retrace 50% - 61.8% of Wave 1 and 5
Wave 2 and 4 are corrective waves. 3 and 5 are motive

The 2nd wave can retrace up to 90% but not past the start of wave 1

The 4th wave correction is usually 23%- 38% but no more than 50%

I believe we have completed the 3rd wave and we are currently in a correction phase, Wave 4. If u look at the chart it's pretty clear we are still in a correction and i believe this is why traders get trapped because they assume this rally will continue.

I think the correction pattern we are creating is the regular flat pattern. They are mostly seen in wave 4

-Wave B = 90% of wave A (Currently 90%)
-Wave C = 61.8%, 100%, or 123.6% of wave AB (Currently at 100% but with this 5 wave move we should be around the 123.6)

The regular flat is constructed as follows
(A) is a (ABC structure)
(B)is a (ABC structure)
(C)is a (5 wave structure)

As u can see we are currently on the 5 wave structure

Indicators
TSV- showing major signs of weakness
PVT- Buying pressure has stalled
MFI- Overbought (Keep in mind this can stay overbought for a while in a uptrend)
ADX- Strong uptrend (This is why i believe we have a wave 4 and 5 left)

Thanks
Godbless

Nov 17, 2022

Note

sold my SQQq at the open $21.14