N0tSwift

TQQQ - Soon to Cross a Line - Expecting Downward

Short
NASDAQ:TQQQ   PROSHARES TRUST ULTRAPRO QQQ USD
TQQQ was an amazing run to 9/3 the past 8 years, but...all good things come to an end.
I'm expecting a 3rd test and break below the support line and a drop towards a 33% correction from the 9/3 high (175.92, and crazy drop that day), putting us somewhere around $118 before we start the rebound.
33% / 8 year average correction in market overdue (Upward from 2008-2020, unless COVID/March counts).

I believe we're on a Leg C EWAVE correction. Waiting patiently for signs we've reached a bottom to jump back in.

MACD crossover on 10/12 and RSI Spike indicate we hit the high and are headed down.

*NOT FINACIAL ADVICE - NOT A FINANCIAL ADVISOR*
Comment: Every time we move big like today, I have to update channel lines. It's a wild ride right now. I expect to find a bottom around the 200 day SMA
Comment: Still on target, but...the 119 support is stubborn.
Comment: Ever closer to target.

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