I expect a potential reversal to $287 before going lower this year, around the $250 area.
The chart is forming a massive falling wedge.
Looking forward to read your opinion about it.
These are my thoughts for QQQ
In yellow is the structure that is common in two places
In green is the extension from that structure
Both are very similar in length (time wise)
Using this we can apply it to the second "structure"
If we apply a big price drop (bars pattern) it shows a large wedge structure with three bottoms along the wedge.
Short / medium term...
Nothing on this chart is bearish. You're sill if you're short QQQ or big tech into the holiday season. Rule number 1 in Alpha Traders: Don't do dumb stuff. Being short QQQ over the next 3 weeks is doing dumb stuff.
The fractal I pulled from last march really seems a nice fit, its been following well since I've had this sitting on here for a couple of weeks.
Looked specifically for those big volume days we had, we just had the biggest volume day in QQQ on March 5th that we've had since the bottom of the crash last March so that's where I looked to pick up this fractal.
And...
JPOW holding up this great American market like Atlas with the world on his shoulders. Good economic projections, good month historically & statistically, and according to wave theory you have to break previous highs in any major trend. Rising wedges to infinity while the boomers feed off the interest.
Took my previous PTs and ate them in a bowl without any milk.
