Looking at the chart of QQQ right now we are seeing some interesting price action on the lower timeframes. Thus a local move up seems to be quite likely.
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My dear friends,
QQQ looks like it will make a good move, and here are the details:
The market is trading on 438.29 pivot level.
Bias - Bullish
Technical Indicators: Supper Trend generates a clear long signal while Pivot Point HL is currently determining the overall Bullish trend of the market.
Goal - 441.64
About Used Indicators:
Pivot points are a great...
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MARKET OVERVIEW
A weak bounce in the market this week, which lifted stocks modestly off their lows though most stocks are struggling to recover a significant portion of their recent losses.
Tonight, Meta Platforms ( NASDAQ:META ) is adding more downside pressure on growth stocks after it announced weak guidance numbers and the stock collapsed $75 lower in...
Make Trading Simple Again! Here are my 15 min qqq scalping zones.
Upside Targets: Jan gap fill hold?
*417.31 - 418.51 - 419.44
Downside Targets: Jan gap fill reject?
*413.14 - 411.68 - 409.94
Daily Trend Tracker
*DXY - Bullish - *VIX - Bearish - *US10Y - Bearish
Q's bullish momentum broken, it was driven by the chip makers and there is still good strength, but there is more competition, there was a Barron"s article this weekend on how the sector is moving, not super bullish but not bearish sentiment.
Looking at the last Sept correction, all of the three legs has a drawdown of around 8%. First wave took 23 bars. Currently, we've are 20 bars into the first down leg with a drawdown of 8%.
QQQ at 413 is the VWAP from the Oct, 2023 low and the top of the Jan base. It was almost touched on Friday.
If we get one more down day, it's likely a good buying...
the detail is shown in the above Chart.
I made this Idea based on Golden Level in Fibonacci tools together harmonic patterns .
Say BYE To Sellers Bear.
Say Hello to Buyers Bull riding the Golden Shark.
Good Luck
SEYED.
K1 is a bearish hangman pattern,
K2 verified it.
So, a potential double top or bearish flag pattern is on the way.
K3 is breaking the neck line of the potential double top pattern.
If it finally close below the neck line under sharply increased volume.
A motive wave may take the price to the uptrend line or 0.5-0.618fib area.
It seems similar to BTC.
Tops take time however QQQ is obviously very stretched here and the recent consolidation is providing Bears an opportunity to open short positions with relatively low risk. The big challenge is that tops take time - they have a way of chipping away and frustrating bears. Watch for a break of the Trend line and Back test failure for a Bear trigger
QQQ seems to be creating a top here on the Trend Channel Chart. The symmetry with the previous Top in 2021 is striking. The consolidation at this extreme extension makes price look vulnerable however Tops take time and that can frustrate bear positions. Bear Stops are often placed just above the Top Trend Cap but the Top formation has a way of triggering those...
