SQQQ, Pro Share's 3 X Short Nasdaq 100 ETF,
is at Very Critical 4 Hour Support this morning !
This is a hugely important support level
Pattern suggests that the 12.75 level must hold
or the risk becomes real for a waterfall decline in SQQQ.
If the 12.75 Support level in SQQQ, is violated today to end the month of January, or tomorrow to end the...
it is not possible Nasdaq is going back to bullish market before confirming some bottom.
Bullish market would be confirmed when we get to december 3rd level says option snipper
my guest is 14,50 following Gann Fan.
remember to lock you scale before publishing like i did
you may see the 45degree angle wrong, my bad.
A sizable rising wedge brought us 14.5% off the low. There has been remarkable price stability on lower volume in the last few sessions. Trend line resistance, 50-day Moving Average, the rising wedge as well as falling volume all suggest that the move will be to the down-side.
It is reasonable to expect a 15% move up in the price of SQQQ in the coming days.
I'm currently seeing 3 signs that are pushing for a continuation of an uptrend:
1. $SQQQ is approaching the 12-month support around $14.73
2. If we take the fib of this entire impulse wave up, we see that we are also approaching the golden ratio (0.618) --
3. Which shows confluence with the uptrend support formed since the reversal in October