The NASDAQ has soared since the December lows with not much pullback. I'm not expecting a market crash, (yet) but a healthy correction is possible. SQQQ is a leveraged short of the typical FANG stocks - this is an easy way to short the NASDAQ. Take profits at the 0.618 fib and keep remaining stack with close stop losses after.
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.
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.
Simply put,
If the 12.75 Support level in SQQQ, is violated today to end the month of January, or tomorrow to end the...
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
I'm waiting for the bullish engulfing candle or any convincing bullish candle in Daily chart to start to go long. This is not a trade call. Trade at your own risk. Thank you.
Price has re-entered a previous range and with my general market outlook being bearish over the next few months, I think we will at least visit the top of the range.
