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...
We were kind of left on a cliff hanger today, /NQ decided to try to run going into the close, and broke the trend line that was descending. Hopefully we can see that run continue into next week, and create a reversal opportunity. Copyright Rohan Karunaratne 2020
Alot of the market is giving some mixed signals, strange divergences stuck here and there, waves not wanting to perfectly line up, trends off a little, which tells me the market is still being cautious. Its easy to find reasons why, the main one points to the upcoming election. I came up with the projections with that in mind, and with the important dates in...
The previous trend was broken with an overshoot. The new trend has been established, but this time there is less room it can climb to before it has to come down to within the last 10 year exponential groth curves.
Not the best move in the morning hours, got a fall to around the 134 region, but later in the day managed to climb back into our bullish range. My long positions still stand with the targets unchanged, I dont think the slight drop was an indication for a bearish case, if it continued lower, I may have contemplated going short. Copyright Rohan Karunaratne 2020
There seems to be a pattern here. When a strong sell signal is followed by a buy signal, there are strong gains over the next few weeks. Also notice the Supertrend buy signals on 6/23 and 10/12. 6/23 was followed by a loss of ~15% followed by a 100% gain. 10/12 has now also lost ~15%.
I see a downward channel the past few days on TQQQ and QQQ, an corresponding upward channels on SQQQ
Resistance around 135.40 on the downside.
Breaking move Up or Down out of trend coming soon.
Morning delight as the market rises, followed by afternoon drops seem to be the norm these days.
*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
Last structure was invalidated after break below wave 4 low, now looking for a pop above 145 in order to catalyze in 12345 structure. My target and positions still remain long. Copyright Rohan Karunaratne 2020
Need to say above wave 4 low in order to keep current count valid, so far so good in maintaining candles above. Target still stands at around 160, slightly adjusted Fibb levels. Copyright Rohan Karunaratne 2020