QQQ is working on an impulsive 5-wave move off the March 14 low. Right now, we have completed 3 waves up. I would like to see one more micro push higher to make the count look more complete. I am targeting the .382 - .500 fibonacci retracements for this pullback. Bearish divergences in MACD and RSI indicate that this uptrend is becoming exhausted and needs time to rest. This should be a very strong year for QQQ.
Note
Buy zone target achieved.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.