$QQQ - favored count
The Q's are going to be putting in a bear trap to start off next week most likely, that appears to me to be a wave iv, before the final push up for our wave 1 top.
Notice the RSI divergence - RSI highest at wave 3 peak - now we are divergent and will be when the top is put in. The top could come really at any point since we now have a clear 5 wave move - BUT I am seeing us extending towards around 410 as final destination before correction.
The are where we currently stand I would advise on taking profits when they exist and / or hedging appropriately. The market will ultimately do what it wants and could go much higher, but I just dont see that as extremely likely. Now, after the next dip I do think we will see another rally as the top will not be in! I think that area will be around the previous ATH Avwap / 50% retracement area --- 372 - 380
Notice the RSI divergence - RSI highest at wave 3 peak - now we are divergent and will be when the top is put in. The top could come really at any point since we now have a clear 5 wave move - BUT I am seeing us extending towards around 410 as final destination before correction.
The are where we currently stand I would advise on taking profits when they exist and / or hedging appropriately. The market will ultimately do what it wants and could go much higher, but I just dont see that as extremely likely. Now, after the next dip I do think we will see another rally as the top will not be in! I think that area will be around the previous ATH Avwap / 50% retracement area --- 372 - 380
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Disclaimer
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.