QQQ Parallel Ascending Channel Pattern
QQQ's (NASDAQ 100) price action is best contained within a parallel ascending channel which is best seen on the weekly chart.
As you can see, the last 3 times we tested the bottom of the channel for support, we visited it again the following week.
I have numbered the touches to the line for reference. You can see when we retested the channel as the bottom, the price was very close to the low of the previous weekly candle.
1. Low 267.07
2. Low 266.97
3. Low 297.45
4. Low 299.51
5. Low 316
6. Low 316.30
7. Low 350.32
8. Low TBD
In summary, the retest of the channel on the following week was very close to the prior week's low. If this pattern happens to hold, this week's low should be between 349 - 356 with a target to a new high of around 400+.
Please see my previous idea where I called the bottom of QQQ near perfectly by identifying a simple pattern.
As you can see, the last 3 times we tested the bottom of the channel for support, we visited it again the following week.
I have numbered the touches to the line for reference. You can see when we retested the channel as the bottom, the price was very close to the low of the previous weekly candle.
1. Low 267.07
2. Low 266.97
3. Low 297.45
4. Low 299.51
5. Low 316
6. Low 316.30
7. Low 350.32
8. Low TBD
In summary, the retest of the channel on the following week was very close to the prior week's low. If this pattern happens to hold, this week's low should be between 349 - 356 with a target to a new high of around 400+.
Please see my previous idea where I called the bottom of QQQ near perfectly by identifying a simple pattern.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.
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