QQQ Strong Resistance - Won't Break Through on the First Try
In this analysis of QQQ, we observe a potential bearish correction in progress after completing an impulsive move to the downside.
The setup aligns with Elliott Wave Theory, highlighting a corrective ABC structure forming.
Key Levels:
Short Zone: 533.01 - 535.54
Stop-Loss: 536.45 (above key Fibonacci extension at 1.618)
Target 1: 524.27 (Fibonacci retracement support)
Target 2: 516.16 (extension and structural support)
Strategy:
Short Entry: Within the short zone (533.01 - 535.54).
Stop-Loss: Set at 536.45 to manage risk.
Take Profit: Gradual exits at Target 1 (524.27) and Target 2 (516.16).
Context:
QQQ is showing signs of bearish momentum after a corrective wave. Fibonacci extensions and Elliott Wave structure suggest a continuation to the downside.
💡 Reminder: Always manage your risk and confirm signals with your strategy before entering trades.
#QQQ #TechnicalAnalysis #TradingSetup #ElliottWave #Fibonacci
The setup aligns with Elliott Wave Theory, highlighting a corrective ABC structure forming.
Key Levels:
Short Zone: 533.01 - 535.54
Stop-Loss: 536.45 (above key Fibonacci extension at 1.618)
Target 1: 524.27 (Fibonacci retracement support)
Target 2: 516.16 (extension and structural support)
Strategy:
Short Entry: Within the short zone (533.01 - 535.54).
Stop-Loss: Set at 536.45 to manage risk.
Take Profit: Gradual exits at Target 1 (524.27) and Target 2 (516.16).
Context:
QQQ is showing signs of bearish momentum after a corrective wave. Fibonacci extensions and Elliott Wave structure suggest a continuation to the downside.
💡 Reminder: Always manage your risk and confirm signals with your strategy before entering trades.
#QQQ #TechnicalAnalysis #TradingSetup #ElliottWave #Fibonacci
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