QQQ Long Term Dual Cloning Analysis
Hello Folks! ..... we are currently in the 3rd Major Clone & Long term candle action is bullish. Here we have future price targets as well as long term support levels. I predict upside price movement to continue but I'm also keeping a close watch at lower frames charts for any signs of a trend change & price back below current Clone
Idea of Cloning is based on the principle of Measured Moves where markets have the tendency to move in a similar price move (structure) to how it moved recently.
So all I do is look for major high / low pivot points and draw a reference box . The reference box can be drawn at any place on the chart , you don't have to necessarily start at the bottom / top, you can start in the middle of a chart and then you can forward CLONE and backward CLONE. If there is too many pivots at a level that I'm interested in I will take the average of pivot levels. You can also have CLONES within CLONES like on this chart. In large height CLONES ranges it's a good idea to draw FIB levels inside the CLONE this gives you intermediate Clone range levels . Personally I use 1/4s/1/8s instead of Fibs in each CLONED range with emphasis on the 50% level. With Cloning you can project future price targets once an instrument has surpassed the all time high. Just like any other technique Cloning should be used in conjunction with other analysis for confirmation. Works very well in conjunction with Support / Resistance levels and trend lines . CLONE boundary targets don't have to be perfect, if you have a reversal Candle pattern just above or below a CLONE boundary or intermediate level that's good enough.
Examples of Cloning in link below in commentaries.
Idea of Cloning is based on the principle of Measured Moves where markets have the tendency to move in a similar price move (structure) to how it moved recently.
So all I do is look for major high / low pivot points and draw a reference box . The reference box can be drawn at any place on the chart , you don't have to necessarily start at the bottom / top, you can start in the middle of a chart and then you can forward CLONE and backward CLONE. If there is too many pivots at a level that I'm interested in I will take the average of pivot levels. You can also have CLONES within CLONES like on this chart. In large height CLONES ranges it's a good idea to draw FIB levels inside the CLONE this gives you intermediate Clone range levels . Personally I use 1/4s/1/8s instead of Fibs in each CLONED range with emphasis on the 50% level. With Cloning you can project future price targets once an instrument has surpassed the all time high. Just like any other technique Cloning should be used in conjunction with other analysis for confirmation. Works very well in conjunction with Support / Resistance levels and trend lines . CLONE boundary targets don't have to be perfect, if you have a reversal Candle pattern just above or below a CLONE boundary or intermediate level that's good enough.
Examples of Cloning in link below in commentaries.
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