QQQ Short-term Outlook
Updated
Price action appears to be forming an expanded flat. Elliot's hinting at lower prices in all US indices.
Supporting Fundamentals + Catalysts (short term): increasing yields, increasing interest rates, increasing vix, consumer confidence hit a new all time high.... ? political issues: tariffs | trade war | China retaliation | pretty much all recent news coming out of the white house
T1 (uncommon reversal): $158-$162
T2 (very common reversal): $141-$143
The overall index will likely hit the mid-low $140 range at some point in 2018 before resuming the long term parabolic uptrend. There are still many opportunities, both long & short, in certain individual stocks.
Following the dip, target your favorite growth picks. You will not want to miss out on the upcoming long-term parabolic move. My chart for this move is linked below.
Best of luck :)
Supporting Fundamentals + Catalysts (short term): increasing yields, increasing interest rates, increasing vix, consumer confidence hit a new all time high.... ? political issues: tariffs | trade war | China retaliation | pretty much all recent news coming out of the white house
T1 (uncommon reversal): $158-$162
T2 (very common reversal): $141-$143
The overall index will likely hit the mid-low $140 range at some point in 2018 before resuming the long term parabolic uptrend. There are still many opportunities, both long & short, in certain individual stocks.
Following the dip, target your favorite growth picks. You will not want to miss out on the upcoming long-term parabolic move. My chart for this move is linked below.
Best of luck :)
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Bitcoin Top vs QQQs3.amazonaws.com/tradingview/snapshots/f/Fro17k6f.png
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The not so zoomed in version :)<deleted>
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s3.amazonaws.com/tradingview/snapshots/d/DMcJC5mR.pngThe worst has yet to come.
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So far so good. I hope you all are enjoying the profits. If you've been getting hammered in the sell off, do not worry, there is much more to come.Look out for a short term recovery to $162-165ish-167ish at some point. When this happens, expect markets to think everything is back to normal. Now, you will take all profits in your longs and go short Tech. Set up it too perfect. Keep shorting any and all relief rallies. Tech crash to have a ripple effect globally. Global Stock Market crash imminent. 50%+ downside highly likely long term.
I'll be back for an update once QQQ hits 2016 prices.
Best up Luck. Stay strong :)
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We are right at the edge of the cliff. Strap yourselves in, this is going to get bumpy.
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BTCUSD vs. QQQ Top chart is remarkably similar. Hinting at a bull trap next for QQQ into a deeper correction. Be ready earlier rather than later
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