On Friday QQQ set daily lower high, marking potential trend reversal. Now bears must lead price all the way down (below 425.3) to start weekly consolidation. If this doesn't happen fast and bulls manage to set daily higher low then uptrend continuation is still an option.
Also notable that bulls were able to close price gap from Tuesday, and bull wave retracement is over 50%. This talks in favor of bulls strength and increases probability of daily higher low.
Hourly price action is currently in downtrend but given the context I would be looking for hourly trend reversal signals
Disclaimer
I don't give trading or investing advices, just sharing my thoughts
Also notable that bulls were able to close price gap from Tuesday, and bull wave retracement is over 50%. This talks in favor of bulls strength and increases probability of daily higher low.
Hourly price action is currently in downtrend but given the context I would be looking for hourly trend reversal signals
Disclaimer
I don't give trading or investing advices, just sharing my thoughts
Order cancelled
425.3 has been breached, weekly consolidation confirmed
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.
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.