QQQ - Potential Contrarian Play (Short-Term)
Updated
My Opinion
With all the bearishness and Apocalypse type fear out there. I have a contrarian play on the QQQ that can pay big if it plays out. The QQQ on the daily has been forming falling wedge for quite a while now that I think could break out like it did on 3/16/2022. The rally will be fueled by the amount bearish options bet out there. After we get the FOMC rate decision out tomorrow and some economic reports and fed commentary later this week, we should have few quiet periods. Just my opinion.
With all the bearishness and Apocalypse type fear out there. I have a contrarian play on the QQQ that can pay big if it plays out. The QQQ on the daily has been forming falling wedge for quite a while now that I think could break out like it did on 3/16/2022. The rally will be fueled by the amount bearish options bet out there. After we get the FOMC rate decision out tomorrow and some economic reports and fed commentary later this week, we should have few quiet periods. Just my opinion.
Trade closed: target reached
Getting a little stretched. Everything is hot. Scaled out of all.
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