It appears QQQ has found a landing zone, and may now be in the accumulation phase, Using the Wyckoff Accumulation method, I analyzed what may occur over the next few trading weeks. In the short term I believe QQQ is bullish and looking to retrace to the .618 Fib resistance ($300-305) within a few days. After that Based on the wyckoff method, it may breakdown, given the marco-economics of the entire market being bearish, with alot of fear and uncertainty amid a recession on the horizon (if were not already), and the feds hawkish aim to control inflation, we may have a sell off that could lead below previous lows, as highlighted in the chart.
Strategy 1: buy $300 calls expiration 8-19-22
Sell: Target price when QQQ reaches $300
Startegy 2: If QQQ reaches $300-305 Buy PUT 21 days from expiration ideally strike of $290
Alternatively QQQ could break over $305 and continue to rally and possibly reverse to the upside despite macro conditions.
DISCLAIMER: I am not a financial advisor, I do not advise anyone to buy or sell anything, these are just my own ideas for my own use, trade at your own risk.
Strategy 1: buy $300 calls expiration 8-19-22
Sell: Target price when QQQ reaches $300
Startegy 2: If QQQ reaches $300-305 Buy PUT 21 days from expiration ideally strike of $290
Alternatively QQQ could break over $305 and continue to rally and possibly reverse to the upside despite macro conditions.
DISCLAIMER: I am not a financial advisor, I do not advise anyone to buy or sell anything, these are just my own ideas for my own use, trade at your own risk.
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.