QQQ Rising Wedge
Updated
QQQ price action forms Rising Wedge, correlating with lowering volumes and an emerging divergence from MACD and RSI.
Expecting correction of 7.5-10% to ~$390 with convergence of Low VWAP, 200day SMA, Fibonacci 61~50%, and Bull run POC.
Catalyst may be poor Semiconductor/Tech 2023Q4 Earnings with focus on Tesla-Nvidia.
Expecting Wycoff Distribution to form rather than sell shock.
Expecting correction of 7.5-10% to ~$390 with convergence of Low VWAP, 200day SMA, Fibonacci 61~50%, and Bull run POC.
Catalyst may be poor Semiconductor/Tech 2023Q4 Earnings with focus on Tesla-Nvidia.
Expecting Wycoff Distribution to form rather than sell shock.
Note
Adding Elliot Wave analysis to enhance downside to $370 on Correction Wave on end of current Wave 5 of Impulse Wave from Dec 22 lows.Confluence with VWAP and Volume POC from Dec Low.
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