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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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.