QQQ Bear Flag (Potential Correct Start)
Updated
Classic trend reversal retracement
-Bear flag directly into one of the last imbalances (on 30m timeframe)
- Breakdown to 393 area very possible in the next month or two
- ~10% drop from current levels, would put QQQ squarely in correction territory
- Upside is that 393 area looks to be a very strong (and fresh) support
-Bear flag directly into one of the last imbalances (on 30m timeframe)
- Breakdown to 393 area very possible in the next month or two
- ~10% drop from current levels, would put QQQ squarely in correction territory
- Upside is that 393 area looks to be a very strong (and fresh) support
Comment
QQQ Fell Directly into the bottom trendline today with FOMC coming up tomorrow afternoon-Good chance to take profit on some short positions
-Market overall is selling off any news that isn't spectacular which is very typical cycle reversal behavior
Comment
FOMC Press Conference- Powell announced QT will be reigned in some
- Overall a very bullish conference for not just US markets, but global ones
- Always dangerous to counter trade the trend
- Personally considering shifting bias towards the descending megaphone on the 4 hour chart as bears may be getting trapped here. Depends how markets digest this conference
Trade active
Rising Channel still in play- Good day to readd to position after trimming at the lows from FOMC
- Could potentially fil the gap up to 443.31
- Playing both sides (trend by the day), but this remains my big picture setup
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