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Nasdaq (NQ) Buyers Can Appear Soon According to Elliott WaveShort Term Elliott Wave in Nasdaq (NQ) suggests the Index is cycle from 3.13.2023 low ended in wave ((1)) at 13349.37 as the 1 hour chart below shows. Wave ((ii)) pullback is currently in progress to correct cycle from 3.13.2023 low. Internal subdivision of wave ((ii)) is unfolding as a double three Elliott Wave structure. Down from wave ((i)), wave a ended at 12953.25 and wave b ended at 13241.75. Wave c lower ended at 12925.50 which completed wave (a) in higher degree. Wave (b) rally ended at 13298.75 with internal subdivision as a zigzag. Up from wave (a), wave a ended at 13255 and dips in wave b ended at 13160.25. Wave c ended at 13297.75 which completed wave (b). Wave (c) lower is in progress as 5 waves. Down from wave (b), wave i ended at 13065 and rally in wave ii ended at 13226.75. Wave iii ended at 12800. Expect wave iv to end soon and Index to turn lower in wave v to complete wave (c) of ((ii)). Potential target for wave (c) of ((ii)) is 100% – 161.8% Fibonacci extension of wave (a) which comes at 12614.1 – 12876.5.
CME_MINI:NQ1!
by Elliottwave-Forecast
QQQ ETF: Price Action, Support and Resistance ZonesNOTE: Traders get trends and pivots wrong all the time. It's more important to know when you're wrong than it is to focus on being right all the time. Nobody is right all the time. It's about how you manage the trade when you're wrong. As a trader with an eye for market movements, I have been monitoring the NASDAQ, particularly the QQQ ETF, to better understand its price action and significant support and resistance zones. In this idea, I will share my observations and insights while educating readers about the concept of price action moving from zone to zone upon breaching a particular level. Before diving into the analysis, let's first discuss the educational aspect of price action. Price action refers to the movement of an asset's price over time and is often used by traders to make informed decisions based on historical price data. By analyzing price action, traders can identify patterns, trends, and potential areas of support and resistance that can influence future price movements. Going back to January 2021, QQQ has displayed substantial support and resistance zones in the area we are in right now, between $316.50 and $323. The price swings leaving this zone began small and increased in volatility, especially leading up to the November 2021 top. There's another zone between $348 and $353 , which could be an upside target if tech performs strongly and propels QQQ out of the current zone. Historically speaking, a backtest of this zone has resulted in a rejection in most cases (though not all - see the initial NOTE at the beginning of the idea). Downside zones include the $260-$268 range, which would entail a retest of the October/November 2022 lows. If that level is breached, we could witness prices between $229 and $237. These zones are approximate, based on prior price action. It's crucial not to underestimate the possibility of revisiting these price levels, as markup frequently occurs, making traders complacent with the new norm even when companies are deemed significantly overvalued. A prime example of an overvalued stock is NVIDIA (NVDA). Ideally, NVDA should be valued below $100, but investor sentiment remains exceedingly bullish for various reasons. The lesson here is that it's essential to stay vigilant and consider historical price action when evaluating potential support and resistance zones. Understanding price action and its movement from zone to zone upon breaching specific levels is vital in making informed decisions in the market. By keeping an eye on support and resistance zones, traders can better gauge market trends and potential areas of interest for the QQQ ETF and other assets, leading to more successful trading outcomes.
NASDAQ:QQQShort
by bitdoctor
QQQ Support and Resistance is KEYI have a short story for you all but first it's important to mention that we're right at an important level that was created on December 13. If we stay trading below this level, the next important level is near 290. That's a decent drop from where we are today. Keep a watchful eye on your indicators as there's more downside as a possibility. Once upon a time, there was a young trader named Jack. He had just learned about support and resistance levels in trading and was eager to apply his newfound knowledge to the markets. Jack studied the charts and noticed that the price of QQQ was approaching an important resistance level. He knew that if the price broke through this level, it would signal a bullish trend and the bulls would be in control of the market. However, if the price failed to break through the resistance level, it would indicate a bearish trend, and the bears would be in control. Jack placed an options trade on QQQ, betting that the price would break through the resistance level. However, the market had other plans. The price failed to break through the resistance level, and instead, it started to drop rapidly. Jack watched in horror as his trade plummeted. He quickly realized that the bears were now in control of the market. He tried to cut his losses and sell the stock, but it was too late. The market had already moved against him, and he had lost a significant amount of money. Jack learned to always pay attention to support and resistance levels in trading. He knew that if the price was below an important resistance level, it was a sign that the bears were in control, and he should avoid placing bullish options trades. Instead, he would wait for the price to break through the resistance level before placing any trades, ensuring that he was always trading with the trend and not against it.
NASDAQ:QQQ
by bitdoctor
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