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Qqqbears

QQQ - Bearish Channel Thesis based on banker candlesThis post is a test of my thesis that I can accurately identify a banker's candle that tests market structure. The Thesis works like this: Bank trading firms need to test the market structure with specific actions on specific days that tell them what the market can tolerate and they base their plans accordingly. For instance if banker candles identify a market structure that can trend down for a certain trend, they will then execute that trend line selling the appropriate volume and delivering the correct price. This means if such candles can be confirmed - then the trend channel can be inferenced. This is a test such that I am predicting the next banker candle (all concepts are marked with green arrows) and that it will be confirmed by testing the trend line at the 9daily MA. Then QQQ will roll over testing the 200daily MA into the Channel. A 5 wave impulse (Elliot Wave) is then likely that will take the price to both retest the 200daily MA, the new "lower low" that marks a "safe entry" and confirms down trend, before then retesting the 50day Moving Average. The low of wave 3 was selected to hit prior highs of the accumulation phase that led to the recent rally (the Bulkowski pennant seen early July). Entry may begin at the 200daily MA if conditions are right. (If slow stochastic falls below 80 at least). We have 2 probable banker candles, now waiting on a 3rd to be confirmed. Good luck!
NASDAQ:QQQShort
by DarthTrader1357