TQQQ trade ideas
The two most likely routes tqqq will take.Alot of the market is giving some mixed signals, strange divergences stuck here and there, waves not wanting to perfectly line up, trends off a little, which tells me the market is still being cautious. Its easy to find reasons why, the main one points to the upcoming election. I came up with the projections with that in mind, and with the important dates in mind, by cross mapping fibbs to get the key spots it seems to be respecting and then analyzing its trends to connect the dots. I also analyze the global markets and cross reference the trend tendency's to get support these paths areas feasible from a outside perspective. I put a little more work in this theory then i would normally due to the circumstances of the current market, and feel very strongly this will be the roadmap we should be expecting. So I decided I would post it and maybe it will help someone somehow.
As always feel free to discuss , disagree, share your own theory or whatever floats your boat.
Good luck
TQQQ failed 2nd attempted breakoutTQQQ tried to push out of trading range, broke resistance and tried to find new support, but slipped into the close. With failing MACD, my take is that we will see continue decline going into the week, potential retracement to the previous resistance or lower (125 minimum). Copyright Rohan Karunaratne 2020
TQQQ Island Consolidation Pattern forming, target sub 120Excellent resource for learning about an island consolidation patter:
stockcharts.com
Textbook example beginning to form on the Qs, today's selloff also confirms sentiment of fear. Please trade at your own discretion, these are just my ideas. Copyright Rohan Karunaratne 2020