WARNING WARNING WARNING TQQQAlot to cover here but this is what i'm seeing
1. Remember we are still in a downtrend on higher time frames so be careful.
2. We talked about a potential bounce in my last post and we got it.
3. As of right now we are in a wave 4 which usually has the longest lasting pullback, we are forming a bullish channel or bear flag and if we break this bottom channel the target puts us at the exact wave 5 target we talked about 2 weeks ago
4. On the 4 hr we are creating a inverse head and shoulders that is pretty obvious, if we can maintain this bullish channel up to the neck line and break our target would be $28.50, (61% fib retracement )if this occurs that would mostly like mean our wave 3 could be a wave 5 where we would get that deeper retracement.
5. Indicators ADX is telling me this long push up has lacked momentum we are below 25, (bearish) PVT has gone flat while price continued to move up (bearish)
Thanks
god bless
