shuqi0923

shuqi0923

High 2 hasn't been triggered. It is still 2nd leg down. Next support level is gap ~314

shuqi0923

QQQ bounced after filling the gap ~320 and closes near its high. But it couldn't break the low of May 4th. Still it is good buy signal and bulls will buy tomorrow if price is above today's high. If tomorrow is a decent bull day, QQQ will reach top of the channel or EMA20. If tomorrow is trading range, we will likely see trading range for several days.

shuqi0923

The gap around 320 seems to be a good target. Today's low is already lower than May 4. But if there is a big bull day, the second leg will likely come to end and a lot of bulls will buy above it.

shuqi0923

Today is a perfect doji. Bulls are not very strong after gap up. Unless there is another big bull day next Monday, this still looks more bearish than bullish to me.

shuqi0923

Today is a solid green bar. I have drawn potential channels for both up and down trend. Odds still favor lower high given the past three consecutive big bear days.

shuqi0923

It was weak rally today. And this is still part of the first leg after breakout. Usually there are two legs down.

shuqi0923

If two legs down, the gap around 320 might get filled.

shuqi0923

QQQ will likely stay in the range for some time. Bulls will keep buying the dip and bears will sell at the top of the range. Eventually there will be breakout but with better chance going down than up.

shuqi0923

Trading range has better chance than breaking out of top of the range.

shuqi0923

Sell off took place after a minor new high today. It is in the middle of range. QQQ will touch EMA20 soon.

shuqi0923

Odds favor a new high before pullback.

shuqi0923

It is in the top of the range. Today's red bar is the result of profit taking. A minor new high might come before pullback to EMA20. However, a solid red bar tomorrow will increase chance of pullback to EMA20 before a new high.

shuqi0923

It is still in the range. So it is likely to see sell off after a minor new high.

shuqi0923

Sell off is likely at the top of the range like a new high. And bulls are waiting at the bottom of the range like EMA20.

shuqi0923

Last three bars overlap with each other. Also it is close to EMA20. This indicates market is now in trading range. Bulls will keep buying the dip unless consecutive big red days happen.

shuqi0923

A new high and trading range will come.

shuqi0923

A green day is likely tomorrow. But QQQ will be pulled back to EMA20.

shuqi0923

It is likely that QQQ will reach another new high but less likely to maintain the same strong uptrend. It is more likely the market will be pulled to EMA20.