If you split the bear market decline in 4 equal parts (highlighted in yellow bar), you notice a significant reaction at the bottom of each of the bars. The Mar 2022 rally failed at the bottom of the first bar; Aug rally at the bottom of the second bar, Nov rally at the bottom of the third bar, the Oct low at the bottom of the fourth bar.
After forming a low in Oct,
QQQ moved above the Nov high. This has been a change from what happened before, it didn’t establish a lower low. A full measured move of the Oct low to Nov high would project a price target to the Aug high, so $330.QQQ closed around the half way point of the third bar (red line). If it closes above that level, so $313, odds would favor the completion of the measured move to $330.The Nov high, the bottom of the third bar, around $292.50 is a must hold support level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.