QQQ Channel
QQQ reacting nicely to the Channel.
I'm short term bearish on this. I think it needs a 2%-3% pullback before it breaks out for good.
Since the 1.618 fib is right there, and the wick for Friday's (1/17/2025) candle was rather bullish, I could see a fake breakout to the fib and then break back down into the channel.
I also have a long position set up just incase this breaks out and keeps running.
KEY:
-White Horizonal Lines: Previous High/Low, regardless of timeframe.
-Green Horizontal Lines: 1.618 fib level.
-Blue trendline: Trendline.
I'm short term bearish on this. I think it needs a 2%-3% pullback before it breaks out for good.
Since the 1.618 fib is right there, and the wick for Friday's (1/17/2025) candle was rather bullish, I could see a fake breakout to the fib and then break back down into the channel.
I also have a long position set up just incase this breaks out and keeps running.
KEY:
-White Horizonal Lines: Previous High/Low, regardless of timeframe.
-Green Horizontal Lines: 1.618 fib level.
-Blue trendline: Trendline.
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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.