QQQ Pullback Expected 4%, 14% or 28%
We've been in a nice upward channel since the US Elections, then yesterday hit.
Today we had a .618 FIB retrace up of yesterdays down run which puts us on an E Wave 3 Downward
4% puts us at the 50 Day MA
14% would put us at the 200 Day MA
28% would put us at the 2008-2020 Up Trend Line
Exiting remaining long positions, already added SQQQ at the turn.
SPX500 following same glide path.
*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
Today we had a .618 FIB retrace up of yesterdays down run which puts us on an E Wave 3 Downward
4% puts us at the 50 Day MA
14% would put us at the 200 Day MA
28% would put us at the 2008-2020 Up Trend Line
Exiting remaining long positions, already added SQQQ at the turn.
SPX500 following same glide path.
*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
Note
Glidepath still tracking, on Leg 5 now, we saw a back test and rejection Friday.BTD and an abrupted wave 5 into an A/B/C possible Monday
The market hates to go one direction too far too fast.
Note
Monday - Wave 4 went to .786 FIB retrace almost perfectlyLikely drop tomorrow
Note
Wave Pattern invalidated. Return to Channel if we don't get a drop soon.
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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.