QQQ: Target Hit! Next KEY POINTS [UPDATED].
• QQQ did exactly what we described in our last post, and it hit our target (link to our previous analysis is below this post). Now, it is reacting just above the 38.2% retracement, as seen in the daily chart;
• If QQQ breaks the 21 ema in the daily chart as well, the idea that it’ll bounce will gain strength;
• In this scenario, QQQ would easily retest the $293 area again, which is the previous top seen in the daily chart;
• In addition, in the weekly chart, QQQ just found a resistance around its 21 ema – therefore, it is still a long-term bear trend;
• If QQQ loses the 38.2% retracement in the next few days, the next technical stop is the 61.8% retracement, but in my view, the gap around $268 is a better target;
• In order for QQQ to reverse, it must do a proper reaction, and close above the 21 ema in the weekly chart. In this scenario it would easily fill the gap around $307 and probably seek higher levels;
• Either way, let’s pay attention to the 38.2% retracement and on how QQQ will react from here. I’ll keep you updated.
Remember to follow me to keep in touch with my daily analyses!
• If QQQ breaks the 21 ema in the daily chart as well, the idea that it’ll bounce will gain strength;
• In this scenario, QQQ would easily retest the $293 area again, which is the previous top seen in the daily chart;
• In addition, in the weekly chart, QQQ just found a resistance around its 21 ema – therefore, it is still a long-term bear trend;
• If QQQ loses the 38.2% retracement in the next few days, the next technical stop is the 61.8% retracement, but in my view, the gap around $268 is a better target;
• In order for QQQ to reverse, it must do a proper reaction, and close above the 21 ema in the weekly chart. In this scenario it would easily fill the gap around $307 and probably seek higher levels;
• Either way, let’s pay attention to the 38.2% retracement and on how QQQ will react from here. I’ll keep you updated.
Remember to follow me to keep in touch with my daily analyses!
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