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Nasdaq (NQ) Buyers Can Appear Soon According to Elliott WaveShort Term Elliott Wave in Nasdaq (NQ) suggests the Index is cycle from 3.13.2023 low ended in wave ((1)) at 13349.37 as the 1 hour chart below shows. Wave ((ii)) pullback is currently in progress to correct cycle from 3.13.2023 low. Internal subdivision of wave ((ii)) is unfolding as a double three Elliott Wave structure. Down from wave ((i)), wave a ended at 12953.25 and wave b ended at 13241.75. Wave c lower ended at 12925.50 which completed wave (a) in higher degree. Wave (b) rally ended at 13298.75 with internal subdivision as a zigzag. Up from wave (a), wave a ended at 13255 and dips in wave b ended at 13160.25. Wave c ended at 13297.75 which completed wave (b). Wave (c) lower is in progress as 5 waves. Down from wave (b), wave i ended at 13065 and rally in wave ii ended at 13226.75. Wave iii ended at 12800. Expect wave iv to end soon and Index to turn lower in wave v to complete wave (c) of ((ii)). Potential target for wave (c) of ((ii)) is 100% – 161.8% Fibonacci extension of wave (a) which comes at 12614.1 – 12876.5.
CME_MINI:NQ1!
by Elliottwave-Forecast
QQQ ETF: Price Action, Support and Resistance ZonesNOTE: Traders get trends and pivots wrong all the time. It's more important to know when you're wrong than it is to focus on being right all the time. Nobody is right all the time. It's about how you manage the trade when you're wrong. As a trader with an eye for market movements, I have been monitoring the NASDAQ, particularly the QQQ ETF, to better understand its price action and significant support and resistance zones. In this idea, I will share my observations and insights while educating readers about the concept of price action moving from zone to zone upon breaching a particular level. Before diving into the analysis, let's first discuss the educational aspect of price action. Price action refers to the movement of an asset's price over time and is often used by traders to make informed decisions based on historical price data. By analyzing price action, traders can identify patterns, trends, and potential areas of support and resistance that can influence future price movements. Going back to January 2021, QQQ has displayed substantial support and resistance zones in the area we are in right now, between $316.50 and $323. The price swings leaving this zone began small and increased in volatility, especially leading up to the November 2021 top. There's another zone between $348 and $353 , which could be an upside target if tech performs strongly and propels QQQ out of the current zone. Historically speaking, a backtest of this zone has resulted in a rejection in most cases (though not all - see the initial NOTE at the beginning of the idea). Downside zones include the $260-$268 range, which would entail a retest of the October/November 2022 lows. If that level is breached, we could witness prices between $229 and $237. These zones are approximate, based on prior price action. It's crucial not to underestimate the possibility of revisiting these price levels, as markup frequently occurs, making traders complacent with the new norm even when companies are deemed significantly overvalued. A prime example of an overvalued stock is NVIDIA (NVDA). Ideally, NVDA should be valued below $100, but investor sentiment remains exceedingly bullish for various reasons. The lesson here is that it's essential to stay vigilant and consider historical price action when evaluating potential support and resistance zones. Understanding price action and its movement from zone to zone upon breaching specific levels is vital in making informed decisions in the market. By keeping an eye on support and resistance zones, traders can better gauge market trends and potential areas of interest for the QQQ ETF and other assets, leading to more successful trading outcomes.
NASDAQ:QQQShort
by bitdoctor
QQQ Support and Resistance is KEYI have a short story for you all but first it's important to mention that we're right at an important level that was created on December 13. If we stay trading below this level, the next important level is near 290. That's a decent drop from where we are today. Keep a watchful eye on your indicators as there's more downside as a possibility. Once upon a time, there was a young trader named Jack. He had just learned about support and resistance levels in trading and was eager to apply his newfound knowledge to the markets. Jack studied the charts and noticed that the price of QQQ was approaching an important resistance level. He knew that if the price broke through this level, it would signal a bullish trend and the bulls would be in control of the market. However, if the price failed to break through the resistance level, it would indicate a bearish trend, and the bears would be in control. Jack placed an options trade on QQQ, betting that the price would break through the resistance level. However, the market had other plans. The price failed to break through the resistance level, and instead, it started to drop rapidly. Jack watched in horror as his trade plummeted. He quickly realized that the bears were now in control of the market. He tried to cut his losses and sell the stock, but it was too late. The market had already moved against him, and he had lost a significant amount of money. Jack learned to always pay attention to support and resistance levels in trading. He knew that if the price was below an important resistance level, it was a sign that the bears were in control, and he should avoid placing bullish options trades. Instead, he would wait for the price to break through the resistance level before placing any trades, ensuring that he was always trading with the trend and not against it.
NASDAQ:QQQ
by bitdoctor
11
NQ PLAN | JANUARY 30, 2023Expecting a balanced day with the idea of taking longs and shorts toward the 12180-12220 area. What do I mean? I think that as long as the market is bidding 11962 / 12048, my expectation is the 12185 area can develop as a POC (high volume area) in this distribution. Ideas for the day... Look for long opportunities into 11940-962 targeting 12048 / 100 / 184. Look to sell rallies above 12264 target 191 / 128. On a larger timeframe, it is hard for me to be overly bearish as long as we do not close beneath 11962. In the event of a daily close below 11962 I will expect the market to retest the 11848 bid from last week, and determine my next move from there. The two critical locations for me this week are 11848 and 12305. If 12305 bids, I expect the market to run to 12580.
CME_MINI:NQ1!
by OnlyFades
2
NQ | JANUARY 25, 202311850 and 11735. That's all I care about today. Admittedly, don't really want to short based off the overnight move and favor waiting for the bid to attempt longs. 848 was yesterday's bid. 735 was Monday's bid. Will sellers keep distribution trapped above 850? Will 735 stay bid? For now, my expectation is to lean short against the 858-872 area and observe the reaction or lack thereof at 735-693. If 735 is going to hold up NQ, I want to see 712 and 693 support Monday's bid. Beneath 680 last week's sellers may wake up and if so, I expect the market to move toward 540-585 where I expect to find a bid back into 647-722. Trade ideas: + Long 693-704 + Long 570 + Long 498 - Short 793 / 826-832 - Short 858-872 - Short 898-914
CME_MINI:NQ1!
by OnlyFades
1
NQ going into the CPI releaseHere is a quick update for those who follow my work and are not on our new site yet. It's a critical turning point here, going into the CPI report, so I want to share my thinking, and hopefully, you won't get trapped regardless of tomorrow's am outcome. I'm doing a more detailed analysis, but I will post a short version here. First of all, I pointed out last week that the 11th should mark the important high. Well, we got it! Now, it doesn't have to be a daily high, but the daily closing high! So tomorrow can be an intra-day high with am spike. I still think we could get a sort of OCT 13th CPI release action, but in another way - Gap and Dump! If CPI will come in-line or a bit higher, let's say 6.6-6.7%, it can produce a knee-jerk reaction and sell from there. There is a good fib confluence at 11600NQ for that move. Our main target got hit today, and I warned yesterday, that it should see a higher number; it did! The price has closed right at the resistance, so it satisfied the whole move up right there, in case it is just going to dump from the open Support and resistances are on the chart. I will also be doing SPX update and will post it at the end of the week here. This chart should be enough for those looking for a good analysis out there without any commitment. So don't be surprised if you see a big spike up, DO NOT chase it! If it happens, I will use that opportunity to add to my short position
CME_MINI:NQ1!Short
by RealTima
8