remember QQQ on the daily and the fractal nature of symmetry.
QQQ broke the symmetry uptrend from the Nov low in early
June, which lead to the lower high bounce and shorting opportunity
as QQQ then sold off to form a new low in early July.
However zooming further out to a larger time frame (next
fractal) it didn't break the symmetry from the June 2016 lows.
The bullish view would be this was an ABC pullback from the
highs with the lower high rally as wave B and the low as C.
Again that's just one possibility, it could also still be in
a larger complex correction and go down again. On the 60 min
time frame it has yet to take out the last lower high and there is
some negative divergence via the RSI and CCI, however the MACD is
still strong, which means it could also simply bull flag out.
Again depends on your triggers and time frame.
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remember QQQ on the daily
buying SQQQ now ?
Posted by matt on 13th of Jul 2017 at 12:27 pm
remember QQQ on the daily and the fractal nature of symmetry. QQQ broke the symmetry uptrend from the Nov low in early June, which lead to the lower high bounce and shorting opportunity as QQQ then sold off to form a new low in early July.
However zooming further out to a larger time frame (next fractal) it didn't break the symmetry from the June 2016 lows. The bullish view would be this was an ABC pullback from the highs with the lower high rally as wave B and the low as C. Again that's just one possibility, it could also still be in a larger complex correction and go down again. On the 60 min time frame it has yet to take out the last lower high and there is some negative divergence via the RSI and CCI, however the MACD is still strong, which means it could also simply bull flag out. Again depends on your triggers and time frame.