QQQ - Chart Link- here's a daily chart of QQQ,
notice that the point value of the Feb sell off and the sell off
from the highs (dotted lines) are almost identical, thus was a
logical place for the QQQ's to bounce today at the lows
QQQ - Chart Link- 2 hr view, in a strong
downtrend channel but divergence is building on the MACD
The question remains, Will the Q's reverse here? We don't have a
hammer, doji or evening star yet on the daily or the 2 hr. Came
close to making a new low just now (at about 10:20), and may yet
make a new now. If it keeps going down from here, of course the
symmetry will be lost. I think we're still very much in a
wait-and-see mode. Internals yesterday and so far today have been
pretty negative.
yes it's possible, I never said definitively that the lows are
in, the market hasn't proven that yet, but that this wasn't the
time to be super bearish. Also like I stated last night, the
Dow did test it's Feb lows, and many sectors have or have broken
them. The minimum retracement to the Feb lows I was looking
for occurred so it's also possible that some sort of low is in too.
keep an open mind and react
If you look at those past corrections I have been showing for 2
months now, they all retested their initial wave A lows but many
times they either re-tested or only slightly undercut them, they
didn't drastically make new low. And a couple times the low
wasn't hit, but was close. Also we focus on the SPX, however
in those past corrections the other major indexes didn't all test
there lows, the point is also look at the other indexes as well
Right, and Idid not say that you said the lows were in. Not a
knock on your analysis! Just pointing out in more detail what the
situation is. I listened to the newsletter, including analysis of
past ABC corrections, and it all makes sense. In fact, at the lows
today I bought a couple far OTM calls for end of April in case we
have a face-ripping rally. My post was only stating that price (the
bulls) have yet to "prove it." Anything's possible, and certainly
an upside rip from here is.
this is what I'm referring to, you can get bifurcations where
some make new lows and other's don't. This shows one past
correction, the SPX tested the lows basically in that wave C but
the others did not, especially the QQQ's
QQQ symmetry amazing
Posted by matt on 2nd of Apr 2018 at 09:04 pm
QQQ - Chart Link- here's a daily chart of QQQ, notice that the point value of the Feb sell off and the sell off from the highs (dotted lines) are almost identical, thus was a logical place for the QQQ's to bounce today at the lows
QQQ - Chart Link- 2 hr view, in a strong downtrend channel but divergence is building on the MACD
QQQ - Chart Link- 60 min view possible wedge forming
The question remains, Will the
Posted by frtaylor on 3rd of Apr 2018 at 10:39 am
The question remains, Will the Q's reverse here? We don't have a hammer, doji or evening star yet on the daily or the 2 hr. Came close to making a new low just now (at about 10:20), and may yet make a new now. If it keeps going down from here, of course the symmetry will be lost. I think we're still very much in a wait-and-see mode. Internals yesterday and so far today have been pretty negative.
yes it's possible, I never
Posted by matt on 3rd of Apr 2018 at 11:15 am
yes it's possible, I never said definitively that the lows are in, the market hasn't proven that yet, but that this wasn't the time to be super bearish. Also like I stated last night, the Dow did test it's Feb lows, and many sectors have or have broken them. The minimum retracement to the Feb lows I was looking for occurred so it's also possible that some sort of low is in too. keep an open mind and react
If you look at those past corrections I have been showing for 2 months now, they all retested their initial wave A lows but many times they either re-tested or only slightly undercut them, they didn't drastically make new low. And a couple times the low wasn't hit, but was close. Also we focus on the SPX, however in those past corrections the other major indexes didn't all test there lows, the point is also look at the other indexes as well
Right, and Idid not say
Posted by frtaylor on 3rd of Apr 2018 at 12:20 pm
Right, and Idid not say that you said the lows were in. Not a knock on your analysis! Just pointing out in more detail what the situation is. I listened to the newsletter, including analysis of past ABC corrections, and it all makes sense. In fact, at the lows today I bought a couple far OTM calls for end of April in case we have a face-ripping rally. My post was only stating that price (the bulls) have yet to "prove it." Anything's possible, and certainly an upside rip from here is.
this is what I'm referring
Posted by matt on 3rd of Apr 2018 at 11:26 am
this is what I'm referring to, you can get bifurcations where some make new lows and other's don't. This shows one past correction, the SPX tested the lows basically in that wave C but the others did not, especially the QQQ's
Sure. I get all that.
Posted by frtaylor on 3rd of Apr 2018 at 12:31 pm
Sure. I get all that.