QQQ - Chart Link- note on QQQ daily (not
shown) will be watching for clear 5 waves down on new lows
(which suggests selling the next rally)
$SPX - Chart Link- broke the daily
triangle to the downside (backtested and moved lower) with the
chart below showing the recent move lower
One can count 5 waves down unfolding currently (overlapping) so
potential leading diagonal IF the bulls cannot get back above the
bounce highs. This tells us to be on the lookout for a potential
bounce setup next week. The QQQs look weaker than the SPX
when you examine the daily charts.
Clearly, short term the market is fixated on what may or
may not transpire overseas. I'm simply pointing out the
prevailing near term chart to monitor.
QQQ and SPX 120 Minute Views
Posted by steve on 19th of Feb 2022 at 11:15 am
QQQ - Chart Link- note on QQQ daily (not shown) will be watching for clear 5 waves down on new lows (which suggests selling the next rally)
$SPX - Chart Link- broke the daily triangle to the downside (backtested and moved lower) with the chart below showing the recent move lower
One can count 5 waves down unfolding currently (overlapping) so potential leading diagonal IF the bulls cannot get back above the bounce highs. This tells us to be on the lookout for a potential bounce setup next week. The QQQs look weaker than the SPX when you examine the daily charts.
Clearly, short term the market is fixated on what may or may not transpire overseas. I'm simply pointing out the prevailing near term chart to monitor.
I wish we had a
Posted by bharvey96 on 19th of Feb 2022 at 03:47 pm
I wish we had a "like" button on this community site. If we did, I would "love" these charts. Nice work, Steve.