QQQ - Chart Link- here's that wave count on the
60 min that we've showed, the problem is that last high didn't
complete that wave (iii) looks more like a wave v of (iii) and we
still need that new high for wave (v)
_QQQ - Chart Link- the daily charts did not
break symmetry as I mentioned yesterday so that's further
evidence
Matt, re the QQQ 60 min chart you posted, you are saying that
the upper trendline and 429.85 needs to be taken out to make a wave
(v) and then we can expect a deeper pullback? Looks like on any new
high, there will be neg divergence on both the MACD and RSI
on the daily price never broke symmetry, needs a move below
412
yeah taking out that trendline on the 60 min over 428.35 would
be a confirmation, but again that's so close to the highs -
anything over about 61.8% retracement is likely confirming
it.
it's about wave structure - right now we have only 3 major waves
down - so that could have completed an ABC and the correction is
done. What you need to see on the upside on a smaller time frame is
5 waves up
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Market wave (4) pullback still possible
Posted by matt on 1st of Feb 2024 at 12:57 pm
QQQ - Chart Link- here's that wave count on the 60 min that we've showed, the problem is that last high didn't complete that wave (iii) looks more like a wave v of (iii) and we still need that new high for wave (v)
_QQQ - Chart Link- the daily charts did not break symmetry as I mentioned yesterday so that's further evidence
Matt, re the QQQ 60
Posted by DK on 1st of Feb 2024 at 01:18 pm
Matt, re the QQQ 60 min chart you posted, you are saying that the upper trendline and 429.85 needs to be taken out to make a wave (v) and then we can expect a deeper pullback? Looks like on any new high, there will be neg divergence on both the MACD and RSI
on the daily price never
Posted by matt on 1st of Feb 2024 at 02:13 pm
on the daily price never broke symmetry, needs a move below 412
yeah taking out that trendline on the 60 min over 428.35 would be a confirmation, but again that's so close to the highs - anything over about 61.8% retracement is likely confirming it.
it's about wave structure - right now we have only 3 major waves down - so that could have completed an ABC and the correction is done. What you need to see on the upside on a smaller time frame is 5 waves up