The QQQQ has rallied nicely from the lows. However, as discussed in my previous technical analysis of qqqq, (Has QQQQ posted a major bottom?) we would like to see a move to 30.46 before we can be comfortable about calling a bottom. We are very close to its first resistance around 29.55, but should this break, we can look for a continuation to the more crucial 30.46-30.60 window. Short-term traders might consider selling there because we a revisit to below 29 is very likely from that level. However, should the qqqq reach 30.46 this week, we should be careful not to overstay shorts created near there because any rally after a correction from above 30.46 will likely be swift and travel much farther.
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the key is patience for all the components of the set up to fall into place
Indy, you nailed it! Being patient for the right level is a key ingredient of success in trading. Most traders are too anxious about missing a trade, and enter too early. But no sooner they get into a position, they start worrying and would be more than willing to get out of it. Frequently, they get out exactly at the point where they should be getting into the trade. That is the whole irony. Being patient in the first place would have saved them all this hassle!
Hello Ramki,
Thanks for the great analysis and wave information.
Please let me know about the next move of QQQQ?
I appreciate it very much. Thanx in advance.
Regards,
Hemant