$QQQ TOP 20
Added 2025-04-06 19:44:57 +0000 UTCA lot of talk about a 1987 Black Monday style crash tomorrow.
The truth is, there is likely going to be a move down to the 200 WMA here for the $QQQ at $382 which is aligning nicely with the 0.38 Fib but having reviewed previous historical corrections this is very typical of what happened in the past and it does not need to happen all at once tomorrow.
A drop down to the 200WMA is about a -9% fall, which will be very strong but I do not see how this has to happen all at once tomorrow.
CPI, PPI, Trade Tariff talks and Earnings reports are out this week, so the week will likely not be smooth in the slightest
I believe the 200 WMA will offer support for the $QQQ and will signal the end of Wave A, which is also what we are seeing on many of the Mega Cap charts reviewed this evening.
The ABC chart we have been sharing for the last 2 years is showing a standard correction, this is not the nuclear armageddon possibility
Which is why I have added in the larger red fib levels, this would align with the GFC 2009 low and the market high in Feb this year....there are some online that have been calling for this 1929 style crash, I do not believe this is going to happen because companies are still strong but likewise, I can not rule it out because these Tariffs will trigger a recession if they stay in.
The Mag 7, which effectively carry the market will take a substantial hit.
The sooner this Tariff mess is resolved the better, the longer it carries on, the more damage it will do....mainly to the US and its market.
