$QQQ TOP 20
Added 2025-01-05 19:53:41 +0000 UTCShaking start to the new year as the $QQQ opened the first trading day on the 2nd of Jan with a strong flush down below the 1 Fib at $510 and the 50 Day MA but recovered nicely then throughout the week and finished the week retesting the rising wedge from below at $518.
$NVDA and $AMZN lead the revival which they have done many times over the last 18 months and continue to be in strong set ups.
If both continue to hold above $141 and $220 respectively then the $QQQ could jump back into the rising wedge and head for the Melt Up level, which is about +10% higher right now.
The pull back since the 19th of December has also been 3 waves and then bouncing....so a 3 wave pull back against the trend is bullish and is part of an impulse wave.
A higher high above $530 would confirm this trend to the upside.
The downside risk continues to rest on holding above the 50 Day MA.
