The Long Investor

$QQQ TOP 20

Added 2024-08-16 10:24:12 +0000 UTC

$QQQ has given us the biggest drop in 16 years over the last month and also the largest bounce in 16 years, this volatility is certainly not something we see regularly.

We have superinvestors selling large positions out of US Techs and then other funds buying the dip and now the retail investors buying the dip

We have the $VIX giving us a warning signal which has only been seen in 2008 (GFC) and the Covid 2020 crash

Regardless the chart is showing a test and strong bounce on the 200 Day MA and the price is just at the 50 Day MA now at $574, the 50 Day MA has not been converted to support yet and we have no retest, if a retest comes and the 50 Day MA becomes a support level, then the bulls have a possibility of moving this back up to the ATH line again at $503

A break and hold above this level and we will get a melt up and the 2.618 Fib is at $596

Any rejection between the 50 Day MA and the $503 level and Wave B could be complete

There has been no pull back in this bounce since the 200 Day MA, so there could still be more twists to this

Right now, I don't have to do anything with my portfolio

The majority of all of my positions are green and we have gained over the last month with our holdings and adds.

I will continue to hold my safe haven positions and crypto

My portfolio is positioned to withstand any movement in the market and still gain, this is something I will always try and achieve.