$QQQ TOP 20
Added 2024-05-12 19:29:15 +0000 UTCLike I have done on the $AMZN and $MSFT charts this week, I have added in a potential extended Wave 5 target for $QQQ and $SPY charts, there is no way that I can rule out either option until we get the CPI data on Weds.
Bulls have also run very well in this bounce and have hit the 0.78 Fib at $441 but has not completed a retest of this level yet.
Taking any sort of gamble on what direction this will go is not to be encouraged......either option also makes very little difference to my positions and portfolio, I am comfortably holding all my positions until the correction is complete and will only be adding positions that are clearly not at the top of any impulse wave.
Let me be very clear here, the $QQQ will have jumped nearly 90% if it hits the extended Wave 5 level at $475 since the start of 2023......yes nearly 100%, an entire market.
To say that a pull back is needed after such a jump is an understatement and in such a short period of time too.
I leave chasing market extensions to the gamblers and traders, I have never done it and I don't intend to do it start now.
I will add to my cash reserve, I will add to my safe havens, look at adding to my chinese positions and take advantage of stocks that have already pulled back.
Nothing elevated right now is attractive to me, this is also the message communicated by Buffett last week too in Omaha.
