The Long Investor

$QQQ TOP 20

Added 2024-05-05 19:32:53 +0000 UTC

On both the $QQQ and $SPY chart I have added in the corrective behaviour of Wave 4 and added it above the current price action since the potential Wave 5 top and the results are incredibly uncanny.

Not only are they tracking identically, the time frames and bounces are moving to the exact same Fib levels too, including the 50 Day MA.

So for anyone to believe that this is definitely turning bullish or definitely turning bearish next, there is no certainty yet until we get a test of these very important levels at the 50 Day MA, the 0.618 Fib and the 0.78 Fib to $441.

So from $435 to the $441 I expect a battle.

The $QQQ ended the week for the second week in a row below the 50 Day MA and Buffett has added some food for thought now over the weekend by reducing his stake in $AAPL and explaining that nothing looks good right now so he decided to add to his cash pile.

These are the words and actions of one of the greatest investors of all time

Which is what we have been doing and communicating since well before this weekend, so I get some comfort in the fact that we are staying true to the strategies of the legacy value investors.

The count remains as shown and I won't be taking much action this week bare adding to Chinese ADRs which have always been my plan when they pull back......that being said, $HIMS tomorrow is looking like a stock I would consider because I assessed it greatly over the weekend and apart from some short term volatility, it is looking very attractive here.