$QQQ TOP 20
Added 2024-09-23 00:46:24 +0000 UTC$QQQ gave us a clear wedge breakout this week, it is still lagging the $SPY as this has made a new ATH, mainly lagging due to $NVDA's performance.
$QQQ bulls still have a bit of work to do here as the price tests the amber resistance fib level at $486 next, above this level and we are looking at a ATH retest and then things become interesting, a break and hold above this line and we are heavily leaning towards a melt up scenario and extreme euphoria across all asset classes.....this may trigger people to move money from their money market accounts to fuel this fomo that equities will offer better returns than +5%.
We have no issue seeing this happen, we will simply let our positions run and sell after a parabolic move.
I will not be moving any money from my money market account, bonds or Silver to chase this run up if it happens.
Otherwise
A rejection at the previous ATH line and we are looking at Wave B complete
It is not a guarantee which way this is going to go....we are playing both sides here
There is likely going to be a number of twists and turns along the way as we edge closer to election day in November too.
So let's keep focused and let the price action guide us.
