$QQQ TOP 20
Added 2023-11-12 15:56:41 +0000 UTCThe chart says it all really, very strong aggressive bounce since the 200 Day MA, with not a single pull back yet, nothing that we can justify, the price has bounced out of the bull flag too and had very little resistance from the top trend line as well.
This subwave 1 of Wave 5 is quite long, and the longer this is, the higher Wave 5 can go, when we get our Subwave 2 count complete, we may show Wave 5 completing higher than at the previous high line at $408.
In spite of all of the noise this year, this impulse wave looks fairly standard.....the only part that gave us concern was how long Wave 4 went, lasting almost 4 months, while Wave 2 only lasted 1 month.
In the future, this is something we need to consider, that Wave 4 does not pull back as far as Wave 2 but it can slowly move sideways for a lot longer.
This chart also shows how beneficial it is to use the 50 and 200 Day MA as well.
If we look at March on the chart, the 50 Day crossed the 200 Day MA sharply which is a bullish indication and this marked the Wave 3 bull run, then at the start of November, we can see that the price action used the 200 Day MA to hold support and bounced.
This is not EW Theory, this is indicators to assist with our theory and they are very helpful.
Not all charts read as well as this, the larger the company or sector ETF the easier a chart is to read.
Comments
Subwave 2 needs to pull back shortly.....I expect Wave 5 could extend higher, as Subwave 1 (the wave we are in now) has bounced very high
Gareth Neary
2023-11-12 16:05:59 +0000 UTCDoes that mean this bull run would continue further? Can we expect any pullback?
Shahzadi Jasmin
2023-11-12 15:58:53 +0000 UTC
