$QQQ TOP 20
Added 2023-08-27 20:56:41 +0000 UTCThe best case scenario here is that Wave 4 is complete now, as the Wave 4 pull back was exactly the same length as the Wave 2 pull back and it found support on the 1.27 Fib at $353.
The worst case scenario is that this is a dead cat bounce and rejects again at the 50 Day MA and at the 1.618 Fib and if this does happen, this will likely come down as shown....
The extreme case is that the $QQQ comes all the way down to the 200 Day MA, which is at $320 right now......IF this does happen, it will bring a lot of pain for companies and unfortunately, this would mean that Wave 4 would still be valid as it does not impede of Wave 2, so it means that this is a possibility, the real long investors in this group will be licking their lips, knowing that they will be getting a lot of great companies on sale.
We will stay optimistic for now and hope that this breaks above the 50 Day MA next at $370.
Comments
There is large OI on the PUT side for Wednesday expiration at $351 and $338 for $QQQ… This week should be interesting.
RandumbInvestor
2023-08-27 21:06:52 +0000 UTC
