$QQQ TOP 20 UPDATE
Added 2023-03-23 12:08:51 +0000 UTCIf there was ever a chart that reinforces the significance of Fibonacci levels, this chart may be it. Since the 0.38 Fib flipped from support to resistance, the range has stayed almost exactly between the 0.38 Fib and the 0.618 Fib, faking out once and then dipping only slightly to the 0.65 Fib.
Even yesterday, it hit the 0.38 fib almost to the cent and then rejected.
So we have a bear flag here with an ascending wedge in it, two bearish formations, what bulls will be focusing on is that it is above the 200 Day and 50 Day MA and broke out of the long downward trend.
I think the best possible outcome here for both the bulls and bears is that this consolidates side ways into the range it has been in since early 2022.
A break down of the bear flag means, it loses the 200 day MA, so I suspect a lot more downside, worst case scenario will be Wave C. If it can stay in this bear flag, waves 3,4 & 5 are next and then a move down.
The $SPY is looking a lot weaker than this and if you are struggling to get your head around this, don't be too concerned, this is unprecedented times and nothing is a guarantee right now.
