$QQQ TOP 20
Added 2023-01-08 20:10:08 +0000 UTCVery similar to $SPY, zooming out and they are almost identical. A bounce at previous support on Friday got some people hopeful, I think I've laboured on enough today about this today. The trend continues and the length of the red ellipse is the likely target after a break down from the bear flag to complete Wave 3.
There would need to be a substantial shift in policy, interest rates and CPI for bulls to be in control here again...in the short term, you must remember that interest rates are still high, 7% is an absurd level to be at when 2% is the target, this level can collapse a housing industry which resulted in the 2008 crash, amongst other things.
Do not think because inflation has peaked that it is over now and not an issue, furthermore, if inflation drops like a stone, the US will more than likely have a deflationary issue, which carries it's own issues...none of this shouts stability to me and certainly not bullish.
