QQQ very clear 5 waves down - The 'A' wave may be finished
QQQ 5 waves down - the fib extensions measure out cleanly.
Because it appears there have been 5 waves down this implies it is the A wave of an ABC correction.
Now will watch for the B wave up dead cat bounce, before the c wave finishes it and could bring it lower.
There is another more bearish possible count here but wont post that just yet. If this ABC is the pattern that has started it, could play out something like this.
Many other tickers have this similar 5 wave structure down.
Look at the perfect bounce on this monthly candle level which was the monthly open for september 2020.
Volume climax.
Getting into oversold areas.
VIX never really spiked on this first drop...
Bigger fib extension long setup (yellow and red lines) could take this to the green target at 362 as long as the red line holds.
The more bearish elliott wave count would invalidate the fib setup.
Because it appears there have been 5 waves down this implies it is the A wave of an ABC correction.
Now will watch for the B wave up dead cat bounce, before the c wave finishes it and could bring it lower.
There is another more bearish possible count here but wont post that just yet. If this ABC is the pattern that has started it, could play out something like this.
Many other tickers have this similar 5 wave structure down.
Look at the perfect bounce on this monthly candle level which was the monthly open for september 2020.
Volume climax.
Getting into oversold areas.
VIX never really spiked on this first drop...
Bigger fib extension long setup (yellow and red lines) could take this to the green target at 362 as long as the red line holds.
The more bearish elliott wave count would invalidate the fib setup.
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