QQQ about to get a reversal for the short term into #2 trend line.
There are few reasons for that:
1. QQQ had amazing rally since March
2. On 2nd september, a correction from the high started. it blocked exactly at the 23% Fibonacci level (see linked overview)
3. after a small correction, QQQ fell down below 50MA
4. Now, after a correction, 50MA should be used as resistance level.
My assume is that 50MA will be a resistance level, and then QQQ will fall staright to #2 trend line which is also arounf the 38% Fibonacci level
From my Point of view, as lone as we're above #2 line, we're still buillish.
There are few reasons for that:
1. QQQ had amazing rally since March
2. On 2nd september, a correction from the high started. it blocked exactly at the 23% Fibonacci level (see linked overview)
3. after a small correction, QQQ fell down below 50MA
4. Now, after a correction, 50MA should be used as resistance level.
My assume is that 50MA will be a resistance level, and then QQQ will fall staright to #2 trend line which is also arounf the 38% Fibonacci level
From my Point of view, as lone as we're above #2 line, we're still buillish.
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