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The Long Investor - $QQQ - TOP 20 - part 2
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$QQQ is pointing to a gap down this morning at $698 after it closed at $715 last night, and it is now sitting well below the 2 Fib at $731
Wave 5 topped at $762 in early October, and the sell-off this week has come from the Mega Cap earnings, with $GOOG falling -12.6% on Thursday and $AMZN down around -7% pre-market on their strong capex spending.
The lower trendline of the channel and the 1.618 Fib at $639 are the confluence level for me if we see more downside, and the amber 0.38 Fib at $605 is the next level below that for Wave A of the correction.
Bulls want to see a close back above the 2 Fib at $731 for the Bull Case
$AAPL reports on Monday and the jobs report is next Friday, $NVDA reports on the 17th which may be the deciding factor for the market.....for me it is only $AAPL and $NVDA left now to fall and $AAPL is looking very extended and I don't see how it continues like this without its own ABC correction.....any flaw on Monday will not be treated warmly.
A loss of the channel opens up the Bear Case, with the buy zone below $540 as the line in the sand and target for us to add.
$QQQ is pointing to a gap down this morning at $698 after it closed at $715 last night, and it is now sitting well below the 2 Fib at $731
Wave 5 topped at $762 in early October, and the sell-off this week has come from the Mega Cap earnings, with $GOOG falling -12.6% on Thursday and $AMZN down around -7% pre-market on their strong capex spending.
The lower trendline of the channel and the 1.618 Fib at $639 are the confluence level for me if we see more downside, and the amber 0.38 Fib at $605 is the next level below that for Wave A of the correction.
Bulls want to see a close back above the 2 Fib at $731 for the Bull Case
$AAPL reports on Monday and the jobs report is next Friday, $NVDA reports on the 17th which may be the deciding factor for the market.....for me it is only $AAPL and $NVDA left now to fall and $AAPL is looking very extended and I don't see how it continues like this without its own ABC correction.....any flaw on Monday will not be treated warmly.
A loss of the channel opens up the Bear Case, with the buy zone below $540 as the line in the sand and target for us to add.
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