Likely inflection point today in the tech heavy $QQQ. The divergences between the Russell 2000 and Dow Jones Industrial Average setting in lower highs and the S&P and QQQ setting in higher highs, is pointing toward a short term drop at resistance.
Using fibonacci time frame analysis, we can see that on or about today is the likely time for this reversal. We can expect a move lower to build momentum for an eventual break higher and potentially to new all time highs.
The advance decline line is showing (not pictured on the chart) a bullish divergence between the September highs and the current highs, indicating that new all time highs are on the horizon, although not yet.
After a rotation downward, many will suspect that we have made a triple top and this is the end of this bull rally.
In reality, we will be forming a stronger base to ultimately break the top.
I believe this price drop is imminent, so please protect positions.
Using fibonacci time frame analysis, we can see that on or about today is the likely time for this reversal. We can expect a move lower to build momentum for an eventual break higher and potentially to new all time highs.
The advance decline line is showing (not pictured on the chart) a bullish divergence between the September highs and the current highs, indicating that new all time highs are on the horizon, although not yet.
After a rotation downward, many will suspect that we have made a triple top and this is the end of this bull rally.
In reality, we will be forming a stronger base to ultimately break the top.
I believe this price drop is imminent, so please protect positions.
Comment:
It looks like this inflection point is turning out as predicted. Traders would be wise to protect long investments at this point.
Trade closed: stop reached