QQQ | Elliot Waves | 45 Min | Wave 4-5 | Correction to $248 |
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After extensive analysis in the short term frames, I have found Elliot waves inside the small time frames. Everyone was calling for a correction for a while since this wave is overextended.
A. The completion of wave 4 - 5 is based on Fib retracements of 1.272% since wave 4-5 can't be larger than wave 2-3.
B. The first leg of the correction will be 5 - A, next to wave four where there is a daily gap (This is the confirmation)
C. Its followed by a small bounce of 38.2% at $260.07 and then finishing the correction at $248. The proof for this can be seen in the 20EMA daily, at 250. Usually, it corrects a little below the EMA
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After extensive analysis in the short term frames, I have found Elliot waves inside the small time frames. Everyone was calling for a correction for a while since this wave is overextended.
A. The completion of wave 4 - 5 is based on Fib retracements of 1.272% since wave 4-5 can't be larger than wave 2-3.
B. The first leg of the correction will be 5 - A, next to wave four where there is a daily gap (This is the confirmation)
C. Its followed by a small bounce of 38.2% at $260.07 and then finishing the correction at $248. The proof for this can be seen in the 20EMA daily, at 250. Usually, it corrects a little below the EMA
Trade active:
The correction has started, I was bit off at the top since the FOMO brought it higher. Target $248.