resolving the monthly candle disconnected from the UBB would set-up the next bull run (if/when stimulus can be negotiated)
this is the line in the sand where I am scouting a back test if QQQ is going to complete the hourly right shoulder.
key spot.,continuing to track hourly H&S potential.
this is now where I am looking at for Resistance.
also set cloned bull diamond channel below in the event of consolidation
With QQQ detached from the Monthly UBB I can not take long term (weekly) bull plays. I am watching for a market reaction to the macro stimulus negotiations stall and whether this is a chance for the market to resolve and check in with the UBB. If we move back-down to QQQ 263 I will be a buyer for a bounce. If we lose and backtest this channel level on AAPL,...
Range is compressing. Line in the sand remains alternatively resistance and support,
History seems to repeat - not a prediction - always looking for the back-test.
QQQ's current active 30 min diamond offered a backtest before Friday's drop. Will we complete the diamond?
QQQ remains extended outside it's monthly UBB, until this resolves I am looking for short term bounce plays and a stronger move down to remedy this outlier this month. QQQ rejected the reverse .618 of the featured channel with the first smaller diamond, rejected the .65 with the second diamond and has now gained and held that line. Looking for a loss the this GP...