While Mag 7 stocks recently rebounded, MSFT has entered a period of consolidation.
In recent history bull runs resolve in >30% corrections after hitting Fibonacci multiples, with the bottoms forming a clear support trend line (Dec 18, Mar 20, Oct 22 & Jan 23).
If MSFT loses the support @ $400 the stock may enter a multi-month correction cycle before finding...
Daily DXY sitting on high volume node, rejecting lower prices.
Moving higher will form reverse H&S pattern with neckline in 102.
Measured move will test high volume node on 104.
Confluence with VWAP from July low and October high.
Added confluence with Fibonacci retracement levels from said Jul Low to Oct High and Oct High to Dec Low.
Jul Low, Oct High, Nov Low,...
Signs of emerging Wycoff, correlating with resistance at current levels.
Expecting short term dip and retest of resistance @ $80.
If breakout, stop loss @ $83.
Else downside to $75, $65 and then $50.
As long as top is in, a possible support forms at $570-530 with confluence of Fibonacci levels, VWAP/Volume POC from base formed at $480 and rising 50D SMA.
QQQ price action forms Rising Wedge, correlating with lowering volumes and an emerging divergence from MACD and RSI.
Expecting correction of 7.5-10% to ~$390 with convergence of Low VWAP, 200day SMA, Fibonacci 61~50%, and Bull run POC.
Catalyst may be poor Semiconductor/Tech 2023Q4 Earnings with focus on Tesla-Nvidia.
Expecting Wycoff Distribution to form...
