$QQQ- To $343 Or Back To $300?
After pulling back sharply off of all-time highs, growth stocks have started to point upwards once more. However, this might not be good for the Q's. I see two potential outcomes here:
Outlook #1:
QQQ is showing strength after a minor pullback to an important trendline and a fibonacci level with a volume shelf. The stochastic oscillator and the MACD are both pointing toward all-time highs, and that's exactly where we are headed.
Outlook #2:
QQQ needs to complete the ABC correction wave and test the $300 level again, which happens to be a 50% retracement and a key level of structure. The RSI has found a resistance trend line, which is another bearish sign.
Personally I think that Outlook #2 is more likely, given the overall look of the chart and the similar scenario that played out in 2020. Leave a like and comment your thoughts :) Good Luck!
Outlook #1:
QQQ is showing strength after a minor pullback to an important trendline and a fibonacci level with a volume shelf. The stochastic oscillator and the MACD are both pointing toward all-time highs, and that's exactly where we are headed. Outlook #2:
QQQ needs to complete the ABC correction wave and test the $300 level again, which happens to be a 50% retracement and a key level of structure. The RSI has found a resistance trend line, which is another bearish sign. Personally I think that Outlook #2 is more likely, given the overall look of the chart and the similar scenario that played out in 2020. Leave a like and comment your thoughts :) Good Luck!
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