QQQ whats next??!!
It appears QQQ has found a landing zone, and may now be in the accumulation phase, Using the Wyckoff Accumulation method, I analyzed what may occur over the next few trading weeks. In the short term I believe QQQ is bullish and looking to retrace to the .618 Fib resistance ($300-305) within a few days. After that Based on the wyckoff method, it may breakdown, given the marco-economics of the entire market being bearish, with alot of fear and uncertainty amid a recession on the horizon (if were not already), and the feds hawkish aim to control inflation, we may have a sell off that could lead below previous lows, as highlighted in the chart.
Strategy 1: buy $300 calls expiration 8-19-22
Sell: Target price when QQQ reaches $300
Startegy 2: If QQQ reaches $300-305 Buy PUT 21 days from expiration ideally strike of $290
Alternatively QQQ could break over $305 and continue to rally and possibly reverse to the upside despite macro conditions.
DISCLAIMER: I am not a financial advisor, I do not advise anyone to buy or sell anything, these are just my own ideas for my own use, trade at your own risk.
Strategy 1: buy $300 calls expiration 8-19-22
Sell: Target price when QQQ reaches $300
Startegy 2: If QQQ reaches $300-305 Buy PUT 21 days from expiration ideally strike of $290
Alternatively QQQ could break over $305 and continue to rally and possibly reverse to the upside despite macro conditions.
DISCLAIMER: I am not a financial advisor, I do not advise anyone to buy or sell anything, these are just my own ideas for my own use, trade at your own risk.
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