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April 29th, 2014: QQQ Wave Count Update

Posted by pugsma on April 29, 2014

3:00 pm EST:   Some subscribers have been asking my thoughts on the Nasdaq ST, IT and LT wave count.  Here is my wave count update on the QQQ.  I believe the QQQ and Nasdaq likely topped the P3-C1 of SC-V back in early March and is now in the process of forming the right shoulder of a large head and shoulders top that will lead to a P4 drop to the 75 pivot area in the coming months.  The major [B]-P4 wave in progress right now and could reach has high as 90.04, where minor C=A in the coming week or two.

QQQ 60-min chart (EOD):

PUG QQQ 60-min chart 4-29-14

QQQ 4-hr chart (EOD):

PUG QQQ 4-hr chart 4-29-14

QQQ weekly chart (EOD):

PUG QQQ weekly chart EOD 4-29-14

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