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May 26th, 2014: QQQ Wave Count Update

Posted by pugsma on May 26, 2014

11:05 am EST:  QQQ is likely playing out as a flat or expanded flat 3-3-5 wave for the Primary Wave 4 (P4) of Cycle 1 (C1).  The move down from the P3-C1 top of 91.36 in early March to 83.28 mid-April was a 3-wave major [A]-P4.  The QQQ’s are now correcting higher in a 3-wave major [B] that will reach either 91.36 (flat [B]=[A]) or 93.22 (expanded flat [B]=1.23*[A]).  Once major [B]-P4 completes by mid-July there will be a fast 5-wave drop for major [C]-P4 down to 83.28 (flat [C]=[A]) or 80.13 [expanded flat [C]=1.62[A).

QQQ 60-min chart (5-23-14, EOD):

PUG QQQ 60-min chart EOD 5-23-14

 

QQQ 4-hr chart (5-23-14, EOD):

PUG QQQ 4-hr chart EOD 5-23-14

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