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May12th, 2020: QQQ 60-min Chart

Posted by pugsma on May 12, 2020

On the QQQ 60-min chart, the QQQ’s are still bullish above the 217.32 level.   Thus, the wave counts are the opposite of the SP500, with the primary (green) count on the QQQ looking for a move up to 234 to 235 to complete major [1]-P1-C3.

On a break below 217.32 look for the major [2] expanded flat wave to drop to the 200 area per the alternate (blue) count labels.

QQQ 60-min chart:

QQQ Technical Analysis

One Response to “May12th, 2020: QQQ 60-min Chart”

  1. rat8nine said

    qqq 15 – my algo observation: qqq turned yesterday at 228.10, a tad under where 236.93 – 164.93 = .886 at 228.72. It is a classic algo to hit price at the .886 and drive it down to the .382 for better prices, before sending it higher. the low today is pennies over the .447 retrace from the 211.12 low. we know that .447 is in the .382 universe, and is half of .886. Unless I’m wrong, this is how qqq gets up to a higher high to complete Major [1]

    tqqq 5

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