May 26th, 2020: IWM and QQQ 60-min & Daily Chart Update
Posted by pugsma on May 26, 2020
9:20 am EST: IWM is set to break above the 136.85 high from April 29th. From last week, the primary (green) count target for the major [1] completion was at 138.35, where M5=1.62*M1. There is also a higher target at 143.32, where M5=2.0M1=143.32
One thing very interesting thing about IWM is that it recent pull-back to 117.18 was a nearly 50% Fib retrace of the entire move up from 95.69 to 136.85. That would fit with the 117.18 low being a major [2] wave low in an alternate (blue) count that is extremely bullish going forward. That is to say, that since the 117.18 major [2] low, the major [3] of P1-C3 wave has kicked off. The typical wave [3]=1.62[1] target is at 183.86. This first wave up from 117.18 would be the minor 1 of major [3] wave.
IWM 60-min chart:
IWM Daily Chart:
QQQ is minor 5 wave is targeting the M5=0.62*M1 = 234.92 level set last week for the QQQ primary (green) wave count.
QQQ 60-min chart:
QQQ Daily Chart:
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