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January 21st, 2022: QQQ Chart Update

Posted by pugsma on January 21, 2022

3:25 pm EST: The QQQ (Nasdaq-100) chart wave counts have been modified to agree with the Nasdaq Composite Index chart published earlier today.

For the primary (white/green) wave count is that major [3]-P1-C3 peaked in November at 408.71. The ongoing correction since then is a major [4]-P1 wave with a 38% Fib retrace of major [3] target at 352.24. So today’s low of 352.19 is in this 38% Fib area. Once major [4] completes, the major [5] wave should make a new all-time high above 408.71. Note this major [4]-P1 wave remain valid above the major [1] high at 303.50, but realistically it must hold this 38% Fib area of 352.24 and the wave 4 of lessor degree of 350.32.

The alternate (red) wave count is that 408.71 market the top of P1-C3 and this correction is the P2-C3 wave that will target at least the 38% Fib of P1 at 316.07 and could target lower to the 50% at 286.82. I’m expecting major [W]-P2 to end in the 350.32 area to be followed by a major [X] bounce to a 50%/62% in the 380/387 area. Note: that is a potential head and shoulders on the daily chart that measure to the area of 291.93 on a break below the neckline at 350.32.

QQQ 60-min chart:

QQQ Technical Analysis

QQQ daily chart:

QQQ Technical Analysis

QQQ weekly chart:

QQQ Technical Analysis

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