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May 4th, 2022: IWM and QQQ Chart Update

Posted by pugsma on May 4, 2022

4:15 pm EST:

The QQQ hit 330.29 and needs to break 335.79 to invalid the alternate (red) count and confirm the primary (white/green) count.

The IWM hit 193.93 and needs to break above 195.88 to invalidate the alternate (red) count and confirm the primary (white/green) count.

IWM 60-min chart:

IWM Technical Analysis

IWM daily chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

QQQ daily chart:

QQQ Technical Analysis

11 Responses to “May 4th, 2022: IWM and QQQ Chart Update”

  1. Anjali Tewari said

    Thank you

  2. pugsma said

    The QQQ hit 330.29 and needs to break 335.79 to invalid the alternate (red) count and confirm the primary (white/green) count.

    The IWM hit 193.93 and needs to break above 195.88 to invalidate the alternate (red) count and confirm the primary (white/green) count.

    • pugsma said

      Also of note is that both the IWM and QQQ now above both the 38% AND 50% Fib retrace for an alt(red) count minor 4 wave. That’s highly indicative of the primary (white/green) count.

      • Jim Guthery said

        I hope we get a gap and go at market open and put this madness behind us.

  3. pugsma said

    QQQ just 311.89; below 309.65 is required to confirm alt(red) count.

  4. pugsma said

    QQQ: Interesting data here on the clustering three of 96% down days (today is the third) over the past 10 trading days.

    14 of 14 cases (100%) green (+) returns 3 months out with an average gain of +15.6%. That would be 4800 from here at 4150 by the beginning of August.

    There are some cases with nasty drawdowns on average of -5.3% or 3930 from here at 4150. So could see 3930 (red count) before 4800.

    https://twitter.com/jonathanharrier/status/1522248257371611140?s=21&t=Hzl1Cwf5GWnnR1EKXA53bA

  5. pugsma said

    QQQ just hit 309.79; below 309.65 confirms alt (red)

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