Listen to the TQQQ Megaphone "SHORT ME"Looking at the TQQQ hourly chart, you will notice that the megaphone is showing reward to the downside around 56. The upside is limited to about 114 area. What is the logical play? Comments?
Also the Yearly RSI is touching 80. What happened last time yearly RSI touched 80? Feb 20, 2020, Sept 2020 Kaboom!
Please do your own due diligence these are just fantastic recommendations!
Qqqidea
Triple QQQ Triple Color Fractal Frenzy I started looking back for areas in time where the volume profile specifically looked very similar.
We've kind of got an interesting volume profile going on right now with recently almost all buying volume and a very clean diminishing buying profile followed by a sudden approximately double selling volume from the next most recent candle.
I pulled those fractals I found where the volume profiles looked the most similar and scaled them to fit the most recent moves.
The dates are kinda fuzzy cuz I wasnt paying close attention but the general time frames are there if you want to look.
The yellow fractal seems interesting as once I scaled it to fit the most recent activity its peak hits the channel and its pull back lands almost right on the dotted support line.
Which fractal will it be!
💵 Attacks Major Level Of Resistance (QQQ)💰 LET'S GET INTO SOME QQQ ETF ANALYSIS!💰
1️⃣ First off SMASH that LIKE BUTTON & Give us a FOLLOW for DAILY ANALYSIS! ❤❤❤
(Overall Market Sentiment) Neutral 🤷♂️
- 3day Chart
- Green Engulfing Candle
- 3/3 EMA DOTS Green
We are aware on the 3day on big players like the DOW and SPX500 we are starting to see potential shift for selloff as they start to compress and shift red, but we won't have a close till the end of the week. QQQ is still firing massive green candles with all indicators still green. This week close and next week should show us a nice trend reversal range to watch closely on the market to see how we approach for a longterm play. What can we take into consideration for potential bear signs. We are entering into overbought territory based off the bottom indicator and we can take into consideration that we are now hitting the top of the alltime upward Resistance from all major market structures.
Best of luck to you and all of your trades this week! 🤜
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🥇MLT | MAJOR LEAGUE TRADER
Shorters Dream - A Projection of 1st Qtr 2001 QQQThe price action we've seen since October looks a lot like the tech bubble of Y2K. The combination of mean aversion and valuation levels like this have only occurred two times in the past(1929,2000). Corporate buy backs and excess leverage(everywhere) where also traits of these historical crashes.
Using the first tech bubble as a model, I've projected what might happen. Truly a shorters dream. This applies to both QQQ and SPY as they are rather synced right now and where one goes the other will follow quickly. IF .....it plays out in the same fashion then we will end the downhill run around April 4th or 5th(QQQ) at 117 and around March 25th for SPY at 215. Both, will ready for another furious bear rally at those points in time.
Sort of scary...
Hey, its an idea. We'll see.