QQQ is still testing the strong resistance 490 level for a continuation higher. A confirmed breakout above this level is required to continue higher in the short-term and long-term fifth uptrend Elliott Wave. Strong support is 450 level. Learn to Trade ETF profitably.
The Weekly QQQ chart reveals a breakout above the rising wedge. At this point, both sell and buy positions are possible as the QQQ is still below the strong upside extension level of 490. Overall support for the upside even if it breaks below 470 is the 440-450 zone and long-term support for a bullish trend invalidation is 410.
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As the famous trader says…
“Novice Traders trade 5 to 10 times too big. They are taking 5 to 10 percent risk, on a trade they should be taking 1 to 2 percent risk on.”
Bruce Kovner
How to trade this?
It is a fact that a strong upside resistance for Q3 2024 is 490 and If we get a confirmed break above this level we could see a strong upside continuation in a fifth long-term upside Elliott Wave. Near-term, long-trade entries have a higher probability of success. Long trade entries can be placed here or a call option buying with a stop loss below 460 with a first target of 520 and if broken second target is 540. The short-trade entry can be tried in the case of a break below 450. For inquiries about account management please write to [email protected].
