The Invesco QQQ Trust (QQQ) is an exchange-traded fund (ETF) that tracks the performance of the Nasdaq-100 Index, which includes 100 of the largest non-financial companies listed on the Nasdaq stock exchange.
QQQ is heavily weighted towards technology companies, making it particularly attractive for investors seeking exposure to tech growth. It does not include financial companies focusing on software, hardware, e-commerce, and biotechnology sectors
QQQ is reaching a new all-time high of 540 and is being rejected by it. This level represent a possible fifth short-term Elliott upside wave top and a confirmed break below 500 will confirm that. Now only a break above 540 would lead to an upside continuation and will invalidate the downside reversal. Learn to Trade stocks profitably.
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QQQ weekly chart below reveals a strong upside resistance from an intersection of two channel flag indicated by the KNOWPO trading system. Major support at this point and a strong downside resistance is 507. At this point, sell positions have a greater probability of success than buying positions. If we get a confirmed break above 540 we should see an extension of the third wave higher however RSI is showing signs of negative divergence so I am expecting a strong reversal from here.
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As the famous trader says…
“An investor without investment objectives is like a traveler without a destination.”
Ralph Seger
How to trade this?
It is a fact that a strong upside resistance for Q4 2024 is 540 and If we get a confirmation of a breakout and a sustained extension above this level we could see still a strong upside continuation higher in the extended fifth long-term upside Elliott Wave. You can take the short trade here with a stop loss above 540. You can trade with put options as well. For inquiries about account management or copy trading please write to [email protected] or contact me on WhatsApp or Live chat.
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