Hey everyone. Few thoughts on the previous moves on QQQ this past week. Looks like from our previous swing low to 297 in early March we have completed another swing high to 324 now in a corrective pattern moving down. Regarding fib levels, we had a meaningful bounce off of the 618 fib coming above the 38 fib. Previously we've seen this shoot up past the 23 fib before coming down to test the 786 fib... Of course, there is a potential to break this with more upset momentum but as it struggles around the 200 EMA + talk of a pullback in the tech sector overall + the Suez canal issue we may be set to visit 302-305 as soon as 3/31.
On a more macro scale, QQQ movement since November peaked at 338 in February... moving down to bounce off the 50 fib level of 297 in early March. We then shot up past the 23 fib and are now sitting right above the 38fib. I suspect we will still need to see our move down to the 618 fib (~294) before seeing any meaningful potential upside movement. Thanks and let me know your thoughts!
On a more macro scale, QQQ movement since November peaked at 338 in February... moving down to bounce off the 50 fib level of 297 in early March. We then shot up past the 23 fib and are now sitting right above the 38fib. I suspect we will still need to see our move down to the 618 fib (~294) before seeing any meaningful potential upside movement. Thanks and let me know your thoughts!