The Powershares QQQ Trust (QQQQ) squared out in the short term yesterday and looks strong in the long term. Price continues above the 4:1 Gann Angle of the Mar05-Oct07 range. Price recently bounced off the 1:1 descending angle (as expected) and could move all the way to the 1:1 ascending line without losing it’s bullish attitude.
Long term, this continues to look like an A-B-C correction into October before turning into a real strong market that is easy to make money — even for those who don’t know what they are doing.
Chart courtesy of Stockcharts.com
Post Modified: July 3rd, 2008 at 12:29 am
Tags: A-B-C Correction · Elliott Wave Analysis · Gann Angle Fan · QQQQ · Square Out2 Comments
2 responses so far ↓
andy, ge is below a major trendline and makes up 2-3% of the sp500,should we be looking for a big dump,or wait for a cycle turn
Mike - if you are talking about the short term, then it is definitely possible. The markets looks weak. But long term the QQQQ/NDX/COMPQ are in very good shape.