Unless this market is much stronger than I think, the QQQQ looks like it needs to move to the $46-47 area before another leg up. That could happen in one day. And could happen interday and end the day with a new high. But price looks like it needs to go the the 3/8 retrace line or the 1:1 ascending Gann Angle to finish an a-b-c correction before resumption of the uptrend. Let’s see how that plays out…
Chart courtesy of Stockcharts.com
Post Modified: July 3rd, 2008 at 12:34 am
Tags: A-B-C Correction · Gann Angle Fan · Price Retrace · QQQQ · Square of Range3 Comments
3 responses so far ↓
not too good news for me…i guess i’ll have to bite the bullet and sell my sp500 calls…. ugh, not a good week….
Kurt - please do not trade based on my posts. I am often wrong. These posts are to be backup for your own analysis.
I know Andy…. I feel that we have bottomed on the SP500, at least for the time being….but I also thought that last week Thursday, and then Friday came…one thing that gives me ‘hope’ is the action in the last 2 days, we go low, and end up from there (well, more yesterday), which was almost exactly the same action of last wednesday…so, it would be nice for the SP500 to finally start moving up into the end of June…