The Powershares QQQ Trust (QQQQ) shows price weakened after the bull move in 2007. Price hit the 50% time cycle at 100% retrace which is a bad sign for future price action. Price finished the time cycle at a 75% retrace. Price has now mirrored that move by hitting a 100% price move down at the 50% cycle. Nothing here tells me to get bullish in the long term.
Chart courtesy of Stockcharts.com
Price should find resistence in the 1×1 descending angle (red line). If price breaks though this angle then the 1×1 ascending angle (blue line) should provide guidance for future price trajectory.
Post Modified: November 8th, 2008 at 4:36 pm
Tags: Gann Angle Fan · QQQQ8 Comments
8 responses so far ↓
I updated my SPX Bear map with cycle - Final low in February 09
http://www.forkoholic.com/images/SPXBearMapFeb09low.jpg
Fork, I was off a bit with mine, your’s looks really good, my only problem is there seems to be some momentum happening with this wave up that is fighting hard since Oct.10, are we still in the 4th wave triangle, ??? If we go up which is what I have, then we go to 1050 soon. but its always harder to go up stream than down stream…..
your chart show’s this 4th wave a little better than mine, I see it now, we are in the “E” wave going up in this triangle, so wave 3 will end around 700 +/- then larger degree 4, to my projected target of 1050…..that darn triangle messed up my time projections…..
Andy I have another turn date as Tues.the 11th. Most of my turns lately running off Fib/lucas…are down moves. I choked on this last one which I had on the 6th, it was a perfect hit, and I was too tired and sick and did not realize I had a turn coming, so that cost me short term. I will recheck my charts but this upswing could end sooner,,,, few more banks went under yesterday, small, ones but any are significant in my opinion. Fork and Andy thanks for the chart’s, Got to get some sleep, my first Hockey game tonight of the season Blue Jackets against Calgary….should be good. Go Jackets!
Oh I forgot to ask you Fork, what is Forkology? I like your web site, cool Fork critter….
http://www.wws.princeton.edu/~pkrugman/
http://www.cnbc.com/id/15840232?video=920170651&play=1
Libby - I’ve been looking at Sidereal lunar cycles. Cycles of 218 days have been coming up often in my studies and that is approximately 8 sidereal lunar months - 27.32 days. Friday was 27 days after October 10th. That could be significant. This was also 7 cycles from the May high with 218 days hitting on 05Dec. I plan to expand this in a post soon.