The Long Investor
patreon
$QQQ TOP 20
🕑 Added 2025-04-20 19:58:09 +0000 UTCThe $SPY and $QQQ bounce since the 7th of April low have both been the same.
There was a failure to make a higher high on the 14th of April after Trump announced the chip ban to China and the market pulled back strong, pull backs are normal of course but a pull back after bouncing in 3 waves is typically a sign that we see a lower low next (below the 7th of April low)
5 waves can still come and I have discussed this already during the week, the $431 level for me needs to hold in order to compete 5 waves higher
If this level is not held then a lower low can come in next and this would suggest we are still in Wave A and a test of the 200 WMA moving to the large 0.38 Fib at $389 would be the target for Wave A to complete.
The added concern of the earnings season heating up does not cool the levels of uncertainty right now.
