The Long Investor
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$QQQ TOP 20
🕑 Added 2025-04-13 19:30:36 +0000 UTCThis was a week for the history books and we covered a lot of it during the week, from fake tweets to moving the market by $5-$7 Trillion in either direction and then having one of its best weeks in 12 months.
I can not add a Contrarian view for the $QQQ as the price did drop below the blue line this week, which infringes upon the top in 2021
The good news is that the price action can still go all the way back up to the blue line at $540 and still be a valid Wave B and this can certainly help the Contrarian View for the market.
But first and exactly like the $SPY chart, we need to watch for a test of the 50 WMA in the Wave B range, a rejection here from the $QQQ and this will certainly pull down the $SPY and I believe it rests entirely on the market believing that the Tariff issue can be resolved within 90 days.
A 10% Tariff across the board I think will be bullish and that is being kind.
Nobody can say for certain that we go to ATH's from here or we are in an ABC correction, there is arguments on both sides.
I haven't sold any positions since the pull back and I have only added positions on the pull back so all I am focused right now is on the retest of the 50 WMA from below.
A retest and rejection then we trim, a break out and recapture this support level at $488 then we hold our US exposed positions, such as $AMZN, $NVDA and $GOOG.
RSI on the weekly chart is also at 30, although it can go lower, seeing this on the weekly chart is bullish for a bounce.
Comments
G4Golf
Cap, I have long had a query about whether wicks, candle bodies or both can create overlaps. What do you think to the theory that Elliott only had open and close (no wicks) when he discovered waves? Might we have a contrarian situation on QQQ or am I completely grasping at straws? A huge wick down (on daily) very slightly encroaching the body of the 21 high. https://bata4u.com/EW/wave4.html
