The Long Investor
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$QQQ TOP 20
🕑 Added 2025-01-14 11:30:24 +0000 UTCYesterday I added the $SPY chart that would favour the bulls and the pull back we have seen is simply a Subwave 4 of Wave 5....so I have added this to the $QQQ chart too and we can see they are very similar....as the price action has pulled back into between the 0.38 Fib and 0.5 Fib range.
This is where it needs to hold however.
One more retest of the 50 Day MA will be important here next and flipping it back to support will certainly support the final subwave 5 bounce, which is another reason why I continue to hold my tech positions.
Both bullish and bearish scenarios are on the table and there is no denying that being under the 50 Day MA is showing weakness but the fight is still there for the Bulls to win one more round.
