$QQQ - favored count
The Q's are going to be putting in a bear trap to start off next week most likely, that appears to me to be a wave iv, before the final push up for our wave 1 top.
Notice the RSI divergence - RSI highest at wave 3 peak - now we are divergent and will be when the top is put in. The top could come really at any point since we now have a clear 5 wave move - BUT I am seeing us extending towards around 410 as final destination before correction.
The are where we currently stand I would advise on taking profits when they exist and / or hedging appropriately. The market will ultimately do what it wants and could go much higher, but I just dont see that as extremely likely. Now, after the next dip I do think we will see another rally as the top will not be in! I think that area will be around the previous ATH Avwap / 50% retracement area --- 372 - 380
Notice the RSI divergence - RSI highest at wave 3 peak - now we are divergent and will be when the top is put in. The top could come really at any point since we now have a clear 5 wave move - BUT I am seeing us extending towards around 410 as final destination before correction.
The are where we currently stand I would advise on taking profits when they exist and / or hedging appropriately. The market will ultimately do what it wants and could go much higher, but I just dont see that as extremely likely. Now, after the next dip I do think we will see another rally as the top will not be in! I think that area will be around the previous ATH Avwap / 50% retracement area --- 372 - 380
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