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QQQ: Week of Aug 8

Just a quick synopsis of QQQ going into the Week of Aug 8.

- Bullish looking chart, it is displaying a scallop type pattern as part of a larger bullish bird pattern:

- Calculated trading range is 304 - 346 (in the blue box).
- As with SPY, bullish break is a break over 346 and hold.
- Bearish break is a break below 304 and hold.
- Buy area would be a hold of 313 (according to projections); however, there is a technical support line located right below this zone (the green line). Respect of this area would be a very bullish sign.
- Sell area would be rejection of 330 and failure to break above.
- RSI is approaching overbought on the daily and thus pullback here should be anticipated soon.
- There is more room for upward movement on all major timeframes (Daily, Hourly and 4 hour) for this to move up. But it is approaching some mathematical resistance on the 4 hour Z Score Chart at around -0.5 and 0.8:

Overall Bias:

Bullish, my ideal price target if I were to swing (which I am not, I will just day trade it) is 330; however, pull-back is incoming I suspect so be careful here.
Pullback price target initially would be 313 and see how it goes from there.

Just my thoughts!

Trade safe everyone!

交易結束：目標達成

Target reached today. 330 and then rejection.

Yay to anyone swinging this! or day trading it to 330!