QQQ In correction territory
As we can see QQQ made a double top on June 20th with that day making a bearish engulfing candle followed by a spinning top, all while the RSI is signaling over bought conditions.
In addition, the average volume since April has been dropping as the price has been rising, creating bearish divergence.
Finally, the price is well above the 1 year POC line ($369), the point where the most shares have traded over the last year.
Given the big run and the overbought conditions it appears that QQQ is ready for a correction. Based on the Elliot Wave forecast and the Fibonacci ratios a pullback to a range between $413-$432 (11-15% drop) is very likely, especially with Summer tending to be the weakest part of the seasonal trend as traders take vacations and people "Sell in May and go away."
In addition, the average volume since April has been dropping as the price has been rising, creating bearish divergence.
Finally, the price is well above the 1 year POC line ($369), the point where the most shares have traded over the last year.
Given the big run and the overbought conditions it appears that QQQ is ready for a correction. Based on the Elliot Wave forecast and the Fibonacci ratios a pullback to a range between $413-$432 (11-15% drop) is very likely, especially with Summer tending to be the weakest part of the seasonal trend as traders take vacations and people "Sell in May and go away."
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