You can see after the 5th wave completed, a nice rally ensued. This rally, however, has been very choppy, and has formed in 3-waves, which indicates it's a correction in a larger downtrend. I think the 48 level is an ideal spot to short, as it is the 50% fibo level. I like that volume has been downtrending in this up-move, as it indicates that buying pressure has been decreasing as the ETF rallied.4/30/2008
NASDAQ 100 (QQQQ) Short
I last posted about the Q's here. I think the rally following the 5-waves down is corrective and is coming to a close. I am shorting the Q's here with a stop above 50.
You can see after the 5th wave completed, a nice rally ensued. This rally, however, has been very choppy, and has formed in 3-waves, which indicates it's a correction in a larger downtrend. I think the 48 level is an ideal spot to short, as it is the 50% fibo level. I like that volume has been downtrending in this up-move, as it indicates that buying pressure has been decreasing as the ETF rallied.
You can see after the 5th wave completed, a nice rally ensued. This rally, however, has been very choppy, and has formed in 3-waves, which indicates it's a correction in a larger downtrend. I think the 48 level is an ideal spot to short, as it is the 50% fibo level. I like that volume has been downtrending in this up-move, as it indicates that buying pressure has been decreasing as the ETF rallied.
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