Elliott Wave Analysis of QQQ

The move from the Nov 2016 lows is one impressive move to say the least. I think its common knowledge that the majority of the recent upside on the QQQs is from a certain number of stocks. So until those tech stocks reverse or appear to suggest a reversal, then the QQQ/NDX is likely to continue higher.

Looking at the structure, it still can be counted as a possible impulsive wave from the Nov 2016 lows, although I will admit the recent top we just saw prior to the new high, I thought was the end to a 5th wave and ended an impulse wave from the Nov 2016 lows, so I was surprised to see new highs. Having said that, the look on stocks like Facebook and Apple could be supporting a potential reversal and the end to the trend from the Nov 2016 lows.

Ideally both AAPL and FB push to new highs and end a possible 5th wave of an impulse wave that started from the Nov 2016 lows, if all 3 markets can align and FB and AAPL make new highs to align with the QQQs, then we have a strong setup to potentially see a peak and end the trend from the Nov 2016 lows.

COMPQ

QQQ

AAPL

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The content of this website is for educational purposes only, the information supplied shall not be construed as a recommendation to buy or sell any security or financial instrument. Wavepatterntraders will not be held responsible for any losses occurring from the information provided within the website. The information expressed within the website is solely the opinion of the author/owner. Wavepatterntraders are not registered investment advisers. Members are strongly urged to consult an investment consultant before making any financial decisions or investments.

Futures trading in stocks, Forex and commodity markets carries a high level of risk and past results are not indicative of future performance, trading may not be suitable for everyone. Information supplied maybe copied or reproduced with the permission from the owner, providing that the full attribution is given to the original source and have the acknowledgment of wavepatterntraders.com or its owner.

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