I think we are still in a correction. Like I said in my last , I think today was a technical bounce and tomorrow we continue the slide downwards. I thought we could actually rally back up to channel top but now I see how that was naive. For us to reach channel top we'll have to blow pass our neckline at 389 then possibly push pass our 21ema on the daily.
3 things I notice today from some QQQ heavyweights
1.Apple finish with a shooting star candlestick
2. Tesla couldn't regain support
3. Amazon got rejected at its H&S neckline
We closed right below our Fibonacci resistance which was our target of the day. our next support below that would be that white trendline which is around 384.50. If we don't bounce there then it's back to 379.50 and this many touches in such a short span means we'll be falling through there shortly .
If we do gap up and hold 386.50 then our target will be that neckline at around 389-390.. Let's see what happens
3 things I notice today from some QQQ heavyweights
1.Apple finish with a shooting star candlestick
2. Tesla couldn't regain support
3. Amazon got rejected at its H&S neckline
We closed right below our Fibonacci resistance which was our target of the day. our next support below that would be that white trendline which is around 384.50. If we don't bounce there then it's back to 379.50 and this many touches in such a short span means we'll be falling through there shortly .
If we do gap up and hold 386.50 then our target will be that neckline at around 389-390.. Let's see what happens
