QQQ looks pretty weak and forming a steep falling wedge. The bottom of the wedge has big confluence - significant daily support and the 200wma. Two scenarios:
(1) Drop down for a third touch on wedge support support and go for the breakout shortly after
(2) Drop down and proceed to breakdown below the wedge as selling pressure accelerates. Pre-pandemic highs should be key support and would look for the Fed to pivot at that point or they risk a market crash. Given all wedges in crypto broke down last week, think we can get the same in equities
Think we're pretty close to the bottom though regardless. Hang in there!
(1) Drop down for a third touch on wedge support support and go for the breakout shortly after
(2) Drop down and proceed to breakdown below the wedge as selling pressure accelerates. Pre-pandemic highs should be key support and would look for the Fed to pivot at that point or they risk a market crash. Given all wedges in crypto broke down last week, think we can get the same in equities
Think we're pretty close to the bottom though regardless. Hang in there!