Invesco QQQ Trust (QQQ): Long-Term Elliott Wave Analysis
📊 Chart Context: This analysis outlines the long-term Elliott Wave perspective for the Invesco QQQ Trust (QQQ), a tech-heavy ETF tracking the Nasdaq 100 Index. The current structure highlights a bullish trajectory with anticipated corrections before the next impulsive leg.
Elliott Wave Breakdown
Macro Structure:
- QQQ is in a right-side bullish structure, showing impulsive waves consistent with a long-term uptrend.
- Wave (III) was completed around 2021, followed by a multi-phase correction that formed Wave (IV).
Current Progression:
- Wave (V) reached a peak near $511.23, completing the first subwave of the larger bullish cycle.
- A corrective Wave II is anticipated, forming an ABC pattern, targeting deeper retracements.
Wave II Projection:
- Wave A may find initial support in the $460–$480 range.
- Wave B is expected to rebound before Wave C completes the correction near $420–$440.
Invalidation Level:
- The invalidation level for the bullish structure stands at $254.38. A break below this would negate the current wave count.
Key Levels to Watch
Support Zones:
- $480: First key support during Wave II correction.
- $420–$440: Deeper support for Wave C completion.
Resistance Zones:
- $560: Immediate resistance zone, marking the next potential peak for Wave III after correction.
For Long-Term Investors:
- Accumulation Zone: Between $420–$480 during the Wave II correction phase.
- QQQ presents a strong case for holding and adding positions as the broader bullish structure remains intact.
Fundamental Catalysts
Macro Environment:
- QQQ remains sensitive to Federal Reserve policies, especially interest rates, which heavily influence tech valuations.
- Economic growth in the tech sector will likely sustain the bullish narrative.
Tech Sector Growth:
- Continued advancements in AI, cloud computing, and other disruptive technologies will bolster the underlying Nasdaq 100 companies.
Conclusion
The QQQ chart aligns with a strong bullish Elliott Wave framework, with short-term corrections providing opportunities for strategic entries. The long-term trajectory suggests higher highs in the next wave cycle, targeting levels beyond $580.
💬 Drop your thoughts below! Are you holding QQQ for the long run, or trading the upcoming correction? 📈
Elliott Wave Breakdown
Macro Structure:
- QQQ is in a right-side bullish structure, showing impulsive waves consistent with a long-term uptrend.
- Wave (III) was completed around 2021, followed by a multi-phase correction that formed Wave (IV).
Current Progression:
- Wave (V) reached a peak near $511.23, completing the first subwave of the larger bullish cycle.
- A corrective Wave II is anticipated, forming an ABC pattern, targeting deeper retracements.
Wave II Projection:
- Wave A may find initial support in the $460–$480 range.
- Wave B is expected to rebound before Wave C completes the correction near $420–$440.
Invalidation Level:
- The invalidation level for the bullish structure stands at $254.38. A break below this would negate the current wave count.
Key Levels to Watch
Support Zones:
- $480: First key support during Wave II correction.
- $420–$440: Deeper support for Wave C completion.
Resistance Zones:
- $560: Immediate resistance zone, marking the next potential peak for Wave III after correction.
For Long-Term Investors:
- Accumulation Zone: Between $420–$480 during the Wave II correction phase.
- QQQ presents a strong case for holding and adding positions as the broader bullish structure remains intact.
Fundamental Catalysts
Macro Environment:
- QQQ remains sensitive to Federal Reserve policies, especially interest rates, which heavily influence tech valuations.
- Economic growth in the tech sector will likely sustain the bullish narrative.
Tech Sector Growth:
- Continued advancements in AI, cloud computing, and other disruptive technologies will bolster the underlying Nasdaq 100 companies.
Conclusion
The QQQ chart aligns with a strong bullish Elliott Wave framework, with short-term corrections providing opportunities for strategic entries. The long-term trajectory suggests higher highs in the next wave cycle, targeting levels beyond $580.
💬 Drop your thoughts below! Are you holding QQQ for the long run, or trading the upcoming correction? 📈
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.