QQQ Bullish Scenario as of Nov 16, 2018

More wild swings since last update. Here is the QQQ daily chart with some interesting observations.


Red down arrows : Left one is the high of first quarter. Right one is the test of that high and failed to clear the resistance.

Red down trend lines: Drawn according to the 3 pushes down rule and the time is now up by Monday (Tuesday latest) for the down swing.

Green up arrow: QQQ bounced off the midpoint of January.

Purple up trend lines: If we get a measured move up from last week’s low, QQQ may shoot up to 179 quickly.

What do I think?

A bounce is due but it is more likely to be blocked at the orange zone 170-172 because of the channel resistance and January high.

How things develop from there depends on how QQQ behaves these coming two days.