Invesco QQQ Trust, Series 1Updated Bull Bat 2 Bear Cypher?
Back-to-back clean harmonics are rare, so this is a long shot. If the next leg confirms tho, it's on.
Bull Bat confirmed, but seems to have stopped well short of it's first target, the last bottom @ 358.5. Where it stopped is interesting, 38% retrace! If it continues up, the next bull target after 358.5 is 369.5.
A lot of harmonics have 38% retraces, but only one matched up, Cypher. It matched up well, ending just under the bear TL from previous tops.
With options, max pain drops swiftly to 350 on 4/14. So either the pattern, or BC leg, should complete before 4/14. The 1st bear target after completion is the previous low @ 340.
Bull Bat confirmed, but seems to have stopped well short of it's first target, the last bottom @ 358.5. Where it stopped is interesting, 38% retrace! If it continues up, the next bull target after 358.5 is 369.5.
A lot of harmonics have 38% retraces, but only one matched up, Cypher. It matched up well, ending just under the bear TL from previous tops.
With options, max pain drops swiftly to 350 on 4/14. So either the pattern, or BC leg, should complete before 4/14. The 1st bear target after completion is the previous low @ 340.
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Bear Cypher BC can be between 1.272-1.414. So as long as it goes no lower than 340, this confirms the 2nd leg. Lots of oscillators pointing up. Only issue is a bad CPI number tomorrow, but it's expected. Note
It also made a "Long Island" chart pattern, with 2 gap down days. It has poor success rate, but is a bullish reversal pattern.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.