QQQ Strong Reaction Higher From The Blue Box Area

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of QQQ. We presented to members at the elliottwave-forecast. In which, the rally from the 21 February 2024 low unfolded as an impulse structure and showed a bullish sequence. Suggested that ETF should see more upside extension to complete the impulse sequence. Therefore, we advised members not to sell the ETF & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

QQQ 1-Hour Elliott Wave Chart From 2.29.2024

Here’s the 1-hour Elliott wave chart from the 2/29/2024 Post-Market update. In which, the short-term cycle from the 2/21/2024 low ended in wave ((i)) as impulse at $440.59 high. Down from there, the ETF made a pullback in wave ((ii)) to correct that cycle. The internals of that pullback unfolded as Elliott wave double structure where wave (w) ended at $435.60 low. Wave (x) bounce ended at $438.60 high and wave (y) managed to reach the blue box area at $433.63- $430.54. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

QQQ Latest 1-Hour Elliott Wave Chart From 3.05.2024

This is the latest 1-hour Elliott wave Chart from the 3/05/2024 Post-Market update. In which the ETF is showing a reaction higher taking place, right after ending the double correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. Since then the ETF has managed to make a new high above $440.59 high confirming the next extension higher towards $452.30- $456.78 area.

Source: https://elliottwave-forecast.c...