Preferred Price Path Scenario For QQQ Still Lower
QQQ-- Now that META has goosed the NDX-100, has my recent corrective price path scenario changed? Answer: Not Yet... My preferred scenario STILL argues that the decline from the high at 387.98 (7/19) to 374.34 (7/24) completed the first part of a larger-developing complex corrective process. If I am correct, then QQQ is in an "intervening rally" phase of the correction that points higher to 381-384 from where I will be expecting QQQ to roll over again into a secondary downleg that tests and breaks 374.34 in route to a lower-corrective low closer to 371.
So far, in this AM's pre-market session, QQQ has climbed to 383.24 but likely is not complete on the upside. My nearest-term pattern work can "see" QQQ climbing closer to 384.60-385.00 prior to completing the "intervening rally" and then rolling over into another corrective decline...
A climb that sustains above 385.20 will cause me to amend my current scenario-- to become more bullish for a retest of the 387-388 high-zone... last is 382.94