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 13 March 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. 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 4.20.2023
Here’s the 1hr Elliott wave chart from the 4/20/2023 Midday update. In which, the cycle from the 3/13/2023 low ended in wave ((i)) as an impulse structure at $322.16 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 three structure where wave (w) at $312.30 low. Wave (x) ended at $321.86 high and wave (y) managed to reach the blue box area at $311.50- $305.36 area. 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 5.02.2023
This is the latest 1hr Elliott wave Chart from the 5/02/2023 Post-Market update. In which the ETF is showing a strong 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.
Source: https://elliottwave-forecast.com/stock-market/qqq-strong-reaction-higher-blue-box-area/