iamiam wrote a post · Feb 7, 2023 06:04

Update Feb 7

a very quick update.

Going Up?

I think we hit support and are going up. We could open down and proceed lower towards the 301 level. Breaking below 298 is bearish. Closing red today would most likely mean several more days of bouncing around between 298 and 304. iam looking to open and head lower towards 12330/301 until JPoww speaks 3 hrs after open, where I expect a reversal.

I posted this as a comment at the end of the day, pretty much sums it up. We are on mid-trendline support, and between 23.6 and 38.2% retracement, that is A zone for a reversal, but is it THE zone for a reversal? I don't think so, I think we have one more small leg down. I hope so, that would be 👌 $Invesco QQQ Trust (QQQ.US)$

here is an updated chart, not much different. Those bollingers look like they want to push a direction. If it's down, that would be against the indicators that want to reverse. This would create massive pressure. So if this starts getting pushed down as long as the indicators show a reversal (continue to show an uptrend at the 0 line on MACD), I will be buying for the reversal. A break below 298, like I said, and we enter the "weeds" where we are still bullish, but the price would bounce around for several more days.

$E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$

We should be building for a reversal. It's a fifth wave, so it should be impulsive swift and may get some zombie price rise action at the end. my targets are 13000+ or 321 on QQQ. After this, we will be heading down, so look to enter short positions as we near the upside price targets.

Yesterday surprised me with some runners while the market corrected. Tesla, Lucid, Snap are some tickers iam in that ran as the market corrected. I look for more continued upside as this fifth wave plays out.

$Lucid Group (LCID.US)$