Retroactive Fib study on QQQ
Trend Analysys
Chart patern
2024-08-09T19:02:33+00:00
Trading Idea Description:
When analyzing large volume and hot markets, longer-term time frames often respect Fibonacci levels. By examining the 2021 swing high and the 2022 swing low, the golden ratio (1.618 Fibonacci) was observed as the most recent local top for QQQ. This methodology allowed me to accurately predict local tops for NVDA and TSLA. Although this strategy is not infallible, it serves as a logical end point for leveraged trades.
- QQQ has already reverted to my momentum trend line (teal).
- I anticipate a general upward movement, potentially reaching 525, followed by a prolonged decline over the next year.
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