Watching this symmetric wave pattern forming on QQQ. We're effectively at support now in this 2022 channel. If we bounce here and trust the pattern, we could see a high of $290 on ~23 January, 2023.
This could logically follow a Santa Rally and would be a similar start to 2023 as we had to 2022. Reasons for possible Santa Rally:
History says Santa Rally's are real
U.S. Midterm Election clarity (historically market is positive following)
Fed talks again on 12/13, and by then we might see signs of slowing the 75 bps rate hikes
Let's see if we get another wave of this pattern
This is a relatively short-term view. In the long-term, we have this upward trend line from the last 15 years that we're also touching support of. First real support if we break this trend is the pre-COVID high (10% down from here). If FAANG failing causes us to dip below that, well, that's for another post...
This could logically follow a Santa Rally and would be a similar start to 2023 as we had to 2022. Reasons for possible Santa Rally:
History says Santa Rally's are real
U.S. Midterm Election clarity (historically market is positive following)
Fed talks again on 12/13, and by then we might see signs of slowing the 75 bps rate hikes
Let's see if we get another wave of this pattern
This is a relatively short-term view. In the long-term, we have this upward trend line from the last 15 years that we're also touching support of. First real support if we break this trend is the pre-COVID high (10% down from here). If FAANG failing causes us to dip below that, well, that's for another post...
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.