Potential Harmonic Bearish Butterfly Could Push QQQ to $525+

25 Sep 2024

Here I have Invesco Trust QQQ on the Daily Chart!

Invesco Trust QQQ follows the NASDAQ 100 Index which is Tech-Industry Heavy.

Price currently is struggling at ( $485 - $486 ), the 78.6% Fibonacci Level responsible for giving us our B point in what appears to be a potential Bearish Harmonic Butterfly Pattern!

Harmonic Butterfly
X - B = .786
A - C = .382 - .886
B - D = 1.618 - 2.24
X - D = 1.272 - 1.618

If Price is able to break through this Level, then by the Harmonic Butterfly Parameters, we could see the CD Leg extend to the 1.272 - 1.618 Fibonacci Levels @ ( $525.30 - $553! )

Fundamentals:
* Feds have already began their Easing Cycle with the more then expected aggressive 50 bps cut to Interest Rates. With more cuts already planned in the foreseeable future, this will begin to help the economy bounce back!

*Thursday, Sept. 26th: Final GDP, Unemployment Claims & Powell Speaking
Friday, Sept. 27th: Core PCE Index

Indicators:
- Price is trading Above the 200 EMA
- RSI Above 50
- Bullish Volume Building

30 Sep 2024

Nota

With the end of Last Week, we seen Price close up the Massive Gap it created on Thursday's Open!

-As for now we see Price has found some support at the B Point of what I believe to be a Bearish Butterfly