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QQQ Found Intraday Buyers Again at the Blue Box Area

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Hello fellow traders. In this technical article we’re going to take a quick look at the weekly Elliott Wave charts of QQQ Invesco NASDAQ ETF, published in members area of the website. As many of our members are aware, the ETF is forming impulsive 5 waves rally in the cycle from the 420 low and it has given us good buying opportunities recently.  QQQ made another pull back that reached extreme zone from the peak completed a correction at the Equal Legs (Blue Box Area). In the following sections, we’ll take a look into the Elliott Wave pattern and our forecast.

QQQ H1 Update 11.01.2024

ETF  is  giving us correction that is unfolding as 3 waves pattern , labeled as (((a))((b))((c)) black. The pullback has already reached the extreme zone (Blue Box) . However we expect to see another marginal push down in near term. At this stage, we advise against selling the ETF and expect buyers to appear at the marked Blue Box area. QQQ could either see a rally to new highs or a corrective bounce in at least three waves.

If you want to learn more about Elliott Wave Patterns, we invite you to explore our Free Elliott Wave Educational Web Page.

QQQ

QQQ H1 Update 11.03.2024

ETF responded exactly as anticipated at the Blue Box Area. We got another marginal low and buyers appeared. QQQ made decent bounce from the buyers zone – Blue Box area. Bounce has reached 50 fibs against the connector’s peak ((b)) high, so any longs from there should be already risk free.

Keep in mind not every chart is trading recommendation. For the latest updates, refer to the most recent charts available in our membership area.  We focus on trading instruments with incomplete bullish or bearish swing sequences.  The Live Trading Room highlights the best opportunities in real-time.

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Thank you for exploring our QQQ Elliott Wave Forecast with us. While we analyze 78 different instruments, it’s important to understand that not every chart is a trading recommendation. Therefore, for our official trading recommendations, we invite you to join us in our Live Trading Room. There, we provide actionable insights in real-time. If you’re not yet a member, you can take advantage of our 14-Day Trial to discover new trading opportunities.

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NASDAQ Futures (NQ_F) Forecasting the Rally From the Equal Legs Zone

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Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of  NASDAQ Futures (NQ_F) published in members area of the website.  Our members know NQ_F is showing impulsive bullish sequences and we are favoring the long side. In this discussion, we’ll break down the Elliott Wave pattern and forecast.

NASDAQ  Elliott Wave 1  Hour  Chart 10.23.2024

NASDAQ is giving us wave ((ii)) black correction. The futures has reached extreme zone from the  peak at 20129- 19837 area.  NQ_F shows clear 3 waves from the high, suggesting pull back could be ending any moment. Consequently , we expect rally in wave ((iii)) to happen any moment. We recommend members to avoid selling the futures and keep favoring the long side.  As the main trend is bullish we expect to see rally toward new highs ideally or 3 waves bounce from the equal legs alternatively.

Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.

Nasdaq

NASDAQ  Elliott Wave 1  Hour  Chart 10.23.2024

NASDAQ responded exactly as anticipated at the equal legs. The futures found buyers and made a substantial rally from our recommended buying zone.  Eventually we got break of ((i)) black peak , confirming next leg up is in progress. The futures should ideally keep finding buyers in 3,7,11 swings sequences against the 20077.5 pivot.

Keep in mind that market is dynamic and presented view could have changed in the mean time.  You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room

Nasdaq

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💰 For just $9.99, unlock a wealth of knowledge and experience with our 14-day Trial. Experience firsthand our proven trading strategy, which accurately defines Entry, Stop Loss, and Take Profit levels, empowering you to make informed decisions with confidence.

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QQQ (Nasdaq ETF) reaches risk free area from blue box

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Hello traders. Welcome to a new ‘blue box’ blog post where we discuss our most recent trade setups shared with Elliottwave-Forecast members. In this one, we will discuss the Qs – QQQ (Investico QQQ ETF).

The Invesco QQQ ETF tracks the Nasdaq-100 Index, focusing on 100 large non-financial companies, mainly in technology, healthcare, and consumer sectors. It’s a popular choice for investors seeking exposure to large-cap tech companies.

The post-COVID recovery for U.S. markets began in October 2022, and since then, the market has sustained a bullish cycle, producing a series of higher highs and higher lows. In such bullish sequences, we prefer to buy pullbacks in 3, 7, or 11 swings. The QQQ ETF has followed a similar pattern, with its price recovering from every pullback before July 2024.

Notably, the bullish impulse sequence that started in October 2022 still appears incomplete, leading us to continue buying this ETF on dips. The most recent pullback occurred between July and August 2024, followed by a resurgence that has yet to break the previous high from July 2024. However, a higher-high sequence emerged when the ETF breached its August high, presenting an opportunity within the shorter cycles.

QQQ Elliott Wane Analysis – 10.01.2024 Update
QQQ

We identified an impulse wave sequence in the shorter cycles after the price broke above the August 2024 high. Consequently, we informed our members that we would look to buy the next 3, 7, or 11 swings pullback at the equal leg. To illustrate this, the abridged chart above illustrated end of wave 4, highlighting the blue box area, indicating a buy at 477/478 with a stop at 470.

Our plan was to adjust the stop to either the entry point or the low of wave (c) once the price made a significant bounce to what we call the “risk-free area.” At that point, we typically close half of the position for profit and reduce the stop on the remaining portion. This strategy aims to create a risk-free trade.

QQQ Elliott Wane Analysis – 10.09.2024 Update 


QQQ

We shared the chart on 10/09/2024, showing the expected price bounce from the blue box. Members have already closed half of their positions for profit and adjusted the rest to breakeven. This allows them to hold the remaining position risk-free until the target is reached. This frees up capital to allocate toward other opportunities. However, if the price turns lower from this point to form a deeper wave 4, we won’t hesitate to buy again. In that case, we will provide an updated chart with a new blue box for members to follow.

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At www.elliottwave-forecast.com, we update one-hour charts four times daily and four-hour charts once daily for all 78 instruments. We also conduct daily live sessions to guide clients on the right side of the market. Additionally, we have a chat room where moderators answer market-related questions. Experience our service with a 14-day trial for only $9.99. Cancel anytime by contacting us at support@elliottwave-forecast.com.

AT&T Inc. (T) Reacted from the Blue Box and Rally Must Continue

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AT&T Inc. (T) is an American multinational telecommunications holding company headquartered in Dallas, Texas. It is the world’s largest telecommunications company by revenue and the third-largest provider of mobile telephone services in the U.S.

AT&T (T) Monthly Chart April 2024                               

AT&T (T) Monthly Chart April 2024

Above we have montly chart from 5 months ago. We can see that AT&T shares finished an all-time high with a price of $45.23 as wave ((I)). Since the beginning of 1999, the value held a downtrend and we were looking to end this correction. Using the Elliott Wave Principle, a double correction structure (w), (x) and (y) can be clearly seen. From the peak, we have 3 waves in a flat structure that ended wave (w) at $14.17 low. Then, we had another flat structure that built a wave (x) ending in the value of $33.33 high.

The last leg of the double correction is the wave (y). We had already completed wave a and b of (y), and we were developing wave c as an ending diagonal. The market had already reached the blue box in the $8.58 – $16.75 area expecting a rally soon because the market had break wave (w) low and the cycle could have ended. However, we were looking for one more leg lower to complete a clear structure below $13.43 to end wave ((II)) correction and resume the rally.

AT&T (T) Monthly Chart September 2024                          

AT&T (T) Monthly Chart September 2024

On the current monthly chart, we can see the rally that left the blue box. This invalidated the bearish continuation of the ending diagonal as wave c. The rally does not mean that T cannot resume to the downside again. To confirm that wave ((II)) is over at $13.43 low, the market needs to break above of wave (x) high. Until then, T could make perfectly any other structure that leads us to lower prices.

AT&T (T) Weekly Chart September 2024                                                               

AT&T (T) Weekly Chart September 2024

The weekly chart above shows how the wave ((5)) of c of the ending diagonal completed the structure. The (A), (B), (C) looks like more as the wave ((1)) and we were looking for one more like wave ((3)). That is why we were calling for more one more leg lower. Wave ((II)) ended at $13.43 low and rally and it should be developing an impulse higher as wave I. The first leg higher as wave ((1)) ended at $18.16 high. Wave ((2)) pullback finished at $15.94 low and rally again. AT&T has pushed strongly higher breaking the pivots of the RSI in the weekly timeframe, suggesting the market cycle is over. Now, we should expect to build an impulse structure as the chart before seeing 3, 7 or 11 swings correction as wave II.

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www.elliottwave-forecast.com updates one-hour charts 4 times a day and 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market.

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Palantir (PLTR) Should Keep the Rally to Build a Wave ((3))

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Palantir Technologies (PLTR), Inc. is a holding company, which engages in the development of data integration and software solutions. It operates through the Commercial and Government segments.  The firm offers automotive, financial compliance, legal intelligence, mergers and acquisitions solutions.

PALANTIR (PLTR) Weekly Chart May 2024

PALANTIR (PLTR) Weekly Chart May 2024

Palantir ended a cycle at $45.00 in January 2021. Then it did a deep pullback as a zig zag correction ending wave (II) at 5.91 low. The market started an impulse structure as wave ((1)) ended at $20.27. Then, wave ((2)) started and it did a running flat correction. The wave (A) ended at $13.68 low and rallied breaking wave ((1)) high completing wave (B) at $21.85. Last leg as wave (C) developed an ending diagonal structure ending at $15.66 low and wave ((2)) correction. Market rallied in 5 waves ending an impulse at $27.50 high as wave ((3)). Next pullback completed at $20.33 low and for us that was the end of wave ((4)) correction. We expected to continue higher to end a wave ((5)) and complete the whole wave I before seeing a correction in 3, 7 or 11 swings as wave II. This wave ((5)) should end in $29.23 – $32.00 area. (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).

PALANTIR (PLTR) Weekly Chart September 2024

PALANTIR (PLTR) Weekly Chart September 2024

After 4 months, you can check above the current weekly count of PLTR. We have changed the degree of the count. The market conditions suggest PLTR is still in wave I; therefore, we change the wave I for wave ((1)). Wave ((1)) ended at $29.83 in $29.23 – $32.00 area where we were expecting to hit a target. Then, the price pullback to 21.23 where we called wave ((2)) completed resuming with a strong rally breaking above wave ((1)), supporting that wave ((3)) is underway. For now, we are looking to continue to the upside until completing wave ((3)). We should look for buying dips as price remains above wave ((2)) low.

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www.elliottwave-forecast.com updates one-hour charts 4 times a day and 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market.

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CrowdStrike (CRWD) Is Not Ready to Resume that Rally. Bull Trap Ahead.

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CrowdStrike Holdings, Inc. (CRWD) is an American cybersecurity technology company based in Austin, Texas. It provides cloud workload and endpoint security, threat intelligence, and cyberattack response services.

CrowdStrike (CRWD) July 2021 Daily Chart

CrowdStrike (CRWD) July 2021 Daily Chart

The chart above shows the daily view that we forecast 3 years ago. We were expecting to end an very important market cycle in the blue box area between 303.60 – 271.69. This cycle would end an impulse on CRWD since it listed on the stock exchange. Once the impulse would end as wave (I), we expected a big correction as wave (II). (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).

CrowdStrike (CRWD) February 2022 Daily Chart

CrowdStrike (CRWD) February 12th Daily Chart

Six months later, We can see the wave (I) ended in the proposed blue box area at 298.48 high developing an ending diagonal. The market reacted perfectly to the downside and we called completed a double correction as wave (II) at 150.02 low. Exactly at the 50% Fibonacci retracement, the stock bounce suggesting the pullback was over and the rally should continue to break 298.48 high in a new cycle.

CrowdStrike (CRWD) August 2024 Daily Chart

CrowdStrike (CRWD) August 2024 Daily Chart

After 3 years, we have above the current weekly chart. We can see the cycle we called completed the wave (II) at 150.02, it just was part of a bigger double correction. Therefore, the cycle that ended at 150.02 was wave “w”, then we have expanded flat correction as wave “x” ending at 205.73. Last push lower finished wave “y” at 92.25 low completing wave (II) pullback. The rally we thought went to start in Jan 2022, started at Jan 2023.

From 92.25 low, CRWD built a clear impulse to the upside. Wave ((1)) ended at 166.99 and pullback as wave ((2)) ended at 140.52 low. Then, it had a big rally reaching all time new highs at 365.00 ending wave ((3)). Wave ((4)) finished at 280.88 low and rally again to complete wave ((5)) at 398.33 and also wave I of (III). After this wave I, we can see a very sharp drop making the stock to lose 50% of his value. As last time, with this pullback wave II could be complete already. However, we are calling as part of a bigger wave II. The global market is showing some relative bullish exhaustion that could send the stock to see more downside.  Wave ((A)) of wave II ended at 200.81 and we are expecting a corrective rally to stay below 398.33 high. Then market should resume lower in wave ((C)) of II to complete the structure before resuming to the upside,

Elliott Wave Forecast  

www.elliottwave-forecast.com updates one-hour charts 4 times a day and 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market.

14 day Trial costs $9.99 only. Cancel anytime at support@elliottwave-forecast.com