Quite The Move In QQQ


Quite the move today in QQQ, and while this level was the ideal target for the trade setup yesterday I didn't expect it to hit in one day.

Now that we have a five-wave move of one larger degree which could be establishing a larger trend to the downside I likely will look to hold onto the upcoming short trades longer into the target zone as long as we have time left on them. 

I was quick to exit the last couple as we really had not confirmed the downward trend and we were hitting some smaller degree support levels so I wanted to lock in profits. 

QQQ 30min
QQQ 30min
Michael Golembesky is a senior analyst at ElliottWaveTrader covering US Indices, the US Dollar, and the VIX. He contributes frequently to Avi's Market Alerts service at EWT while also hosting his own VIX Trading service.


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