Livermore's Accumulation Cylinder QQQ
Speculative idea and comparison here. Sure look's like it in terms of structure! Upward broadening, overextension breakout of resistance, and correction.
https://pixiutrades.files.wordpress.com/2015/08/3-27_livermore.jpg
Things to watch before really diving into it...
13.7K and 11K. If you're impatient and need to know right now it seems like it's a range but this is a 7yr pattern at play. We need to see which way it breaks for confirmation of what's more likely. A continuation of this possible pattern or an invalidation.
Also take note of where price is currently at...just above the .382 retrace, this will be also useful to watch.
And lastly, the 40 and 200MA tests will be extra confirmation to watch. Above 200, under 40 right now. To reach "15" that 200 most likely will need to cross down.
I highlighted 2 - 10 day (2 week) demand boxes. The first box in that 11K range which is the structure break level for a new lower low. It could retest, it could bounce, it could break, or it never tests it.
The second 10 day demand box (at "7") much lower lines up with the Livermore diagram where it ends at the "15" and the .786 retrace. If it breaks the 1st box and reaches the 2nd box, that could potentially mark the completion of this 7 yr pattern.
Just speculation of course, let price action tell you.
https://pixiutrades.files.wordpress.com/2015/08/3-27_livermore.jpg
Things to watch before really diving into it...
13.7K and 11K. If you're impatient and need to know right now it seems like it's a range but this is a 7yr pattern at play. We need to see which way it breaks for confirmation of what's more likely. A continuation of this possible pattern or an invalidation.
Also take note of where price is currently at...just above the .382 retrace, this will be also useful to watch.
And lastly, the 40 and 200MA tests will be extra confirmation to watch. Above 200, under 40 right now. To reach "15" that 200 most likely will need to cross down.
I highlighted 2 - 10 day (2 week) demand boxes. The first box in that 11K range which is the structure break level for a new lower low. It could retest, it could bounce, it could break, or it never tests it.
The second 10 day demand box (at "7") much lower lines up with the Livermore diagram where it ends at the "15" and the .786 retrace. If it breaks the 1st box and reaches the 2nd box, that could potentially mark the completion of this 7 yr pattern.
Just speculation of course, let price action tell you.
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