QQQ Rising Wedge

QQQ price action forms Rising Wedge, correlating with lowering volumes and an emerging divergence from MACD and RSI.

Expecting correction of 7.5-10% to ~$390 with convergence of Low VWAP, 200day SMA, Fibonacci 61~50%, and Bull run POC.

Catalyst may be poor Semiconductor/Tech 2023Q4 Earnings with focus on Tesla-Nvidia.

Expecting Wycoff Distribution to form rather than sell shock.

Komentar:

Adding Elliot Wave analysis to enhance downside to $370 on Correction Wave on end of current Wave 5 of Impulse Wave from Dec 22 lows.
Confluence with VWAP and Volume POC from Dec Low.