QQQ pitchfork pattern analysis

23 de set. de 2020

The price will likely go up towards the point where 3 pitchfork lines almost intersect (see the blue arrow).

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27 de set. de 2020

Nota

There is a good chance that the price (and the market as well) will fall on Monday before resuming the upward move. Here's why I think so. I wrote an algo/strategy that gives excellent results for TECL (a leveraged 3x bull tech sector ETF). The version optimized for TECL gives 677,000% profit since 2012 in backtesting. The version optimized for SPY (and used unchanged on TECL) has about 50,000% profit (tradingview.com/chart/TECL/QOYZiqCw-TECL-ToW-Srategy-Bullish-Signal/) and this year over 90% profitable trades. Because it's so accurate it's a good gauge for the market. On Thursday at close the algo gave a bearish signal. Rather often fall follows the bearish signal one day late. For example, in forward testing the algo predicted the current fall on Sep. 1 but Sep. 2 the market went up and only on Sep. 3 the big fall happened (you can see that in the link here). Similarly, one version of the algo also gives a bearish signal on Sep. 21 and Sep. 22 the market was up and only on Sep. 23 it fell (and there is a long signal for close of Sep. 23). So the bearish signal from Thursday may very well mean that Friday the market would go up (which it did indeed; the algo also gave an intra-day bullish signal in the morning which disappeared later after the price went up) and would fall on Monday. However I expect this fall to be temporary (one day only) and I don't expect the price to fall lower than the lower pitchfork line and I expect a bullish signal from the algo at close on Monday.

14 de out. de 2020

Nota

On Friday the price reached exactly the tip of the arrow I drew on Sep. 23! Perfect prediction. tradingview.com/x/sSjzIoi1/. Today TECL reached the tip of the arrow I drew on Sep. 23: tradingview.com/x/VVTFGBwU/. Another perfect prediction! The price tends to end up where pitchfork lines intersect.