I realize majority of people will read this and laugh.. that's on you if you miss out - I'm just pointing out the possibility and I see it clearly in the math:
So this is the most extreme upside case that I see for QQQ near term. I posted a bigger picture for QQQ with what I think are realistic targets in normal conditions. This is a special case that can occur during a very massive squeeze. @quynhpham48975 you have been emphasizing this upcoming event, and tonight I finally saw what you mean clear as day as I came across CAR and remembered then backtested this! This is insane but you are absolutely right. I have played this set up before in CAR back in March, and I'm now recognizing it for so many tech names (see below for example):
Below I define setup that I have backtested and am now seeing for a ton of names in the market. I'm not sure if there is already a conventional name for this setup, if so let me know! Otherwise, I'll be referring to it as a "swivel":
Rules:
- Let x.l be the swing low coming off a major decline, wave x.u is first upside peak following x.l - alpha is the wave down following x.u. Alpha retraces 1.272-1.414 of x.u - beta is the wave up following alpha. Beta extends 0.618-0.786 of alpha - gamma is the final wave down following beta. Gamma retraces 0.618-0.786 of beta - OMEGA is the target after the swivel completes. OMEGA extends 4.618 of gamma, or Sigma = sum of waves x.u-gamma of x.u (when ~4.618 of gamma & ~Sigma of x.u align these almost always hit)
*** One more side note that I always see with this setup, notice the stochastic RSI forms an inverse Head and Shoulder during the swivel.
See you at 353 triple Q. The earliest I see this unfolding (i.e. hitting this insane target, but no cap it's bout to hit) is July 14. Woah.
Sincerly, Woah
P.S. Here are 10 more names that all have this setup, the levels outside parenthesis are their best case scenario near-term targets (in parenthesis are levels that might be more realistic, but if the extreme levels hit I won't be surprised):
SPY 436 (423) TQQQ 45 (39) AAPL 167 (151) BYND 43 (35) ROKU 159 (111) wtf, plz hit MSTR 330 (271) COIN 107 (80)... yeah that means BTC about to lead this, probably that and NVAX approval... and just generally shorts are in trouble if this triggers SQ 103 (85) W 108 (69) HUBS 526 (404)
P.S.S. notice that region circled in mid April on the QQQ chart... that right there set this in motion to occur downstream IMHO. It was a massive battle between bulls and bears at the time and bulls lost, but they'll get the last laugh here it seems. I have seen this a lot in names like BHVN preceding a massive squeeze such as the one anticipated here. We bout to see some fireworks.
@otwa2113 my QQQ pointing to 303 on July 5th, kind of matching your chart! Let's make it happen!
quinnie0930
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@otwa2113 I'm seeing 353 on July 14th on my QQQ chart too, can post and share later :)
Bluesun_78
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@quinnie0930 is it correct to say that you see QQQ reaching $310 by 7/5, then dip and reach $353 by 7/14?
JerryManders
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@quynhpham48975 yep, I finally see what you have been saying all along.. like, I believed you but now I see the math so I really believe you
quinnie0930
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@otwa2113, btw my nick now is @quinnie0930 :) i love this chart. Do you think there could be a small dip though after the 5th or 6th for a couple days? or you're just charting the overall picture.
WorldEconomics
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I'm seeing more of this continuing
JerryManders
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@Steversteves tagging you because you're smart and I need a devil's advocate.. but I'm dead srs here this is a possibility based on this setup
Steversteves
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@otwa2113, Haha flattered! Devil's advocate as in you want me to disagree? ;)
JerryManders
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@Steversteves, sure.. convince me not to go all in on calls for the 11 names listed in this post lol (enough to retire by end of July if I'm right).. this setup is money but I don't know if its already a thing or not.. I just call it a bullish swivel lmao