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QQQ Support Area According to Elliott WaveFebruary 17, 2023ByEWFHendra

Cycle from December 28, 2022 low in QQQ ended at 313.99 as wave 1. Pullback in wave 2 is now in progress to correct that cycle in larger degree7 swing double three structure. Down from wave 1, wave (a) ended at 302.22 and rally in wave (b) ended at 311.03. The ETF then extends lower in wave (c) towards 297.25 which completed wave ((w)) in higher degree. Rally in wave ((x)) ended at 310.41 with internal subdivision as a double three in lesser degree. Up from wave ((w)), wave (w) ended at 308 and dips in wave (x) ended at 300.91. The ETF then extends higher again in wave (y) towards 310.41 which completed wave ((x)).

Wave ((y)) lower is now in progress to correct cycle from December 28, 2022 low. The ETF still needs to break below wave ((w)) at 297.25 to confirm this view. Down from wave ((x)), wave i ended at 303.71 and wave ii ended at 309.21. Near term, as far as pivot at 313.99 high stays intact, expect rally to fail in 3, 7, or 11 swing and the ETF to extend lower. Potential target for wave ((y)) lower is 100% – 161.8% Fibonacci extension at 283.29 – 293.65 where wave ((y)) should complete. This should end wave 2 and the ETF then can find buyers from the blue box area for 3 waves rally at least.

QQQ 60 Minutes Hour Elliott Wave Chart

QQQ 60 Minutes Hour Elliott Wave Chart

QQQ Elliott Wave Video

Source:https://elliottwave-forecast.com/news/qqq-support-area-according-elliott-wave/