Short Term Trading Member Forum

[techcharter]

QQQ e-waves

The waves for QQQ, NASDAQ 100, and the NASDAQ Composite are too messy using 60 minute ticks for me to say with confidense where the waves are exactly. Even the daily ones have a couple of counts. There are hints of a wave 3 somewhere in that mess, so most of the rally is over.

The following narrative refers to the chart at this link:

http://stockcharts.com/def/servlet/SC.web?c=$COMPQ,uu[w,a]dacayyay[dc][pd20,2!b200][vc60][iLp14,3,3!...

To help me out, I'll look at the Bollinger Bands, MACD, and daily stochastics. The Composite shows the Bbands widening, but the price is pulling away from the upper band. The widening anticipates a dramatic price move. The stochastics are pulling away from a very overbought condition. This is a bearish indicator. The MACD difference topped a few days ago and is heading below the zero line. Crossing this line would be bearish.

So with elliott waves near completion, increase volatility, overbought conditions, and waning momentum, the trend is still topping or has a little more to go.