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QQQ Big Picture Update: FYI, last Tuesday's (10/06/26) Island Reversal remains intact as the QQQ presses lower into the vicinity of its sharply up-sloping 20 DMA, now at 241.27. Today's price action is dancing on and around the 20 DMA, which, if violated on a CLOSING BASIS, will be a negative technical "event" that, when coupled with the Island Reversal, paints a compellingly negative setup for QQQ near term that points to 720-723 next...Today's action in QQQ represents a significant battle between the Bulls and the Bears for more than near-term directional control... Last is 741.
For many months now, I have been questioning whether the metals were actually going to get a lower low. The double bottom we got many months ago, followed by a 5-wave structure is what clouded the answer to that question. And, today, I believe we are getting an answer in silver and gold and it seems to be affirmative.Let’s start with silver. With this decline, I think it makes this the grey c-wave pointing us towards the 53.50 region to most likely scenario in my mind.
Today, we saw the market pull back relatively sharply after trading sideways for the better part of the last five trading sessions. While the pullback itself was not entirely unexpected, the velocity of the decline likely caught the attention of many traders after the market had seemingly put everyone to sleep over the past week.The question we now have at hand is whether this pullback marks the beginning of a larger corrective move to the downside or whether we are getting closer to finding yet another local bottom before making another push to new highs.
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