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QQQ from my BIG Picture Cycle Work-- If we step back from the intraday and daily trading minutia, one look at my Weekly QQQ Chart overlaid by my longer-term cycle work (170-180 Weeks = 44 months = 3.7 years on average) suggests very strongly that 1) the prior cycle bottomed on time in mid-May... 2) the subsequent lift off from the mid-May low at 269.42 is making new highs this AM at 328.75, up 22% from the cycle low, which certainly supports an explosive start to a new longer-term cycle... and 3) if the current initial thrust within a new 4.
This morning tried to pump into 4250, but there's no buyer continuation nor acceleration to the upside so we bailed on scalp longs immediately when things fizzled out.In addition, I do not want to short here on a Friday vs. a trend week as explained as it's against statistics. Easy way to get wrecked.Think the bigger swing short could appear next week if my theory is correct per nightly reports.Overall, we made 5 trades this week. 2 winners, 2 breakevens, 1 loser. Capturing 41.75 ES points for this week.I'm gonna call it a week here.
There is a risk now that this further extension of our "third" allows it to count more like ABC for yellow (A).A clean fade here as iv is not just ideal for wave 1 of (5) but continued extension directly toward 14k could be much less bullish overall.Have a great weekend! Good Shabbos!*QQEW not making a higher high (yet) today.
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