Blue arrows are entries, black are exits. "X" indicative of a trade considered but not taken.
Higher time frame showing 2c-2d
Finally, the weekly. Points worth considering:
-Corrections have become shallower since 2012.
- Breakouts from previous highs have seen diminishing returns
- As old highs (or in this case, all-time highs) are approached it is common for positions to be thinned. Pros don't want to buy at the highs or as price breaks out, they would prefer to buy a re-test of the breakout point.
I still believe this is an important divergence to keep in mind. The QQQ weekly head and shoulders. Invalidated above $67.50-$68 and the neckline coming in around $62. If this were to break down, a measured move would be around $53 (which would still maintain the higher low structure).
No comments:
Post a Comment