Elliot Wave Analysis/Prediction of QQQ Chart (Monthly Timeframe)
Overview
The Invesco QQQ Trust (QQQ) chart presents a well-defined Elliott Wave structure over the long term, suggesting a robust bullish trend. Additionally, the RSI is indicating interesting channel movements that reflect changes in market momentum.
Key Points:
Elliott Wave Analysis:
The chart displays a clear Elliott Wave pattern:
Wave I started the initial uptrend ($168-$407)
Wave II was a corrective phase, resetting the trend. ($407-$254)
Wave III marked a significant bullish run, reaching new highs. ($254-550expected)
Wave IV will be a minor corrective phase with support around $450-410 before the anticipated Wave V.
The potential for Wave V suggests further upward movement, continuing the long-term bullish trend. From the lows of Wave IV, we expect to see 80% appreciation before May 2027
RSI Trend:
The RSI is currently around 72.00, which is in the overbought territory, indicating strong bullish momentum.
The RSI has been moving within a rising channel, suggesting increasing momentum over the recent months.
Historical RSI movements show that the QQQ tends to pull back slightly when RSI reaches these levels before continuing the upward trend.
Support and Resistance:
Immediate support can be found around the $450-$410 level, aligning with the previous consolidation zone and the potential Wave IV corrective phase.
Resistance is projected at the current all-time high around $483, with further potential to reach higher levels if Wave V unfolds as expected.
The Invesco QQQ Trust (QQQ) chart presents a well-defined Elliott Wave structure over the long term, suggesting a robust bullish trend. Additionally, the RSI is indicating interesting channel movements that reflect changes in market momentum.
Key Points:
Elliott Wave Analysis:
The chart displays a clear Elliott Wave pattern:
Wave I started the initial uptrend ($168-$407)
Wave II was a corrective phase, resetting the trend. ($407-$254)
Wave III marked a significant bullish run, reaching new highs. ($254-550expected)
Wave IV will be a minor corrective phase with support around $450-410 before the anticipated Wave V.
The potential for Wave V suggests further upward movement, continuing the long-term bullish trend. From the lows of Wave IV, we expect to see 80% appreciation before May 2027
RSI Trend:
The RSI is currently around 72.00, which is in the overbought territory, indicating strong bullish momentum.
The RSI has been moving within a rising channel, suggesting increasing momentum over the recent months.
Historical RSI movements show that the QQQ tends to pull back slightly when RSI reaches these levels before continuing the upward trend.
Support and Resistance:
Immediate support can be found around the $450-$410 level, aligning with the previous consolidation zone and the potential Wave IV corrective phase.
Resistance is projected at the current all-time high around $483, with further potential to reach higher levels if Wave V unfolds as expected.
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