QQQ 120 Minute A slight adjustment from our previous QQQ wave count, allowing for this massive Wave (c) of (II) in front of next leg down. QQQ fell 140 points off its Feb 19th top into the April 7th low print and has now retraced a Fibonacci 55 points, or about 35% up from that price level. Don't miss the next leg down (most will). The stock market price action over the past few days did two things, first, it kicked in our money management parameters, either via hard stops or 50% trailing profit stops, depending on entries. Second, it brought into question where we are in the big picture, not so much a bear market, but the degree of bear market. I got it wrong by one degree of trend, which means there is a new entry lurking for that elusive third wave at multiple degrees of trend. BELIEVE ME, when the hard down comes it will be when the fewest number of traders are on board...kind of like right now, but we need a trigger, the pattern that says the Wave 2 correction is over. What comes next will be a powerful Wave 3. DJI - Daily Next red bar (lower close than previous bar) will be a shot across the bow. SQQQ May calls If any indices turn red before the close. Gold Meanwhile, there are other sectors that deserve our attention. The one that is front and center today is Gold. Let's take a closer look: GLD 120 Minute This has been our main GLD trading chart all the way up over most of 2025 and 2024. Key take-away is that now that price has dropped below the Wave v channel, a target can be placed near the prior Wave iv which is at $270-275. Accordingly, we are looking at taking a short position in June 20th expiration via out-of-the-money puts. Jun 20th OTM Puts Any strike in this table has potential to go up 5X in the next 58 days. Risk 50% to make 400%. TRADE MANAGEMENT Hard Stop @ -50% At +50% Move Hard stop to Break-Even (optional) +100% Triggers 50% Trailing Stop (from Best Return)
