My last series of charts have mostly focused on the 120 minute time frame because it so clearly showed the Elliott Wave subdivisions, and the message that a third wave was only just beginning. With the luxury of massive gains as our tailwind, today let's look at the big picture, the Intermediate Term Trend via Daily bar charts. QQQ Note the Wave 4 on Apr 19th, coming in at about 412-413 on the left side of this chart. That is an immediate target and minimum expectation before Sep options expiration. However, being that this is a Wave 3, I expect that level sooner rather than later, leaving the Fib extension (shaded column down on right side of the chart) as a more realistic target range, somewhere between 350-400. If so, we should be thinking of at least one Sep rollover to an out-of-the-money put, sometime in the next few days. SPY "The next shoe to drop," could come from the Middle East, Europe, Japan, China, or our own FOMC. Key Levels: Both QQQ and SPY have now entered typical Fib Retracement ranges (shaded boxes) where they will mix and mingle for a few hours to days, then fall out of as the next leg down makes itself known. Any intended option rollovers should be completed with or before that next breakdown. PRO Service Puts Or, make trading less stressful by simply holding current positions, periodically taking partial gains as the mood fits. Rollover Candidates QQQ Yesterday's high print on the $400P was 17.48 SPY Yesterday's high print on the $480P was 19.26
