In yesterday's update we previewed what is coming for IWM and VIX. Today, a look ahead in QQQ. Any day now, this month or next, Wave (3) Down will begin, and it will be obvious. This is a roadmap based on the previous legs down of this unfolding bear market of what to expect at least initially. QQQ - Daily Price Bars and Trading Model We will be adding appropriate QQQ positions triggered by the coming Sell Signal (new red arrow down). It could come after some failed attempt at a new high of the move up from the January 2023 lows, or, QQQ could gap down on some overnight black swan geopolitical development, or it could just churn down on boring no news trading that is just enough to trigger a new signal. What is certain is a new red arrow will appear one or two bars after the beginning of a new leg down. There should be plenty of time to initiate new bearish positions. We are adding QQQ to the watchlist. In that perfect world of trading, everything we've been looking at, QQQ, IWM and VIX, will turn in approximate unison, leaving no doubt as to pattern, targets and strategy. TSLA Tesla and Elon Musk have been all over the news in the aftermath of yesterday's annual shareholders meeting. As of the first hour of trading shares are up $7, making its way up toward the first upper channel line at $190 and above there a second upper channel line around $240. The news coming out of the meeting is all good, but we are still locked on longer term growth, 2025-2027 projections to become the highest capitalization public company the world and a $2,000+ share price. TSLA - 4 hour trading chart Give the analysts about two weeks to factor the news coming out of this meeting into their intermediate and longer term price projections.
