A quick note to address today's rally. An hour into trading Tuesday and QQQ has retraced a Fibonacci 38% of its prior leg down. This is absolutely consistent with the big picture thesis of a third wave down at multiple degrees of trend. When the rally ends, whether it be today, tomorrow, or even into early next week, a powerful decline is expected, likely "the big one" will be embedded in that next decline. QQQ Hourly If price can make its way toward the top of the shaded Fibonacci retracement rectangle, about QQQ 450, a lower risk entry will present for May options, puts on QQQ, TQQQ and/or calls on SQQQ.
