The Long Investor

$QQQ TOP 20

Added 2025-03-09 19:48:37 +0000 UTC

Important level we were watching this week was the 50 WMA which aligned with the 0.618 Fib at $483, it was under pressure on Friday but the price managed to recover and finish at $491 to end the week.

Again, I have added in the ABC correction count here if this important confluence level is lost at $483, so we can be prepared for where the Wave A pull back is heading too.

I have said this a number of time and it will all rest on how $NVDA behaves next week, it needs to first start holding support and slowly building up strength, another weak week again it would be extremely difficult for the market to hold support on the 200 Day MA.

We will continue to watch this closely but I do not believe in any pre-emptive movements, just as we wait for support to hold, we also want confirmation from a resistance level for a rejection, and we don't have either of these yet.

Right now, we continue to sit on our hands and keep our triggers controlled.