$QQQ TOP 20
Added 2025-03-02 20:34:04 +0000 UTCWeakness has been felt across the Tech sector this week as the market nervously waited and acknowledged $NVDA's ER.....but they reported with very little issues and maintained their guidance.
Margins have taken a small hit but we are talking above a $3 Trillion Market Cap company with +35-50% growth, it must cool down.
That being said, a 3 wave pull back to the 0.5 Fib and the 200 Day MA here and holding the week at $496 does not give me much concern.
Wave 4's can typically hold between the 0.38 Fib and 0.5 Fib range as we know.
Only if the 200 Day MA at $491 here is lost that I would be concerned for the $QQQ moving into correction territory.
I am still leaning towards the Melt Up scenario playing out next and the $QQQ moving to $573, a +10 to +13% climb from here.
