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This was posted on Monday the 11th. So there is no after the fact
guess work, line projections, or other things to confuse the matter. The
target for this cycle has been reached. Do I win the prize or just
take my money and say thank you very much as today's close means very little
to me.
Ira Tunik wrote:
There seems to be a great deal of guessing going
on about where the QQQ will be and when. Here is my matrix for the
QQQ the Probabilities are that once an EP is hit there is an 80% probability
of reaching PO1, a 70% probability of reaching PO2 and a 60% probability
of reaching the target for that trading cycle. Each is specific.
no guessing as to whether this or that line will hold. The stops
are specific also to take care of that 20% risk factor. Each of the trading
cycles is still active and the targets reached for each cycle is noted.
Your current location is also noted. The numbers on the left are
for the down cycles and those on the right ar for the up cycles.
EP=entry price. PO=price objective. Target=price target for that
cycle. Each Price Objective first acts as resistance and as support. A
cycle is active until either the target is reached or the stop is hit.
One or the other will void the cycle. So QQQ can reach the target
of the current cycle and still be nothing more then a retracement of the
down legs. Contra trend trades usually end at PO1. A price of 35.85
will void this up move we are in and once again restart the down cycles.
Hope that this isn't too confusing, I am giving the prices to expect but
no dates as they may come before Friday. This is expiration week
and you can get some funny price movement.
BobR wrote:
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