QQQ Retrenchment in Jan-Feb 2024
Based on Fibonacci, I believe #QQQ could retrace to $383 - 385, seeking support at the 38% Fibonacci level. This level aligns with resistance points on July 23 and Sep 21. Personally, I don't anticipate a correction beyond the 38% Fibonacci, as the 61% is too low, and the rally seems strong.
Be cautious with Fibonacci levels:
- $393 - Fibonacci level 23.6%
- $383 - Fibonacci level 38%
While waiting, consider taking action. An option is to sell a PUT OPTION with a $383 strike in 30 days, collecting a $122 premium, essentially a pass-and-collect strategy.
Be cautious with Fibonacci levels:
- $393 - Fibonacci level 23.6%
- $383 - Fibonacci level 38%
While waiting, consider taking action. An option is to sell a PUT OPTION with a $383 strike in 30 days, collecting a $122 premium, essentially a pass-and-collect strategy.
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