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NQ - yesterday we got expected acceleration
Almost two weeks ago I posted a video that pointed to similarities in charts of Crude oil and Nasdaq. Particularly, I pointed to a tight consolidation formation preceded to the final plunge in Crude Oil in December 2018. This is how it looked like if inverted Crude chart:
Then I showed a similar consolidation in NASDAQ and warned that we may get a similar spike out of upward sloped tight channel Nasdaq was consolidating:
QQQ - 15 min chart updated on 4/11/2019
Yesterday we have got a spike out of that tight channel. And it was an emotional rally that breached the previous top made in September 2018. It still can extend a bit higher but at this point I would not go long and rather wait fro a corrective wave ( iv ) down that may be deep an quick because now everyone is talking breakout and not many bears left who expect any significant weakness.
NQ - 90 min chart updated at 8:40 AM on 4/24/2019
