Carolyn Boroden Symmetry Analysis: QQQ Critical Decision Level
The index is testing support at 98.5
In this week’s video, Carolyn Boroden reviews the Nasdqaq QQQ Index using retracement analysis to determine the point at which the index is likely to either bounce or breakdown. Based on prior symmetry retracements, we are very close to a projected support level at roughly 98.5. If price holds here it would be a signal for a long entry, but trailing stops should be used because there is no guarantee of a sustained rally the way the market has traded recently. A projected target would be about 101.1.
