Upon further review of the charts & for reasons discussed in a soon-to-be-posted video that I just uploaded, I am revising T2 (final target) to current levels & closing the QQQ bounce trade out here. While QQQ could very well continue up to hit the second price target zone around 455, I don’t believe the R/R is clearly favorable to remain long at this time as the odds that the reflexive counter-trend bounce off the 200-day moving averages & key support levels on the Nasdaq 100 & many key stocks may be over or close to over in either scope (price) and/or time. One could also simply tighten up stops to protect profits while allowing the trade the potential for additional gains. Previous & updated 60-minute charts below.
QQQ 60m Aug 6th
QQQ 60m 2 Aug 6th
QQQ 60m Aug 7th
Again, at the very least, consider raising stops to protect profits if holding out for more upside. I also feel this is a good time/level for swing & trend traders that booked profits at the recently hit swing targets on the QQQ & /NQ daily & weekly charts to start scaling back into swing/trend short positions, although not a “hard” or all-in short at this time as the near-term direction is not very clear IMO.