Nice spot. Pretty much a 50% retrace to the button & yes, more often than not that’s where a significant amount of traders will step in to buy. Thx for sharing.

Correct. I had a high-degree of confidence that the June 16th low (when T3 on my QQQ weekly was first hit) would result in a swing tradable bottom. Despite the fact that we also have positive divergences on both the 60-min & daily time frames with the market at key support (just as we did back then), I am not nearly as sure whether the next 10%+ move from here will be to the upside or downside. I’d pretty much give it coin-toss (50/50) odds. However, I suspect that we’ll know by early next week.

“IF” today’s lows (and as such, today’s bullish engulfing candles) are taken out soon, then I would say the odds would very quickly shoot from 50% to very high that the market will enter the next swift & impulsive leg down to T4 & potentially beyond.

Should we build on today’s gains in the coming days, with each tick above today’s highs (especially on multiple solid daily closing bases), the odds that we could see another 10-20%+ swing tradable uptrend increases sharply as well.

https://www.tradingview.com/x/OlitEGII/