Chart of the day

QQQ is testing the strong upside resistance of 375 in the rising wedge which could prove a bearish formation. This level was also high in Feb-March 2022

A break above 375-380 is required to confirm that we will begin the fifth wave higher and the fourth wave is finished long-term, very similar to NASDAQ. A break below 355 is required for the invalidation of the upside extension and a confirmation that we will see a downside third wave by this invalidating the upside long-term count. If we do not see a break above 375 we can see another test of 355, either way, we are expecting this 5 upside waves short-term in the rising wedge to be finished.

Long trades, you should open only upon a confirmed break above 380. Short trades you can open here with the stop loss above 380 or upon the confirmed break below 350 if you are a more conservative trader. Be patient and careful both intraday and long-term as this is a wedge that is narrowing for a break higher.