QQQ Weekly Chart

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Currently QQQ is in a 3M IB. The target area at the moment is the low at $580. Once this is swept, we should look to trade back into the 3M IB looking at a failure of the .25-.50 Quadrant of the IB; this should bring us further down. Trading past the .50 area of the IB quadrant indicates bullishness.
If bearish, the target then becomes the Golden Zone of the range, which is the 3M OB (starting at April). The Golden Zone has confluence with the OB quadrant (.75-.50 area) which we should see some serious price movement to the upside. A failure of this .75-.50 zone will indicate bearishness, which means we could see further downside movement.

Expiry’s for June + (slightly OTM or ATM) should provide safe returns.

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