[Premium] 6%-15% Potential Upside Short Term Trade Setup For TQQQ [Setup Expires 2-3 Days]

Nov16tqqq

This is a short term trade setup for TQQQ based on the 30 day 1 minute chart.  Potential upside on the targeted buy area is as much as 5-6 points or 6% in a matter of a couple days(!) or even 15%(!)

Best case scenario:  Gap down downward 3 completes at 1.618 right to 106-108 range.  Buying in that range is in anticipation of an upward 382 W4, in this case, if there’s a bounce from 106, back to 112, or 108 back to 114.  You’re betting there’s no 2.618 wave 3 which is pretty rare (2.618 happens 10%-15% of the time), and betting that 1.618 is complete for an upward 4.  Even better scenario is that that was the bottom, period.  We’d go all the way back to a 786 reversal over the top of the B to 122 or 126 the all time high.

Worst case scenario:  You run into the rare 2.618 would be another 10 points of downside from the 106-108 range…but the VIX is right at the magic 21-23 range right now and with the gap down tomorrow we’ll hit that and those levels.

Where I’m leaning:  Great buy to buy the TQQQ in the 106-108 range as there’s an 80% chance it reverses in at least a 4 to the 112-114 range.

About the author

CEO Ted Aguhob, Master Elliottician and Technical Analyst, Day And Swing Trader, Website Designer And Marketer, Artist, Producer and Musician has provided content to gemxwave.com, wavegenius.com and masterofcharts.com for over 14 years. The biggest breakthrough as a blogger came in 2013 when Wavegenius.com produced a net profit of over $177,000 and became one of the highest earning blogs in the entire country. Many of his biggest and most amazing calls appeared on major financial websites like Thestreet.com, Yahoo Finance and MSN Money, was a radio personality on Washington DC Radio, and has a following in the tens of thousands for many years. Ted is known for his charisma, vision, creativity and better yet.."genius."

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