This is a premium alert for TQQQ, and where I see it heading, and where to buy and place stops ahead of a potentially huge 20% move.. [ms-protect-content id=”61,117″]
Best case scenario: 108 to 124+ was a 15 point Wave 1, W2 retraced in a flat to the low of A at 118 and low of C at 120, setting up the 3rd wave move…I would buy right where it is now at 123.55 or above 124, and place a stop to sell at 121.22 just in case there’s a fade at any point in the day…but it looks good so far. Potential target if it’s fullfilled at 1.618 would be over 140 TQQQ.
Worst case: Failure at 124 range and fade below 121 setting up a C to test 118…right now at this point the rally is pretty strong heading into 10AM this morning, so it doesn’t look like that will happen..at least today.
Where I’m leaning: Gung h0 above 124..I have 1000 TQQQ and 1000 UPRO [/ms-protect-content]