QQQ - a clear shift from the upper to the lower
$Invesco QQQ(QQQ)$ : We've seen a clear shift from the upper to the lower Bollinger Band, and now a reversal.
With multiple timeframes showing oversold conditions, a test of the 20DMA (blue) is very likely. I expect a rejection pattern to emerge (again) around the 20DMA. ➡️Nobody knows if one or two rejections, I vote for two. Thoughts?
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Similar pattern in $S&P 500(.SPX)$ , posted before this one.
The recent lower Bollinger Band breach, acted last week' as a bearish signal, now suggests a bounce with continuation considering the candle. A move to the 20DMA is highly probable. ➡️The key question is whether this bounce will be short-lived (like scenarios 1 or 2) or sustained (like scenario 3). I'm leaning towards a short-lived bounce.
Was the gap-fill the sole mission of this pullback?
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