QQQ Channel

QQQ reacting nicely to the Channel.

I'm short term bearish on this. I think it needs a 2%-3% pullback before it breaks out for good.

Since the 1.618 fib is right there, and the wick for Friday's (1/17/2025) candle was rather bullish, I could see a fake breakout to the fib and then break back down into the channel.

I also have a long position set up just incase this breaks out and keeps running.

KEY:
-White Horizonal Lines: Previous High/Low, regardless of timeframe.
-Green Horizontal Lines: 1.618 fib level.
-Blue trendline: Trendline.