QQQs Break Above Unique High Level On Moderate Volume

Another sign the markets are attempting to break away from sideways/topping patterns is today's closing price on the QQQs.

Today's close above the Unique Fibonacci Price Theory High suggests the QQQs are attempting to break away from the Excess Phase Peak pattern and will likely attempt to move up into the 501-502 price range.

Remember, the first rule of Fibonacci Price Theory is Price must always attempt to reach new higher highs or lower lows.

When it fails to make a lower low, it must roll over and attempt to reach a new higher high.

In this case, as we neared to top of the Excess Phase Peak pattern, the Ultimate High, price would either fail to make a new higher high (and attempt to roll downward) or it would break to a new higher high (thus confirming price is still in a Rally Phase).

Today's close means my analysis of the general markets moving into a "cleared for takeoff" rally phase is starting to become much more valid. We have broken above the Ultimate High on the QQQs with moderate volume.

Now, we should expect the QQQs to attempt to move higher - toward the 501-502 level.

Get some.

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