1: The first chart says QQQ is in a 5 wave up since 2002 where it bottoms after dotcome crash. You can clearly see the 5 wave structure here. We call this Grand Cycle.
We are now at 5th wave of this grand cycle, reprented by the big letter in yellow font.
2: The 2nd chart zoom into this 5th grand wave cycle, which started after 2022 bear market during COVID crash
- This 5th wave is taking an ending diagonal structure, represented in the red circle 1-2-3-4-5.
- Because it is an ending diagonal, each wave will take a big a-b-c structure, as shown in the blue color font
- We are now in the 3rd wave of this ending diagonal, and the final subwave c (as part of a-b-c)
- This c subwave also takes a 5 wave substructure (the c wave of the a-b-c always takes a 5 wave structure). This 5 subwave is shown as i-ii-iii-iv-v yellow count below, and you can refer to my original post to see how this 5 wave is being developed.
So, the big question now is, we have either completed iv on Friday, or we are still going to have another drawdow to complete iv. Refer to my original post to see this more clearly.
