QQQ Forecast for Thurs

In looking at the chart there is a bit of uncertainty due to the fact that there may or may not be a new channel forming. Lets look at the chart:

Today's candle has a top tail which if at the top of a channel signals a coming drop. However, if this is a newly formed channel there could be a problem. Which is why today I dumped all my higher priced puts. I don't like to hold onto options. When I see a profit, I dump them and take the money, rather than holding on to them for a home run that may or may not come.
If I had to throw a number out there, I would say that there is a 60% chance of a drop tomorrow, a 20 percent chance of chop near the top, and a 10% chance of recovery and upward movement once again, forming a new channel.
Usually I like to call a solid call. Simply put this time I will do nothing: I will buy no calls or puts until I get a handle on which way this thing is going to go. I will know by Thursday or Friday. Once I have a good idea of the direction, I will start bouncing things the other way contrarian style making some decent dollars.

Tradinginsider
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