QQQQ Fib Pull Back Targets

Below are 2 charts with 2 examples of how fibs can be used to target areas for upwards moves and pull back moves.

The first chart shows possible support for tomorrow if the QQQQ should pull back ("if" it decides to pull back).

The jury is out on whether the move up will continue on Wednesday. Here are the arguements for and against.

There is some evidence that this move up is weakening:

1) MACD Divergence, while the price is moving up the MACD levels are weakening
2) The QQQQ has made it up to the 423% fib level as projected 5 days
3) Well off of it's 100MA on the 15m chart, will likely retest soon
4) Lower volume on the move up in the last 3 days

However, a strong case can also be made that the move up should continue:

1) Higher highs and higher lows on the 15m chart
2) Daily Chart Slow stochastics still moving up
3) Daily Chart MACD still moving up
4) 3 Green Arrows :)

QQQQ Daily Chart with Fib Levels as possible support areas: