I'm observing some interesting trends on this NDX renko chart. Take a look at my lower wavetrend indicator and the simple, yet remarkable, patterns that exist. This chart goes back 10 years but I really want you to focus on the giant ascending broadening wedge (aka megaphone) from 2018 until now. I see this area as a potential pivot but we're just as likely to melt-up, even if we do have another correction. I'd love to see a #6 of this megaphone but I'm not certain of that. If the NDX eventually breaks above this pattern then it will most likely soar similarly to 1999-2002. This seems absurd but it's not unlikely considering the ingredients baked into our current monetary cake. I will consider a long hedge (2023+) calls in QQQ if we can have another nice correction but I don't like the risk/reward of going long here. Let's see if we can get another nice pull back.
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here's a zoom-in version of the lower indicator
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update on ndx renko- very interesting. It was a little higher than I expected. But is this a major pivot? idk.