QQQ – Nasdaq ETF (Last:274.57)

The chart (see inset) shows how this ETF for the Nasdaq 100 came within an inch last week of a 271.90 secondary pivot that has the potential to cap the most powerful rally ever.  My hunch is that QQQ will exceed this ‘hidden’ resistance decisively, signaling more upside to D=307.56 over the near-to-intermediate term. I base this on the fact that buyers surpassed the very clear  ‘D’ target of a lesser pattern without hesitation, and that they have since danced at those heights with little sign of fear.  Here’s a chart that shows this. The unmitigated bullishness of it seems absurd, given the ridiculous valuations already factored into the Naz. As you know, however, in these precincts charts will always hold sway over common sense. ______ UPDATE (Aug 6, 10:50 p.m.):  Monday’s gap through p has left no doubt where the Cubes are headed next. They are all but certain to reach D=283.76 within the next couple of days, but don’t be surprised to see that Hidden Pivot resistance impaled, since there will still be an outstanding target at 307.56 (see above).