QQQ - Market Meltdown or Momentum Madness?

Now, here it is, the correction in the NASDAQ and consequently in the QQQ - or is it? Currently, the bearish momentum is rising. However, as we know the index, it tends to shake off buyers and soon surge to new all-time highs. A look at the volume profile suggests that the bulls are not yet finished. The Value Area High of the uptrend since October 2023 has established itself as a solid support zone, while an Unfinished Auction awaits at the upper end of the range. Therefore, we remain bullish on the QQQ and the NASDAQ and expect new all-time highs soon. At the same time, we are also aware that the risk of a significant correction is increasing.