You can see "historically" everytime when QQQ drops from highs and go straight down through 50d EMA and touches 200D EMA for the "first time". When this happnes, there are two posibilities
1: QQQ bounce around 200D EMA (this usually takes 1 to 3 days to confirm) --- We are currently day 1 but need follow through to confirm.
2: QQQ could not hold 200D EMA and penetrates lower
For scenario 1, most of the times when QQQ bouce, it goes back to 50D EMA (which is close to 465 area) and after that, it either comes back and re-test 200 EMA, or it goes up from there. Stock is very complicated so you need to prepare for all situations.
Probability wise, after QQQ bounce to 50D EMA, but could not hold, and come back to penetrate 200 EMA for the "second time", it is a very bearish signal and we could see 30%-40% drop coming, and this is why you use options to buy put when QQQ goes to 50D EMA to protect. We never know exactly where market will go but spend some small $$ to protect is part of the trading strategy.
If QQQ bounce to 50D EMA and continue to push higher, well, congratuations, as stock market finishes correction and while you lose some $$ on puts, your entire porfolio should enjoy a hefty gain.
For scenario 2, it means we dont have a chance to buy Put at higher price, and QQQ will go lower, in that case, depend on your asset allocation, you may want to sell all the QQQ you bought today, or hold them and add more at lower price.
There is no one-size fitting all trading strategy, you want to develope your own strategy and take different possibility into consideration
Good luck
