Our margin of safety is not too high

Was hoping for a perfect retrace to 530 which would pop QQQ back to 560-575. However, market did not do that and we are now below 530, we have two lines of defense

1: Rebound from 526. It is a 0.786 retrace so it is pretty deep but still ok and we could give it a benefit of doubt and use the same structure that we have so far to move up

or

2: Rebound from 520-522. Rebound from this level changes the structure of the uptrend so need to be re-examined at that time.

Below 520 is starting to show risk of a major top in Nasdaq as it could signal the completion of wave 5. I would be a lot more cautious if we go below that point.

This is why I have not been aggresive at all in 2025 so far