If you split the bear market decline in 4 equal parts (highlighted in yellow bar), you notice a significant reaction at the bottom of each of the bars. The Mar 2022 rally failed at the bottom of the first bar; Aug rally at the bottom of the second bar, Nov rally at the bottom of the third bar, the Oct low at the bottom of the fourth bar.
After forming a low in Oct, $QQQ moved above the Nov high. This has been a change from what happened before, it didn’t establish a lower low. A full measured move of the Oct low to Nov high would project a price target to the Aug high, so $330.
$QQQ closed around the half way point of the third bar (red line). If it closes above that level, so $313, odds would favor the completion of the measured move to $330.
The Nov high, the bottom of the third bar, around $292.50 is a must hold support level.