Your 17% correction could happen, though It would be brutal... if the markets keep dropping like the last couple weeks, we could see this unfold before the end of the year. And then resume with some kind of rally into 2015?
Price action has been weak. Correction first and rally would depends on many factors affecting the market. Oil price, Europe QE, Eloba, Earnings and guidance, US election etc. Market will adjust accordingly. Look for multi day higher high and higher low.
Thank you for your prompt reply. I think the QQQ rallied back later in the afternoon to close yesterdays gap. Seems like somebody important got stuck at that price when the market opened lower today and did not fill the gap.
Did you mean just dropping below 91.55, which it did today, or closing below 91.55 which it did not. Things look very bearish and your charts are helpful so any help it your thought process is appreciated.