aravindran1

Bulls aren't gonna make it easy for the Bears

NASDAQ:QQQ   POWERSHARES QQQ TRUST, SERIES 1
This is a 4 hour chart of the QQQ             and it shows both the bullish and bearish side of the argument. I have a bias to the bear side due to bearish divergence on the weekly chart and also the head and shoulder pattern. However, the bullish argument is that we have an inverse head and shoulder pattern ( green) opposing the Bears, and also the fact that we are still in a primary bull trend. The Bulls can drive the price all the way to 89.00 level and we could still be bearish long term. If we breach that level and get resistance level above ( 89.61)., then the bears might be in some trouble. That being said, often times in a bullish uptrend, we see the indices make new highs one to break down a few days after and turn bearish when it is least expected. I think right shoulder ( red) might take longer that many bears might be anticipating. I'm bearish medium term( 6 months), bullish short term( 3 weeks)
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