Ok, so just like previously posted SPY H&S possibility, here's QQQ possible H&S setup (they're pretty much identical for all practical purposes). H&S wouldn't be confirmed until QQQ drops to around 83.5-84ish area to form neckline, then move back up to form a right shoulder (possibly 88-89 area (?), then breaking down back through neckline. Time will tell!
NOTE (30MAR14): NAZ seems to be breaking down from a well-defined head towards possible neckline (around 83.75ish or so) per chart above. While this LOOKS to be a H&S pattern in the making, nothing will be confirmed until we hit the neckline, form a right shoulder and then break down through the neckline, as markets can change on a dime...must remain humble and open to any possibility.
NOTE (6MAY14): So it LOOKS like top of right shoulder has formed (24APR) and we're inexorably moving downwards....however any H&S not confirmed until a break below the neckline vicinity 83-84ish....so just a waiting game, but definitely not a great place to be long as there's continued distribution and any rally is on weak volume and soon met w/volume selling. Remain short here.
NOTE (30MAR14): NAZ seems to be breaking down from a well-defined head towards possible neckline (around 83.75ish or so) per chart above. While this LOOKS to be a H&S pattern in the making, nothing will be confirmed until we hit the neckline, form a right shoulder and then break down through the neckline, as markets can change on a dime...must remain humble and open to any possibility.
NOTE (6MAY14): So it LOOKS like top of right shoulder has formed (24APR) and we're inexorably moving downwards....however any H&S not confirmed until a break below the neckline vicinity 83-84ish....so just a waiting game, but definitely not a great place to be long as there's continued distribution and any rally is on weak volume and soon met w/volume selling. Remain short here.