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tradercor
May 7, 2020 7:43 PM

QQQ Reversal Pattern Short

Invesco QQQ Trust, Series 1NASDAQ

Description

With the recent market rally over the last month or so, things seem to be lining up for a reversal and continue of the bear market from this world pandemic. We have a deep retracement up to the 786 fibonacci level. On this level, we have a rising wedge in an upward move, hinting at momentum slowing, consolidation increasing, and a reversal potentially coming. Fundamentals around the world are some of the worse we've seen in decades, or in some cases, EVER. Keep an eye out for a sharp reversal for potential sell-offs across the board.
Comments
dereckcoatney
Yes indeed, that is one magnificent rising wedge, isn't it?
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