Although a QQQ bottom appears to have happened on Friday, notice that volume was lower on Friday (vs thursday down day) and more importantly even lower on Monday on higher price. Higher prices on declining volume just isn't sustainable and will be exhausted (indicative of a bear flag).
First target about 163 based on trendline and 50sma
Today's action fit the narrative even better: slightly higher price with even lower volume and now the last few days show a rising wedge. Tomorrow, Wwednesday is the day of action. Look for breakdown and it will go below 163
my1pricefamily
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very good only thing i see is that there is no divergence as of yet it may develop in next few days ! watch rsi if it moves away from angle of trend in same timeline its often a signal that you will have a change in trend especially if a fractal forms !
TomPower
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@my1pricefamily, yes and from what I've heard about declining volume its no holy grail. price is king! Your account will see the drawdown regardless of volume. i'd say let it double top
luckydogz
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@TomPower, yes good points. There may be another day of up but assuming it's another low volume day, I'm thinking that will be it before going down
luckydogz
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@my1pricefamily, sounds like you use an RSI technique that nassar investing tweeted about: when the RSI forms a wedge, RSI typically will lead price on price cycle breaks