FractalTrader
Short

QQQ a waterfall decline coming?

NASDAQ:QQQ   POWERSHARES QQQ TRUST, SERIES 1
86 1 3
Three distinct patterns of 5-wave             moves (not all impulse) followed by 76.4% retracements. What does it mean?

Either it's a rare formation called a type 2 diagonal consisting of 5-3-5-3-5, or more likely a series of 1's and 2's, setting up for a very steep wave 3 decline.

A slightly more bullish possibility I didn't consider at first, ABC-X-AB, with a final C beginning it's final descent.
great chart.
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