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krugman25

QQQ - Bearish Rising Wedge - Ready to Drop

Short
Invesco QQQ Trust, Series 1 (NASDAQ:QQQ)  
krugman25 Updated   
NASDAQ:QQQ   Invesco QQQ Trust, Series 1
Chart Patterns Wedge Support and Resistance pricepattern Rising Wedge Hammer Pin Bar QQQ SPDR S&P 500 ETF (SPY)
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5
chartpattern wedgepattern supportandresistance pricepattern risingwedge hammer pinbar qqq spy
The case for the bearish rising wedge strengthened today as a bearish hammer has now formed off of the upper channel of the rising wedge. This market has been very strong as of late but the overhead resistance, rising wedge, and now bearish hammer should not be discounted. I think risk is to the downside right now (higher probability) unless price as able to push above this rising wedge (lower probability).

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Comment:
My latest analysis on this setup

www.tradingview.com/...arish-Engulfing-Bar/

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