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krugman25
Jan 16, 2019 9:40 PM

QQQ - Bearish Rising Wedge - Ready to Drop Short

Invesco QQQ Trust, Series 1NASDAQ

Description

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

Comments
adrianbogdan
I'm 58% loss QQQ Jan 25 160 PUT - time to count the loss and move on or still hope of drop?
krugman25
@adrianbogdan, It sounds like you are long the put?

If so, I don't have any advice to offer because I sell options rather than buy.
adrianbogdan
@krugman25, Fair enough, thanks!
krugman25
@adrianbogdan, No problem. Best of luck! I know time is not on your side with long options. I have a lot of short delta in NASDAQ so it hope it drops quickly for both of our sake.
adrianbogdan
@krugman25, true :-) good luck to 2
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