QQQ: A bearish scenario I think possible.

Ever since the first crash in 2002 1.05% I felt it was possible that was just the first wave of a 3 wave connection. The last the hope of this bearish pattern realistically is that this is what the EWT 0.41% folks call a irregular flat. IFFFFFF this is the case the common Fibonacci relationships are the the "BB" wave is 1.272 or 1.38 x the "AA" wave. We are approaching that area (147.90-158.98). Notice the midline of the current up channel supported the up action til 2015 and after dropping below it has not returned to the midline. I would would think if this is part of a bearish pattern the midline would now be a resistance line.
As with all EWT 0.41% patterns this should be seen as something to help you anticipate. But wait for price action indicators you normally use to trade.
Take care. Feedback welcome.

Trade closed: target reached:

right at the 1.38 level. Will see what happens next.