dorfmanmaster

QQQ ~ Three Pushes to High

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NASDAQ:QQQ   INVESCO QQQ TRUST UNIT SER 1
A “three pushes to high” top often develops as a leading edge of a larger, longer topping formation. This scenario may be a reliable indicator of decreasing momentum.

The way it typically forms is as follows:

1. The first push creates a new high outside the upper band.
2. The second push makes a new high and touches the upper band
3. The third push makes a new high, but within the upper band.


~As we review the QQQ , it has made the 3 consecutive steps.
(This technical analysis was discovered by John Bollinger and was taken out from the Book "Bollinger on Bollinger Bands")

There is also a head & shoulders formation (in blue). If we make a measured move from the neckline to the head. It is about a 8.4% move. Placing that move (in a red arrow), takes us to the 200sma.


I will keep this post updated if any pattern has been negated or my views have changed.
Comment: Yesterday (march 2nd) we had a market internal bearish signal called, the Hindenburg Omen.
If you would like to read more about it; I recommend using the following link.

It is written by one of my technical trading teachers.
https://www.trade2win.com/articles/2012-...
Comment: According to InvestorBusinessDaily, yesterday (march 4th) marked the beginning of the correction; as a cluster of distribution days have been made.

Comments

Thanks for a prof. work. Keep up the good work.
+1 Reply
Hello, excellent.
+1 Reply
Well done👍
+1 Reply
Yesterday we had a market internal bearish signal called, the Hindenburg Omen.
If you would like to read more about it; I recommend using the following link.

It is written by one of my technical trading teachers.
https://www.trade2win.com/articles/2012-teutonic-trouble
Reply
There’s also an inverse H&S pattern on the hourly... we shall see
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