QQQ Daily, 04/04/2014: Q's continue their A-B-C down move
Q's down big on four times average volume which suggests selling exhaustion for now. We could easily see a bounce to the falling trend line and maybe another failure to break through.
I haven't drawn in the lower, parallel trend line due to clutter, but this looks like a big bull flag to me. We drop into the 82's and then this morphs into a down trend.
At this point in time and subject to change, it does appear that the Q's will reach the Fib extension of 83.51. For now, and until there are clear signs that the Q's have bottomed and are reversing, I am avoiding this sector.
Be careful and GL in the week ahead.
I haven't drawn in the lower, parallel trend line due to clutter, but this looks like a big bull flag to me. We drop into the 82's and then this morphs into a down trend.
At this point in time and subject to change, it does appear that the Q's will reach the Fib extension of 83.51. For now, and until there are clear signs that the Q's have bottomed and are reversing, I am avoiding this sector.
Be careful and GL in the week ahead.