dionvuletich
Short

QQQ Weekly Retest and Rejection

NASDAQ:QQQ   POWERSHARES QQQ TRUST, SERIES 1
44 0 3
Already bearish on the QQQ's Nasdaq ETF for quite a while based on this post
Nasdaq Monthly ... Showing Cracks


Already taken profits on a prior short position and entered another longer term short position yesterday and (scaled into other US indice short positions)

Pin bar rejection of breakout level within a larger pattern points to lower levels despite the FOMC result, I suspect we may see another major selloff within the next 4-6 weeks and when the Fed finally raised interest rates possibly in October or November (??) then the market will finally bottom and then rally...

Hopefully it will bottom around the 77.10 level at which point I would be quite happy to stop and reverse long
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