The onus is on the bulls to rally on a break above this 15-minute bullish falling wedge. While the pattern measures up to around the 133 area, my expectation is that any breakout will fall well shy of that, laying the stage for a bull trap scenario.
Simple yet effective: Go long after divergent lows & short following divergent highs on the QQQ 60-minute chart. While this most recent & fairly large divergent low would indicate a considerable rally in QQQ, should it fail to play out for anything more than small rally of 0.3-0.5% or so, that would show a change of character in the leading index.
Personally, I'm sitting tight on all my short positions for the time being, even if QQQ makes a convincing break above this bullish falling wedge pattern as I suspect that any rally will get sold into just as it begins to appear to get some traction. Should QQQ rally from here, or possibly after one more thrust back down within the wedge pattern, I'll be watching to see how it handles that key resistance level around 131.60, which is about 0.33% above current levels.