Well, support on the Q’s where we might get another reaction is actually closer to 360 but keep in mind that we already hit that level/target once & had the typical reaction/bounce from there. As such & especially considering how the market likes to trap those on the wrong side of a trade (in this case, longs), starting with yesterday’s gap down…. and… the fact I suspect we today is what I call the point-of-recognition, where dip buyers collectively start to realize that something is different this time around…. and…. the fact that bullishness/complacency has been at extremes lately, hence very little put protection in place as well as low short interest… all those factors (and then some) taken together tell me best to sit tight on shorts for now as the rest of the ride down to QQQ 343 is likely to be swift with bounces off support getting sold into rather quickly.

Still looking at crude as an intermediate to longer-term swing/trend trade with a major top around the 76ish long-term resistance level. Mentioned the potential for a 2nd test of that level a couple of weeks ago & that’s happening now.

The first two targets (T1 & T2) that were hit on QQQ were near-term targets based off the 60-minute time frame. I don’t think the 343 target based primarily off the daily chart is an aggressive target as that would only be a drop of just a hair over 10% from the Sept 7th high, barely meeting the minimum definition of a correction (a drop of 10% or more).

Based on numerous technical & fundamental conditions, I think the case could easily be made for a much larger drop & depending on how the charts develop in the coming days/weeks, I may very well add additional downside targets.