QQQ Backtesting Bearish Rising Wedge Pattern

QQQ (Nasdaq 100 tracking etf) is currently backtesting the rising wedge from below, offering an objective short entry or add-on to an existing short position. The Q's nor any of the broad market tracking etf's are not official trade ideas at this time although the charts still indicate that the next 10% move is much more likely to be to the downside vs. the upside, despite the current uptrend.

As per the primary scenario drawn below (red arrows), I'm looking for a move down the 104 area/primary (yellow) uptrend line, followed by a reaction & then a continued move down to the 100 area before the next decent reaction.

QQQ daily June 10th

QQQ daily June 10th

Jun 10, 2015 3:28pm|Categories: Equity Market Analysis|Tags: , |Comments Off on QQQ Backtesting Bearish Rising Wedge Pattern