I would be remiss not to point out this bullish falling wedge pattern, complete with positive divergences, that has formed on the 15-minute chart of QQQ. While any of the above targets, or more, are certainly a possibility, I favor any breakout proving to be a bull-trap/short stop-run with a sharp reversing setting in just as the breakout appears to be gaining some traction, assuming that a breakout occurs to begin with.

QQQ 15-minute May 4th

QQQ 15-minute May 4th

The fact that this pattern has fully matured on this second successful defense of the 104.90ish key support certainly warrants monitoring this pattern. For those who are bullish, looking for new highs in the market or those short, looking to minimize any giveback on recent paper gains, the levels above could act as near-term price targets, stops or even buy-points, if & when each level is taken out.