QQQ Downside Reversal Likely

QQQ is still struggling with the R1 level (from the previous 60 minute charts) although trading slightly above it so far today. Note how the key 50% Fib retracement level (112.50ish) comes in just below the horizontal price resistance level R2 (112.65ish). That 112.50-112.65 resistance zone is likely to act as formidable resistance, should the Q's manage to push higher this week.

QQQ chart with price targets

QQQ 60 minute Nov 18th

Note: the price targets on this 60-minute QQQ chart are the current price targets for the TQQQ Active Short Trade, with additional targets likely to be added, should the charts continue to develop as expected. Also keep in mind that I'm currently experimenting with this new charting platform which automatically highlights the support level (prices in green) where I placed my price target lines (T1, T2, etc...). Unlike the normal charts that I post, in which I manually add the price target level adjusted for an optimal fill, these targets are unadjusted and as such, BTC orders should be place slightly above each target level shown on these light colored charts. Likewise, stop-loss orders should be placed slight above the resistance level(s) that are inline with your preferred price target(s).

Nov 18, 2015 10:47am|Categories: Completed Trades - Short, Equity Market Analysis|Tags: , , |Comments Off on QQQ Downside Reversal Likely