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QQQ Head & Shoulders Pattern Fully Formed

The potential Head & Shoulders pattern highlighted on June 20th now appears to be fully formed with today's impulsive move down to the neckline. As discussed in that previous post a week ago, I was waiting to see not only if the second right shoulder would form but ideally to see that drop back down to the neckline occur on volume expansion, such as the move down off the head & first right shoulder, which has certainly been the case. Now awaiting a break & 60-120-minute close below the neckline & more importantly, the 137.40 support level, which lies slightly below the neckline, for a sell signal on QQQ. Previous & updated 120-minute charts:

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Jun 27, 2017 9:45pm|Categories: Equity Market Analysis|Tags: , |1 Comment

One Comment

  1. jamesp June 28, 2017 5:56 pm at 5:56 pm

    Looks like the bulls are not going down without a fight. Pretty strong reversal today

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