Following the recent breakdown & backtest of the minor (smallest) bearish rising wedge pattern, QQQ moved lower & broke below the secondary uptrend line with a (so far) successful backtest of the primary downtrend line off the late 2021 highs (yellow line). From there, QQQ had a minor bounce which was capped by the dual intersecting uptrend line (larger wedge) and 330 price resistance levels.

QQQ 60m Aug 18th

QQQ 60m Aug 18th

From here, the next sell signal & objective short entry or add-on will come on a solid break below 323 & the downtrend line (i.e.- failed breakout/bull trap). Should we get the aforementioned sell signal (quite likely IMO), the arrow breaks denote likely reaction points/price targets for the QQQ swing short trade on the 60-minute chart above.