Comments on: QQQ Potential IHS & Big "W" Bottoming Patterns

By: joefriday

joefriday — Sat, 07 Apr 2018 23:29:52 +0000

A 15 min chart is a bit too micro for me but I hope it plays out…as I’m still long QQQ.

By: raider74

raider74 — Fri, 06 Apr 2018 20:55:34 +0000

In reply to Dean Drummond. Thanks Randy, I entered a trade using TQQQ. Please continue to keep us posted. Have a nice weekend.

By: Dean Drummond

Dean Drummond — Fri, 06 Apr 2018 20:04:11 +0000

Near-perfect symmetry on the IHS pattern so far with today's lows (potential RS) matching the lows of the LS. Of course, we still need to see an impulsive rally back up to the NL kicking off early next week to complete the formation of the RS & the pattern. To be continued...

By: GetItRiight

GetItRiight — Fri, 06 Apr 2018 18:48:14 +0000

In reply to Dean Drummond. Yeah, I will definitely wait until Monday to see what the mood is then. I am hedged either way, have some SOXL about 6% away from breakeven and LABU 7% from breakeven, to hedge my swing shorts of SOXS and LABD.

By: Dean Drummond

Dean Drummond — Fri, 06 Apr 2018 18:22:02 +0000

QQQ just came with 15 cents of the 156.80 support level. The market could crater from here or on a gap down next week but a long entry here with a stop somewhat (1-2%) below offers a very attractive R/R with nearly 6% upside on QQQ (to the 165.64 resistance area), should the bulls successfully defend this level. Stepping in here with all the recent headline risk & volatility, not to mention the extremely precious posture of the major stock indices, is certainly not for the faint of heart. More risk-averse traders might opt to wait until next week to see whether or not this support, as well as the recent lows, holds or not.