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Wedge Overthrow Scenario Playing Out, More Downside Likely

QQQ 15 minute 2 April 13th

QQQ 15 minute 2 April 13th

The wedge overthrow scenarios on the 15-minute charts of the SPY & QQQ are playing out so far, with prices back well within the patterns on both. A break below the wedge plus sell signals triggered (still pending as of now) on the short-term trend indicators will sharply increase the odds of the QQQ swing short dropping to at least T1 (100.09) in the coming weeks, a drop of about 7 1/2% from current levels.

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Apr 13, 2015 2:09pm|Categories: Equity Market Analysis|Tags: , , , |Comments Off on Wedge Overthrow Scenario Playing Out, More Downside Likely