QQQ (Nasdaq 100 Tracking ETF) offers an objective yet somewhat aggressive short entry (as a counter-trend trade) here in anticipation of an imminent breakdown below this 60-minute bearish rising wedge pattern with an alternative, more conventional entry or add-on (to a partial position taken here) on a break below the uptrend line off the Dec 24th lows.
QQQ 60-min Jan 18th
The current price targets are T1 at 158.81 and T2 at 155.79 with a potential third target that may be added around the 152.50 area and possibly additional targets beyond that, depending on how the charts develop going forward.
The maximum suggested stop will be any move above 168.80, which is set about 1/2% the 168.00 price resistance + intersecting downtrend line resistance to allow for a brief overshoot & possible stop-raid above those dual support levels.
The suggested beta-adjusted position size for this trade is 1.0, which should also be factored in if opting to use any of the 2x or 3x short ETFs such as QID or SQQQ in lieu of QQQ. (e.g.- a beta-adjusted position size of 0.5 for QID, the 2x short $NDX etf).