Beware Bearish QQQ Setup.
I don't like the QQQ set up here at all. There's a potential double top. I say potential because a double top is not confirmed until support is broken. There's minor support at the Fibonacci levels, hard support at the bottom of the range. Why I am so bearish on this set up is the diminishing volume between the two peaks. That diminishing volume is a precursor to many toping reversal patterns, including the double top. RSI has also turned negative indicating additional weakness. If hard support is broken at the 78% Fib level then the minimum downside target would be the distance from the peak at the top to the support level projected down after support is broken. That would be one hell of a decline. Probable? Maybe not. Possible? Definitely. Lets see if the Bulls can pull this index back up above the double top resistance line.
Good Luck To All!
Good Luck To All!
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