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hermes_trisme

QQQ bearish Head-and-Shoulders pattern confirmed

Short
Invesco QQQ Trust, Series 1 (NASDAQ:QQQ)  
hermes_trisme Updated   
NASDAQ:QQQ   Invesco QQQ Trust, Series 1
Trend Analysis Head and Shoulders Wave Analysis us100 NASDAQ 100 CFD NASDAQ 100 CFD trendreversal trendreversalpattern nasdaq nasdaq100 NASDAQ 100 CFD
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trendanalysis headandshoulders waveanalysis us100 ndx ndx100 trendreversal trendreversalpattern nasdaq nasdaq100 nas100
QQQ has shaped Head-and-Shoulders formation on the daily chart. Daily downtrend confirmed, weekly consolidation has started.

Please note that broad SP500 market is still technically in an uptrend, meaning that buyers are still strong. So if you plan entering SHORT on QQQ I would wait for a pullback to increase risk-reward. An example of possible trade is shown on the chart. Of course, it is important to monitor how things develop and make corrections if needed.

Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
Comment:
Currently, QQQ started hourly consolidation.
But bulls are quite strong today. I'm moving my stop-loss at break-even to prevent losses in case buyers are able to set hourly higher low and confirm hourly uptrend
Comment:
Day closed very well for the QQQ bears with a "falling star" candlestick. Moreover, hourly downtrend confirmed.
The only "problem" for sellers is broad market relative strength. While SP500 also closed "bearish" but sellers were not able to fill today's morning price gap.
Comment:
Took 30% of profit on pre-market weakness. Price is near Friday's VAH
so it makes sense
Trade closed manually:
Market is uber-strong today. Closing rest of position with small profit
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