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Gap filled and and worth a watch for a long here...not a bad idea with tight stops...
AS you can see, QQQ hit a double top, then broke past the neckline, then tries to reach it again to break the resistance, but fails and is bearish. QQQ to make new lows in the near future!QQQ
If this executes we could have significantly more downside. Accumulation on the minute chart is trending down, suggesting retail is buying (grinding up) and institutions are selling in batches.
With about 90mins left in the session, QQQ is shaping up for a key day bearish reversal after an ATH print and what looks like a complete EW 5 wave count plus diverging RSI. Needless to say the potential downside could be huge.....
Could have finished a pretty looking WXY upward correction in QQQ where w=y. Sell with stops above highs for decent sized pullback at a minimum if not much larger downside.
Potential massive H+S top pattern with right shoulder formed/forming. Short at 164 with a stop above 170 and possible target around 134 in coming months. 5/1 rtn/risk.