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Invesco QQQ Trust, Series 1
Long

Weekly IH&S Pattern on QQQ

By rfc4
Updated
Bullish inverted H&S pattern. Likely to retrace to 72/89 EMA cloud range (red cloud) before bouncing back to retest ~400. Definitely a prediction at this point. Need a right shoulder to form more to get a high conviction.
Comment
Make or break at this point. Either it respects the 72/89 EMA cloud (red cloud) and rebounds or it will succumb to my latest point around a head and shoulders pattern.
Comment
Still hanging on. Testing that 72/89 EMA. Will need to close green this week if it wants a chance.
Comment
Still hanging on at the moment. Right shoulder chart drawing is too shallow and tight but concept is still valid. The big question is whether or not the massive NFLX miss today will trigger lower lows to invalidate this pattern. Rest of this week and next will give us some good leading indication on what is next.
Comment
This looks to be failed at this point unless we have a spectacular rally on Monday (highly doubtful). As the price moves below the 72/89 EMA, we should expect many more lower lows and increased volatility.
Comment
Failed! It was an interesting idea but marking this as fully failed as an IH&S pattern.
Head and ShouldersnasdaqQQQ

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