The market looks overbought near term, especially QQQ. I dont usually post analysis unless it is compelling, and here, you have a head and shoulders pattern meeting another head and shoulders pattern on the potential last shoulder of the first, to bring about the last shoulder of the second. I am holding stocks, I cant predict the future, but I am hedging because this could be big.
Comment:
Couple days in, looks good. Haven't broken the cap blue, and looking poised for that downtrend.
Comment:
Hit that first resistance about a day or two early, I might expect a bounce tomorrow and then the selloff to continue Friday. Thursday more of a chill day in my eyes, but specific day patterns in advance are all speculation.
Comment:
The set up is PERFECT. The second head and shoulders pattern is emerging. It would be reasonable to hit support and go for a bounce to around 335-338. It may be less serious, but it seems that it has created the setup I predicted last month.
