QQQQ Need Another Loop Down Prior to Rally - Mid-Day Minute for Wed January 9th 2008

Jan 09

QQQQ Need Another Loop Down Prior to Rally

by Mike Paulenoff, Wed January 9th, 2008

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QQQQ Need Another Loop Down Prior to Rally
By Mike Paulenoff, www.MPTrader.com

Another failed rally already this morning? Sure looks like it, right? On one hand, my hourly RSI is showing glaring positive divergences that in the past have elicited a powerful bullish response. But not this time -- so far. My pattern work is telling me that the Q's (NASDAQ: QQQQ) are very close to one of those sustainable recovery rally efforts, but likely need yet another loop to the downside into the 46.60/20 target zone prior to my expectation of a potent rally that projects to 48.50 and then 49.20.

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Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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