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By Mike Paulenoff, www.MPTrader.com
My hourly pattern work is starting to warn me that the Q's (Nasdaq: QQQQ) are nearing the completion of its 3-session recovery rally. Where is the peak? I come up with a target window of 47.19 to 47.57, both of which are located beneath the prior significant recovery rally peak at 47.68 (8/22). As long as 47.68 remains a viable prior high, I will consider the action off of the 46.12 low (8/26) as a countertrend move ahead of the next downleg and within the dominant bear trend. A decline beneath 46.95 will begin to compromise the current rally effort.
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!
