MIKE PAULENOFF'S ETF TRADING DIARY
My big picture work on the UltraShort QQQQ (AMEX: QID) argues that the price structure is in its 3rd session of high-level consolidation between 49.00 and 46.50, which when complete should trigger another potent upmove within the upleg that began after the 8/15 low at 38.27. My minimum upside target is 50.50, while my optimal target is 52.50. Only a downside reversal that violates today's low at 46.79 will weaken the current pattern, while a break of 45.85 will invalidate the "bullish" pattern altogether.
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