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By Mike Paulenoff, www.MPTrader.com
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.
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!
