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Downleg Near Completion in Q's


Wednesday November 19th, 2008
Downleg Near Completion in Q's
by Mike Paulenoff www.MPTrader.com
Downleg Near Completion in Q's
By Mike Paulenoff, www.MPTrader.com

My pattern and momentum work in the Q's (Nasdaq: QQQQ) argue that the downleg from the June 2008 recovery rally peak at 50.61 is at or is very near completion ahead of a potent recovery rally period that should propel the Q's into the 33.00-34.00 target zone. Can we loop down and retest this morning's low at 26.00 -- and possibly make new lows? Definitely, but relatively marginal new lows should be short-lived prior to a vicious snapback rally period. (12:45pm EST, 27.21).

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