Down-spike Not a Mere Dip

Frankly, I am not surprised that the major equity market ETFs in general and the Q's (NASDAQ: QQQQ) in plunged to relieve some of the excessive overbought condition that has developed in recent days. However, the fact that the reversal emerged right at the top of the Aug-Oct trading channel, and right at the upside target measured off of the July-Aug base pattern suggests strongly to me that a meaningful first crack in the uptrend has occurred