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Expecting Double Bottom for Q's


Expecting Double Bottom for Q's
By Mike Paulenoff, www.MPTrader.com

It takes me about 10-12 minutes to prepare one of these chart + text uploads... and lately, I cannot type fast enough to get the thing done before prices are completely out of the range from 12 minutes ago... In this particular case, the Nasdaq 100 Trust Shares (NASDAQ: QQQQ) rallied 20 cts in the past 12 minutes, as we head into the final hour of trading... Let's see if the gains can be preserved for more than a few minutes...

As for what I wrote in the chart: All of the action in the Q's since the 11/12 low at 48.59 either is forming a double bottom with today's low at 48.66, in which case we should expect a powerful rally that hurdles resistance at 50.70/80 on the way to 52.00, OR all of the post 11/12 action represents a triangle or coil pattern, which when complete likely will break down to new lows into the 48.00 target window prior to completion. Right now, my work tells me to expect the Double Bottom scenario, but my gut is up near my throat in anticipation of another failed start to a rally. Thank goodness for all concerned that my gut does not make decisions for us!

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