High-Level Consolidation in QIDs

High-Level Consolidation in QIDs
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.


  Matched
x
  • In our live, interactive Trading Room, we identify trading opportunities in ...
  • Equity Index Futures
  • Index & Sector ETFs
  • Individual Stocks
  • Precious Metals
  • Energy
  • Forex
  • Treasuries
  • International Markets
  • And Much More
Join MPTrader Now!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!