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QQQQ in Triangle Consolidation Pattern

The perspective of the Q's shows the triangle consolidation-type pattern that has developed off of the 11/24 high at 44.86, which remains intact as we speak, but which shows that the lower triangle support line is under pressure (at 43.65/45). A sustained violation of the prior low at 43.48 should trigger downside follow-through that tests a more important pivot low at 43.26 from 12/01. If that level is violated, then we will have ourselves a near-term top in the Q's that projects a target zone of 42.20-41.90. Conversely, inability of the Q's to press lower will keep the triangle pattern intact, and so too the bullish scenario that calls for one more upside thrust into the 45.20/50 area to complete the July-Dec upleg. Much depends on how the market reacts to the FOMC statement in T-minus 1:15.
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