123 Trends and Reversals Message Board

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Strategies & Market Trends : 123 Trends and Reversals

QQQ 619.25

-2.0%

Nov 4 4:00 PM EST

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To: Ally who started this subject	1/29/2001 9:03:04 AM
From: Ally	Read Replies (1) of 147

Here's my take of QQQ this morning. Since the low of $52 in the first week of Jan, it has risen above the down trendline drawn from connecting the highs of the daily chart from late Aug. to middle Dec. This is bullish and indicate good probabiity of start of trend reversal (that is, start of bullish trend). siliconinvestor.com QQQ went to a high of $69 last week, and has started to re-traced (i.e. go down). So, it has completed Vic step 1, and now we'll see how it goes this week. We now have 2 important levels: $52 support, and $69 resistance. At this point, I am neither short or long, since the stock is undergoing formation. Looking ahead, I'm expecting the retracement to continue but not to go below $52. If it fails the test of penetrating $52, I would be bullish and look for an opportunity to go long. The 60 minute chart shows a reverse head and shoulder, with the head at $52, and right shoulder at about $54 before it rose to the recent high of $69. siliconinvestor.com

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