Hi Rab,
I didn't know about this board, just stumbled across it somehow whilst aimlessly clicking away when I was supposed to be working!!! LOL!
Anyhow, I think QQQQ is going to pull back over the short term (1-3 days), and test support successfully. Most likely, support at $36 will hold (actually it's about $35.95), and QQQQ will then get ready for another charge upwards.
That's where I would look for a long entry. As soon as QQQQ successfully tested overhead intraday resistance from the 40 ema, that would be the entry signal IMHO.
But that depends on what time frame you are talking about.... if you are in for the long term or medium term (several weeks to several months), then I don't think it matters much where you enter. Anytime is fine, you'll do well, even if you are a bit underwater on the position at first.
If QQQQ trades down to $36 and fails there, then the next place I'd be lying in wait for a long entry would be the middle of the BBs, which is the same as the 20 sma:
stockcharts.com[h,a]daclyyay[dc][pd20,2!b20!f][vc60][iLg!Lyb20,2.0]&pref=G
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