In my last post I did a chart of QQQ on the weekly. QQQ has reached its resistance and now we know that's it's not a bullish triangle (Pennant,ascending) but a bearish rising wedge. RSI confirms rejection!!
This pattern once conformation support line is broken (Yellow line) usually has a drop that matches the width of its initial entry.
As of right now the Dow has currently fell out of its wedge for 8 days now and hasn't seen a higher close. The spy is sitting at its support on its wedge. Put all of that into context and you can see that things will only get worse from here. unlike cathie woods you're not mandated to buy the dip so don't catch this knife
This pattern once conformation support line is broken (Yellow line) usually has a drop that matches the width of its initial entry.
As of right now the Dow has currently fell out of its wedge for 8 days now and hasn't seen a higher close. The spy is sitting at its support on its wedge. Put all of that into context and you can see that things will only get worse from here. unlike cathie woods you're not mandated to buy the dip so don't catch this knife
