Right This Second the Green Fast Top Scenario is the Favorite
QQQ just filled Wednesday’s gap up and bounced in a way perfect for setting up a head and shoulders top on the blue rising megaphone top for the silver rising megaphone.
If QQQ can complete the green scenario’s H&S top inside the blue rising megaphone and break out from both the H&S and rising megaphone at the same time, it would be a perfect set-up for a fast crash to the bottom of the red megaphone high odds of a retrace to VWAP and then continued crash down out of the larger H&S on the chart.
We’re at the tail end of the timing band for a Sornette bubble crash call of at least 20%. QQQ has a mandatory megaphone VWAP retrace target of roughly 100, with the megaphone bottom at 70 if QQQ manages a genuine breakout through VWAP.
A fast stab at 100 that started getting bought hard before reaching 100 would be a fantastic set-up for a gigantic move up. Exact long-term targets would depend on exactly how and where QQQ reversed. I’ll do a long-term chart after we see how QQQ tops for this dip.
But the green topping scenario is not a lock. There are more ways for QQQ to extend this move than I can show on the chart.