QQQ Likely Triangle

Published 06/21/2017, 03:32 PM
Updated 07/09/2023, 06:31 AM
QQQ
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QQQ Is Forming A Series Of Megaphones Inside Megaphones

QQQ is Forming a Series of Megaphones inside Megaphones Across Roughly 139 – Would Usually Mean a Triangle.

PowerShares QQQ Trust Series 1 (NASDAQ:QQQ) is forming a series of megaphones inside megaphones across roughly 139, with three gaps already around that level. That would usually mean a triangle is forming.

A triangle at the VWAP of a megaphone (navy blue on chart) would usually be a continuation pattern for a trip to the megaphone bottom (green scenario). The purple scenario represents a Sornette melt-up pattern at the red megaphone VWAP before a melt-up to another new all-time high at the red megaphone top.

A Downward Breakout Would Target Bottom Of Red Rising Wedge

A Downwards Breakout from a Triangle would Likely Target the Bottom of the Red Rising Wedge.

A trip to the navy blue megaphone bottom would likely target the bottom of the red rising wedge on the daily chart. A bounce there and breakout from the red rising wedge would target the wedge bottom.

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