QQQ - Pretty solid H&S on the 15 minute

4 Mar 2020

Potential end to the run up from Feb. 28. It's the 15 minute chart so it could just be noise but it's a pretty solid H&S forming. Activity over today (3/3/20) will close out the second shoulder and could lead into an afternoon and/or overnight bear move. I'll be looking at the Fib retracement levels for next support. Full retracement could see QQQ dip back below $200. Failure of the Fed rate cut to stabilize the markets as well as increasingly gloomy COVID-19 news supports the bear move.

4 Mar 2020

Catatan

Update: If the second shoulder doesn't start to close in the next hour or so, then I may have been wrong.

4 Mar 2020

Catatan

Update: H&S broken. 15 minute chart was just noise. Looking at the 1 hour, the second shoulder of a reverse H&S just closed. Glad I didn't trade on my garbage first analysis.