QQQ and the other market indices/ETF's are in an impulse leg down. Still, there will be pressure relief valves along the way. I've drawn a likely stopping point for the retracement which began the first hour of trading this morning. Don't be fooled, either by the fledgling rally, nor by any assumption the Q will reach the top of the channel before reversing back down. However, if price reaches that top channel and then puts in a reversal bar back down, it will be an excellent entry for doubling up, or initiating a new position if you missed the first entry. Taking out yesterday's low (QQQ 271.38, DJI 26,497) is game over.
