This QQQ set-up is keeping me up at night, Well, not literally, but it is what is keeping me on the verge of a major commitment to the downside, QQQ puts. SQQQ calls or even QID calls. Ergo, I want to bring this to everyone's attention before a potential collapse. QQQ Daily The trend line coming up from the major 2020 low has marked downside action anywhere from 15% to 25% on three occasions in five years, with a fourth and fifth touch of the line from below on Sep 23rd and again on Sep 29th. QQQ Close-up We are looking for a breakdown below last week's low print, $588.50, as the trigger for going all in on leveraged bet to the downside. Minimum expectation is $560, but a typical reaction in line with the past few years would be closer to $500 or below. An eventual retest of the April, 2025 low @ $402.39 is possible. Absent such a breakdown, look for an unexpected breakout above the trendline, which would be a stunner, opening many bullish doors. To be continued. QQQ Hourly - Addendum Aggressive traders can add positions (Oct 17th and/or Nov 21st SQQQ/UVXY Calls) on a clean break of the Wave 2 parallel trend channel, below $595.
