I'm adding another KEY LEVEL to QQQ which if broken will add to the weight of the evidence that something much more serious is unfolding to the downside: QQQ 120 Minute Hourly close below 272 ----> Test of 266-254 By stops, expirations or simply drawdowns, it is likely that most option accounts are way too underweighted for what is coming next. That is typical, but it also doesn't have to be. Each KEY LEVEL that is taken out is a meaningful step in the direction of a Wave 3 market meltdown, The new one appearing on this 120 minute chart is Friday's low print, it would constitute a break down of the Wave 2 countertrend channel and would drop price out of the shaded Fibonacci retracement window. If buying QQQ puts either today or tomorrow, the Nov 18th expiration series is still my first choice, with strikes and 5 to 10 points out of the money (QQQ 275-265) Key Time: FOMC meeting this week concludes with Powell Presser just in front of Wednesday's close.
