30 minute chart of NQ futures
Daily chart of QQQQ- Nasdaq ETF
What's in store for the Q's is probably more choppiness. With todays bearish candlestick, I'm looking for some downside in the near term. It looks to me like we've completed an A-B-C flat correction on the intraday chart (for the NQ futures) and are ready to begin the next wave down.
On the daily chart of the QQQQ, there is a bearish engulfing pattern, and a potentially bearish CCI pattern. A down day should confirm it. My Elliott Wave count is somewhat inconclusive. I have labeled it wave 4, though I would have expected wave 4 to approach the 38.4 to 39 area. None the less, the indicators seem to be pointing downward. The 36.20 area has been support the last 3 days, so once that gives way, I would look for some more downward action.
Alternatively, a reversal moving above 37 would indicate that we are still in wave 4 up, and I would look for a move to the target areas mentioned earlier (38.4-39). In this choppy environment, I'll be taking profits failry quickly.