(Click On Chart To Enlarge)
The QLD looks to be puting in a H&S Top here. The Head (in red) was a Bearish Descending Triangle. The Right Shoulder (in yellow) is a Rising Channel that just got broken to the downside, and now is being retested.
The neckline is 26.83 and 26.93. If that gets broken, we should fill the 25.94 gap (or close to it), at a minimum. A breakdown would put a target of roughly 24.75 IN PLAY.
2 comments:
good eyes, Melf! I've put this on my watch list for tomorrow. Thanks!
Greg,
The neckline technically broke for just a moment yesterday afternoon, a little below 27.00, but it didn't take out the prior low and it came roaring back to about 28.00. I think we're going to have to take a club to it, to get it to go down ;)
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