10 Minute Chart Update for QQQQ
If you look at the Qs as making a double bottom and rallying past resistance at 48.50, the height of the pattern is 1.50 which added to the breakout point would give us a target above the 61.8% retracement and above the neckline of the head and shoulders pattern from 2 weeks ago. The target would be 50.00 (48.50 + 1.50). As always, targets give us guidance to where a move might go but they should not be blindly followed. Trail your stops higher.