Classic Reversal Signs on the QQQs
Updated
The markets will not fall until the big tech stocks do, and they are looking ripe for failure from here. I will highlight a few things I see on the charts.
Strong bearish RSI divergence on the RSI and a classic rising wedge complete with an exhaustion overthrow. These features present themselves on the daily chart .
On shorter time frames, we may even be looking at a local head and shoulders crown to top it all off (I will add a screenshot of that below shortly). If we continue to consolidate in this area, and even if we move up from here, a gap down will create yet another dangerous feature: an island reversal top.
Strong bearish RSI divergence on the RSI and a classic rising wedge complete with an exhaustion overthrow. These features present themselves on the daily chart .
On shorter time frames, we may even be looking at a local head and shoulders crown to top it all off (I will add a screenshot of that below shortly). If we continue to consolidate in this area, and even if we move up from here, a gap down will create yet another dangerous feature: an island reversal top.
Comment
Potential head and shoulders on the hourly:
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.