Top 5 Weekly Trade Ideas #4 | QQQ Triangle

15 Eyl

QQQ had a small rejection off of a descending trendline from ATH last week and closed slightly below. We also have an uptrend from early August to make up the bottom line of the triangle. I see this as more of a neutral pattern, but it is at the top end and threatening to breakout above for now.

First upside target would be ATH and then it's a blue sky setup so we'd have to rely on things like the projected target using the distance from the bottom of the triangle to the top. You could also extend that target line all the way up to ATH for a bigger target, but I like using that swing low from August.

Immediate downside target is the bottom of the triangle and the ascending trendline from late 2023. Final downside targets are the August/April low at 423.45 and around 385 based on the triangle projected target.