Technical Analysis of Financial Markets

Friday, August 29, 2008

QQQQ Bull Flag ?

The Nasdaq 100 Trust ETF is listed on the Nasdaq providing broad exposure to the technology sector by tracking the Nasdaq 100 Index. Current price action is consolidating into a Bull Flag formation. The Bull Flag is continuation pattern and usually a price objective can be derived by projecting the magnitude of the previous motive wave (i.e. Flagpole) using an a-b-c corrective measured move. Exit buy position on close below the 50-day moving average.

1 comment:

Mika said...

I agree, this movement might come and it will be big surprize for many if it happends. QQQQ made perfect fibonacci support movement on friday.

US dollar run up 6 % in one month time, which is best dollar rally for for 7 years. Many big size funds buys now US stocks as dollar offers extra leverage itself even stocks would stays without movement at all.

Enjoy your weekend.

Market Geometry