My big picture work on the UltraShort QQQQ (QID) argues that the price structure is in its third session of high-level consolidation between 49.00 and 46.50, which when complete should trigger another potent upmove within the upleg that began after the 8/15 low at 38.27.  My minimum upside target is 50.50, while my optimal target is 52.50.  Only a downside reversal that violates today's low at 46.79 will weaken the current pattern, while a break of 45.85 will invalidate the "bullish" pattern altogether.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.