fyi...
for a risk measurement point of view to currently trading the short side of QQQQ...this PnF chart analysis may be of interest -
PnF analysis - Thursday's upside breakout produces a price target of 45.60 on the 20 cent box size, 1 box reversal, point and figure chart. btw, $45.12 is a horizontal resistance line taken from the long-term daily chart. At the moment, I plan to flip from long to short...at least for a quick trade...near the 45.12-45.60 zone if seen in the future.
Ted Burge's comments about QQQQ and SOX are of interest -
http://stockcharts.c...et?obj=ID445101
20 day 60 minute chart -
... with some horizontal support and resistance lines taken from the daily chart
---------
fyi...
my largest core holding in technology is LVLT...here is a cut and paste of an email I distributed to fellow traders on 11/28/06 re: LVLT -
today represented the first weekly PSAR sell since August..at which time price reversed and headed back up
note today's 4.92 low vs. the 20-week ema of 4.95
http://stockcharts.c...llery.html?lvlt
note 4.75 to 5.00 horizontal zone on the weekly
PnF chart remains in a bullish configuration and this multi-week decline from the weekly horizontal resistance merely represents "consolidation" price behavior as measured by a simple 3 or 4-box reversal on the PnF chart, which is customary price behavior during sustained advances.
6 month daily chart -
monthly chart showing PnF price objective provided by this link....needs to move above resistance first -
http://stockcharts.c...llery.html?lvlt
Edited by hiker, 06 January 2007 - 03:16 PM.
