QQQ - Bearish Rising Wedge - Ready to Drop
Updated
The case for the bearish rising wedge strengthened today as a bearish hammer has now formed off of the upper channel of the rising wedge. This market has been very strong as of late but the overhead resistance, rising wedge, and now bearish hammer should not be discounted. I think risk is to the downside right now (higher probability) unless price as able to push above this rising wedge (lower probability).
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To learn more about my trading strategies check out tradingwithkrugman.com
Note
My latest analysis on this setup
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