Blind_Zebra

QQQ - Potential Short Term Pullback

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NASDAQ:QQQ   Invesco QQQ Trust, Series 1
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With the close of the day on Friday (3/21/14) being a strong bearish engulfing candle and a Head & Shoulder pattern being recognized I believe we could see a pullback to around $86.45 area. This move is based off of the neckline being around $89 and the top of the head being around $91.20 (difference of $2.20). If this move plays out like a traditional H & S pattern suggests, with a short entry around $88.65 we could see move down to around $86.45. If this doesn't play out we have a stop around the 50% retracement of the large bearish candle on Friday.

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