Many are calling the current price pattern on the QQQQ a H&S top. Typically, a H&S top is accompanied by a large surge in volume activity in the left shoulder and another smaller surge as the head forms. The above QQQQ volume bars are not typical of a H&S top as far as I'm concerned. I've added the OBV and CMF to clarify somewhat that there was indeed a volume surge as the pattern developed. If this is a H&S top we should get a sudden and swift drop in price on a break of the neckline accompanied, of course, by a surge in volume.
No comments:
Post a Comment