Friday, July 22, 2011

The Q's Break Through

This is what I've been talking about the last 3 days and it's a great set up thus far.
The bullish ascending triangle undoubtedly helped give the Q's a lift through resistance as we can see on this 5 min chart, now we are where I'd like to be and can start looking for the signal of the head fake/reversal. I think the Q's will stay strong until the Dow catches up.

 The DIA breaks the bear flag, which draws in shorts, a move above the bear flag will encourage short covering, giving the DOW a boost, resistance isn't far off around $127.20

 Here's the 3C break of the flag (1 min.)

And the 10 min chart remans strong enough to make the move through resistance.

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