QQQ Bearish Rising Wedge

jfsrevg
06-20

$Invesco QQQ(QQQ)$ Bearish Rising Wedge - Update

Tuesday's price action may have rejected a reclaim into the apex of the bearish rising wedge, but today's close remains resilient, holding above the 10-MA and not breaking below Friday’s low despite showing relative weakness to $SPY since June 11th.

I read this as an extended opportunity to keep building a short-biased focus list, and positioned around severe relative weakness ( $ProShares UltraPro Short Dow30(SDOW)$ $ProShares Short Russell2000(RWM)$ $Direxion Daily Small Cap Bear 3X Shares(TZA)$ as opposed to $ProShares UltraPro Short QQQ(SQQQ)$ $Direxion Daily S&P 500 Bear 3X Shares(SPXS)$ ) with favorable asymmetrical risk-reward, before the train leaves the station.

Asymmetrical risk-reward stems from seizing the most optimal entry opportunity — not from hesitation or delay.

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