ProShares UltraPro QQQ ETF (TQQQ)

[TREND1]

QQQ Forms Second Big Engulfing Pattern BY ART HILL

The long-term trend for QQQ is clearly up, but two big bearish engulfing patterns show that a correction is underway. The ETF surged some 28% from the October low to the June high and is currently less than 5% from its all time high. The red oval shows the two bearish engulfing patterns. This week's open-close range engulfed the prior week's open-close range. I realize that this week's candlestick is incomplete, but it would take a 1.5% bounce on Friday to negate this bearish engulfing.

In any case, a short-term downtrend emerged over the last four weeks and this means QQQ is correcting. A normal correction could retrace 38-50% of the prior advance and return to the February-March consolidation. 125 TO 130

TQQQ =82 TO 84