I sighted buy signal on QQQQ weekly chart.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKUvW69nsiPjjFUBdeoY-1_LUZepJ94KgqDB_fzXTnWMRvohIPjKtwvgEkfMpP0M_E2oG5fCgSjgkcaHxhk_-D2wVYemHVVbZXIbFTd3G9-GkZ8wU5aBDsrAgt_u-4bgWHgr59/s320/Chart+of+QQQQ.gif)
As we know now that prediction was dead spot on accurate as market moved substantially higher since that date.
Since yesterday I was closing my long positions and building short/puts positions, today by market close I am almost done with "the plan". I am very leery about been short right now, but I will primarily stay short until, let say IWM behavior will not change my intention. As of now $72.50 area represents very strong resistance, $70 is a Fibonacci retracement ( give or take ) and market has been moving up fueled by short covering and selloff in commodities long enough. If IWM will be able to penetrate $70, what I, personally, would not like due to been short from today, and if $72 will be taken, what I, personally, would not like even more ( at least we will know that "the market has changed - really".
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOk6DRkdVVTsnizjWaTC8nuvoZLggFklqZciM0yWoOX3CdCCLpyPnn4D7TK99zjVs2HSbfPmTOjCQxpMXVFO_idoo2iuJxZsciVOTnRt-vVfe0j7mJLlkQyhgCtx-RD7guyxi9/s200/IWM.jpg)
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