Have Qs topped today?

42 was the area to scale out (right on rising TL)

 

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2621099>

 

Here is a point and figure chart from stockcharts. I am looking for major resistance at 40. I don't think we will trade there tomorrow but you never know.

 

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2622311>

 

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2623420>

 

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2627420>

 

Tomorrow (Wednesday) will be crucial. If it sells off, I think one can say the top is in and it is time for a correction or maybe even the continuation of the bear. The way it is staying near the 50 day SMA/EMA looks like the head fake it did back in July, just prior to exploding to new highs.

 

interesting and impressive.

 

If I was to guess, I would say we get a headfake & get the right shoulder in place, then down we go. Or if market is weaker than we think it goes down without the right shoulder. Anyhow, ImPO the target that I have come up with is quite reasonable if market doesn't go into full sell off mode. Thanks for sharing your view.

Or if I am wrong, then c'mon all together now

Stops Are In, Emotions R OOOOOUUUUUTTTT!!!

LOL

 

it was a big run up, big ships turn slow, but it's turning