The Nasdaq 100 ETF (QQQ) broke below the prior two O-Columns to forge a triple bottom breakdown on the 30min PnF chart. This bearish signal suggests that the ETF is going lower with a downside price objective around 52.90. This can be see at the top of the chart. You can read more on PnF signals in our ChartSchool articles.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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