On the Q’s we put in a lower low today so we now have a lower high, $69.80 from the 5th, and today’s lower low, $67.10. This is now a confirmed A,B,C down formation with the A point being the swing high of $70.54 from September 21st, the B point being $67.85 from September 26th, and the C point being $69.80 from October 5th.
This is what the Fib projection looks like:
This is all theoretical at this point, however it does seem that’s there’s more downside ahead for the Q’s. Interesting how the Q’s s stopped today just one penny below the 100% projection level. This could mean a bounce for tomorrow, though I’m not counting on it, and since we’ve gone to that 100% projection level then there’s a good chance the Q’s are headed to at least the 138% projection level at 66.08.
On the chart below, note how the Q’s pierced the lower support line and then closed just above it. Also note how the Q’s moved back inside what I once considered a Bull Flag pattern but now, with today’s lower low, consider a new falling price channel. And if the Q’s do move to the 138% projection level of 66.08 they will have broken the rising trend line from the June lows.
Bottom line for now, I wouldn’t be trying to catch any falling knives here as I do believe that there will be a better buying op a little further down the road, IMHO, of course.