I last posted about QQQQ here. Based on some of the price action I was seeing in the stronger tech stocks, I concluded that there was a possibility for further upside if these stocks saw strong bullish follow through. None did, so fortunately I did not take any long trades in these issues (AAPL, BIDU, GOOG). Now I believe the Q's are ready to follow the rest of the market lower, possibly to new trend lows.
Notice that Wave-i of WaveC (which started at the end of WaveB) formed in 5-waves. Wave-ii of WaveC formed in 3-waves. This was confirmed today as price broke below $46 on strong volume, and closed below the supporting trendline. Wave-iii of WaveC should commence soon and it should be strong. Also, notice the 5 distribution days in recent price action. Just like in the Dow, it seems that institutions are unloading their shares.