QQQ Weekly Candle Trend Line Break

Jan 8, 2022

So, this is a weekly candlestick chart of the QQQ. Pretty basic really. What is interesting is, there's multiple broken lines of support. We have the base breakout from the covid trough. A clearly defined trendline was established and tested multiple times along the way but was never broken on the weekly close. That trendline was broken this week. The peak from the former high at $381.57 created a minor level of support after a period of resistance. That line was also broken on the close. Lastly, a long established support line on RSI was also broken on the close. Another close below this minor support level would suggest a further decline of 5% or so. Reclaiming this level without getting above the trendline would suggest a period of consolidation. What's your take? Further downside ahead, likely consolidation, or a bounce higher and a reclaim of the trendline?