The interesting thing about the chart that you put up with the QQQQ is that the longer and more established a channel exists the more traders see the same thing. It's possible that either the index won't make it back up to that area shaded in yellow (fail below that and continue downward)or it may exceed that area to the upside a bit to shake out the trendline shorters. This may not be the time in the pattern where my scenario plays out but it probably will happen at some point. The longer the trend continues in the same direction, the greater the likelihood of such an occurrence.

Thank you for your comments. I agree with you. The charts rarely play out exactly as I expect. But that is the challenge and the fun (and the frustration) of the game. The importance of volume helps me pick up signals about when and where the short term tops and bottoms may be.