QQQ's Still Within Corrective Process

My near- and intermediate-term work on the PowerShares QQQ (QQQ) argue strongly that the rally from last week's low at 64.65 into this AM's high at 66.21 is a counter-trend move within a larger, incomplete corrective process, rather than the initiation of a new upleg within the multi-year bull market.

Although I cannot rule out a bit more recovery upside into the 66.00/20 area, once complete I am expecting the QQQ's to roll over into another down-leg that presses towards a test of the Nov 2008 support line, now in the vicinity of 60.50.