QQQ is working on a topping pattern for a move within a larger topping pattern within a still larger topping pattern. It’s forming major tops for two multi-year rising megaphones on the daily/weekly charts (blue and red on chart).
All topping patterns are tricky to trade because it’s so common for them to morph into different topping patterns. Rising wedges constantly morph into rising megaphones, head and shoulders patterns morph into megaphones, triangles morph into H&S tops and megaphone tops morph into rising megaphone tops.
There is nothing to be done about this but wait for a topping pattern to complete in such a way that a price is a favorite to get moving down on a move that’s likely to be big enough to offer a decent reward on a trade. Until then you stay long or get long on upwards breakouts from consolidations within the patterns.
So, while QQQ could form a small quick megaphone or H&S top here that is the top before a move that takes the price back to 40 (green scenario), QQQ could also shoot up higher to complete a rising wedge or rising megaphone top before that move, and it could postpone that move by forming a larger megaphone top up here (purple or pink scenarios).