QQQ correcting from overbought conditions

This correction in the QQQ should come as no surprise. The RSI on the 1 & 2 month frames was well in the overbought area and the weekly RSI had been forming a negative divergence. On the 2 month frame price most likely corrects down to the top of channel 1 support. On the weekly frame price is currently at a support level, if falls below the next near term support is at trend line S1.