US Russell 2000 RTY ~ Ping Pong Perpetuity (Daily Chart)
RTY chart mapping/analysis.Russell 2000 still stuck within trading range despite recent rallies across major US indices.
What's on the chart:
- Ascending parallel channel (light blue) captures upward trend over multi-decade timeframe
- Descending parallel channel (white) frames downward trend from upper to lower range (multi-decade) parallel channel
- Horizontal lines (yellow dashed) locks in trading range (June 2022 to present)
- Descending trend-line (light blue dotted) highlights pivot support points
- Fibonnaci levels establishes key supply/demand zones
Short-medium term outlook:
- Neutral-bearish
- RTY remains in "Ping Pong Perpetuity" until breakout on either side of trading range
- 200DMA acting as dynamic resistance, exerting downward pressure
- Bullish reversal = rally above 200DMA to switch trend & test upper trading range
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