Tracking 1480-1475 in Russell..From the previous idea (see attached: "Russel leading the consolidation pack") you will know that Russell in many ways has been acting as a leading indicator for US Equities.
This is interesting timingwise, especially when the break to new highs in S&P and NQ occurred was not comparable in Russell. So here we are now only needing to track the 1480-1475 region. This is the 38.2% retrace and we 'know' in advance is the level bulls would want to turn for continuation.
Should we break lower then it will really knock confidence and imply we are starting to show early signs of an impulsive selloff. This will also bring into question the more meaningful top.
Tracking it very closely with Mueller cleared...Best of luck all and thanks for the support!
Rty1
Russell leading the consolidation pack?A quick update on the count for those following the index.
Nasdaq, S&P and Dow all starting to see some decent profit taking as we enter into resistance again. Here watching the Russell as there's a good chance the market has completed a 5 wave impulse move from the 16 lows.
The correction if the above assumption is right, means that this ABC retracement may have completed after we touched 1300 and we are now entering into a multi-month consolidation period. This will be a wide range, however, with plenty of opportunities on both sides of the pig.
Thanks all
My forecast for RTY this weekTrend is up still until we lost that lower trend line. We are more than 50% back from the ATH and the sell off reversal area. Love that little doji that formed on Friday. We most likely break in the direction of the high or low with strength. My upper target on RTY is 1530.7 then 1560 area.
Lower areas of support 1498-1500, lower 1478-80, and 1465 (and 18 day sma).
I am expecting a more significant pull back in the next few weeks. However always let price discovery be your guide. Trade the trend until it fails.
Cheers! :-)
RTY1, is primed for a directional move.The Russell 2000 futures, that represent small caps and broader market strength, is primed for a directional move. A mature multi day balance has a potential for a breakout to upside. The upside target levels are marked. The related indices just broke to upside today. The Russell has a potential to catch-up.