US2000 Short with Caution:: Fundamentally S&P, DOW, and NAS have broken the all-time high while Russell is at -20% from the previous high because RUSSELL is low cap index and they suffers when the interest rate is high -- RUSSELL is waiting for the NEXT rate cut to RUN above the existing zone (which is by the end of Jan and March. It seems that there will not be a rate cut in JAN).
PRICE ACTION
:: Monthly price (rising) above the baseline of TDI.
:: Weekly retesting of the baseline of TDI
Price reversed after an inverted hammer followed by a strong bearish close. However, Doji is followed by Hammer BUT they are not at the significant zone (high or low position of the trend) to expect the reversal.
:: Daily Price is still below the previous swing low.
Got to wait till W or divergence formation in TDI for a buying opportunity
4th attempt to break the consolidation but failed.
:: 4H at previous swing low (perfect zone to reverse and make new low)
Price at a minor trendline and should not have a sustained close above.
SK SYSTEM
After a complete sequence at 2461, the price tested the 1460-1710 B zone and has respected this zone since June 2022.
The sequence that started from Oct-2023 has completed its full sequence by closing higher than the previous three highs (accumulation price high).
After the completion of a sequence, we expect the retest to the WCL level which is the TP1 Zone;
Hence, I am looking for a SHORT opportunity as a correction move BUT if the price closes above 1987 I will look for a buy Opportunity.
TP2 doesn't seem to be appropriate as if the price has to attempt a bullish, price should not come back to the TP2 zone which is the consolidation low area.
