RUSSELL 2000 One last Resistance remains before mega rally.Russell 2000 (RUT) gave us an excellent buy signal on our last analysis (October 22 2024, see chart below) exactly on the 1D MA50 and within 5 weeks it hit our 2465 Target:
The price almost immediately pulled back, showing the efficiency of our Target placement and the pattern that has now prevailed is the Channel Up that started more than a year ago (October 27 2023).
The recent Higher Low of this pattern was exactly on the 1D MA200 (orange trend-line), the pattern's bottom. The 1D RSI showcased a Bullish Divergence (Higher Lows) against the price's Lower Lows as an early buy signal, which was confirmed on the January 14 2024 1D MACD Bullish Cross. As you can see, all Bullish Crosses below a 0.0 MACD, have been technical buy signals.
What remains is for the price to break above the 1D MA50 (blue trend-line), which is the level that is causing a rejection today. Once recovered, we expect the index to complete at least a +21% rally from the recent bottom, the minimum of the previous 3 rallies, and target 2600.
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