RUT Wave (C) pending pullback Updates on exiting bearish biased butterfly, as the RUT consolidation continues, the longer it stays sideways, the bigger expected move is consolidation if ended.
RUT trade ideas
RUT End Of Week EvaluationTrend Analysis:
The current trend is defined by the last price and it's relationship to specific moving averages.
Check the MA strategy for more specific suggestions.
Weekly: The relationship to the primary trend MA is bullish. The price in relationship to the other averages suggest long positions
Price Action:
Weekly: The average price range currently is 127.47 points/ticks/pips. Prices are currently .5x the normal trading range. Prices are trading within the mean range for activity. This generally indicates a consolidation of strength/indecision in the market regarding direction.
Prices are currently caught in consolidation between 1343.60 and 1537.62.
While in consolidation the trade range may decrease to 78.486 points/ticks/pips.
Standard Deviation
Weekly: Standard deviation suggests a range from 1335.063 to 1600.046 for the following week.
Calculated Price Strength:
The strength of the trend in conjunction with specific averages
Weekly: Trend strength suggests a trade range of 1388.78 to 1546.33 for the following week.
Price Projection:
The price action has generated a projection signal for the underlying.
Weekly: Price currently displays (if strength and attitude continue) a desire to move first toward 1424.26 before moving toward 1494.30
If strength and attitude continue, it could take between 1 - 2 trade periods (weeks) for the first projection and 1 - 2 to reach the second projection.
Indicators Summary.
A collection of technical indicators whose directional attitude has been summarized.
Weekly: Out of the cumulative indicators monitored, 80.00% are bullish, 0.00% are bearish, 20.00% are neutral
The CCI indicator trading strategy suggest the following:
Weekly: Strongly bullish - No entries at this time. If in, consider covering..
Confirmation Signal
6 indicators combined to confirm entry/exit.
Weekly Bullish - Open directional trades
Time is running out for Russell 2000! $IWMRussell 2000 still has a decent amount of momentum on the H1 and Day time frames, but it is decision time next week into the FOMC statement and press conference. It is time to decide if we obey election year seasonality (and get an emergency PUA extension next week likely) or fall into mid August.
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Russel 2000 Elliotwave Count The Russel 2000 is probably exhibiting one of the clearest Elliotwave counts of all US Indices.
For one we can see a very clearly impulsive 5-wave drop from June 8th highs to June 15th lows.
Next we see a triangle in the middle of the retracement higher since which is a classic middle-of-retracement move.
Triangles are patterns prior to final ending wave...either as a Wave 4 (prior to wave 5) or as a wave B in the middle of an A-B-C 3-wave retracement.
In this case, we count a 5-wave wave A of the corrective A-B-C ---- then the 5 wave middle B triangle pattern (which I mentioned above) and since then the final wave C of the ABC shows 5 wave up.
Since we see a potential 5-wave leading diagonal and a 3 wave retracement which is potentially pointing to the beginning of the next massive wave down - similar to what happened between June 8 and 15.
The triangle pattern in the corrective pattern is what is very clear to me here and which points to the retracement since the June 15th low being a corrective pattern.
If this is indeed correct then the Bearish implications should carry over into the Dow and S&P.
Cheers!
Cyrus
RUT wave (C) Pullback Though no chart updates, RUT could unfold into wave (C) corrective wave lower. Immediate resistance 1480 likely to find a wave (E) top for now. RUT wave (C) focus on on remaining push into 1200.
Russell 2000The Russell 2000 index the one that measures the smallest American companies in the stock market is going strong. The Russell 2000 took a hit in March 2020. It hit the support line. The Russell 2000 hit at 964.833. It managed to recover. Right now it is in 1428.268. It is predicted to keep increasing.
!COMPQ, !RUT Daily RangesBullish bias for the DAQ, bearish bias (and current short positions) for the RUT.
RUT End Of Week EvaluationTrend Analysis:
The current trend is defined by the last price and it's relationship to specific moving averages.
Check the MA strategy for more specific suggestions.
Weekly: The relationship to the primary trend MA is bullish. The price in relationship to the other averages suggest long positions
Price Action:
Weekly: The average price range currently is 133.047 points/ticks/pips. Prices are currently .24x the normal trading range. Prices are trading within the mean range for activity. This generally indicates a consolidation of strength/indecision in the market regarding direction.
Prices are currently caught in consolidation between 1343.602 and 1537.619.
While in consolidation the trade range may decrease to 82.194 points/ticks/pips.
Standard Deviation
Weekly: Standard deviation suggests a range from 1265.683 to 1579.676 for the following week.
Calculated Price Strength:
The strength of the trend in conjunction with specific averages
Weekly: Trend strength suggests a trade range of 1340.46 to 1504.90 for the following week.
Price Projection:
The price action has generated a projection signal for the underlying.
Weekly: Price currently displays (if strength and attitude continue) a desire to move toward 1484.40
If strength and attitude continue, it could take between 1 to 2 trade periods (weeks) to reach the projection.
Indicators Summary.
A collection of technical indicators whose directional attitude has been summarized.
Weekly: Out of the cumulative indicators monitored, 60.00% are bullish, 0.00% are bearish, 40.00% are neutral
The CCI indicator trading strategy suggest the following:
Weekly: Neutral price action - No entries at this time. If in, consider covering..
Confirmation Signal
6 indicators combined to confirm entry/exit.
Weekly Bullish - Open directional trades
RUT (Small Caps) still in decision zoneNot sure if everyone else noticed but RUT and DJI went right back into the previous pennant zone.
Market being indecisive, assume earnings will decide direction....
RUT2k 2nd Entry for Fri Jul 10, 2020The RUT is down 20% from highs, establishing itself as a true bear market. Down 9% in my current position from the previously posted entry, i will be taking a second entry (scale-up) today pre-market.
13:08:34 (UTC)
Fri Jul 10, 2020
RUT End Of Week EvaluationTrend Analysis:
The current trend is defined by the last price and it's relationship to specific moving averages.
Check the MA strategy for more specific suggestions.
Weekly: The relationship to the primary trend MA is bullish. The price in relationship to the other averages suggest long positions
Price Action:
Weekly: The average price range currently is 78.368 points/ticks/pips. Prices are currently .335x the normal trading range. Prices are trading within the mean range for activity. This generally indicates a consolidation of strength/indecision in the market regarding direction.
Prices are currently caught in consolidation between 1343.602 and 1537.619.
While in consolidation the trade range may decrease to 48.204 points/ticks/pips.
Standard Deviation
Weekly: Standard deviation suggests a range from 1259.447 to 1604.272 for the following week.
Calculated Price Strength:
The strength of the trend in conjunction with specific averages
Weekly: Trend strength suggests a trade range of 1383.43 to 1480.29 for the following week.
Price Projection:
The price action has generated a projection signal for the underlying.
Weekly: Price currently displays (if strength and attitude continue) a desire to move toward 1480.29
If strength and attitude continue, it could take between 1 to 2 trade periods (weeks) to reach the projection.
Indicators Summary.
A collection of technical indicators whose directional attitude has been summarized.
Weekly: Out of the cumulative indicators monitored, 60.00% are bullish, 0.00% are bearish, 40.00% are neutral
The CCI indicator trading strategy suggest the following:
Weekly: Neutral price action - No entries at this time. If in, consider covering..
Confirmation Signal
6 indicators combined to confirm entry/exit.
Weekly Bullish - Open directional trades
Riding on the wind of changeNasdaq had broke the historic 10,000 price level resistance and is poised to go higher. That is why you see our posts on FB , Amazon , among many others have risen lately.
When the tides rise, all ships on shore will be lifted up, regardless of your size. Thus, I am of the opinion that RUT will have more leg room on top. Let the drop begins and see how far it goes before adding long.
RUT Triangle Pattern for a pending Wave (C) pullback The same predicament exist in the RUT as the SPX. RUT is forming a triangle pattern that could unfold into wave (C) corrective wave lower. The immediate pullback should take us back into 1250 downside target facing significant resistance ahead at 1542. One more push down into 1250 before we close out our bearish biased butterfly spreads.
RUT, multiple patterns point to continuation of Bearish trendThere is so much happening in over the last couple weeks that is shifting the overall trend to bearish with the RUT it's hard not to be short on it.
Just to get a couple of things out of the way:
It is damn near silly to think the RUT exists in a vacuum -- it is heavily led by the greater market trends and most especially the SPX. It almost never takes an opposite trend, but it _does_ tend to either minimize or maximize the moves, especially intraday
This could go either way, we are, on paper, in a bull market trend (for the greater SPX-based market), but just barel. RUT is technically in bear. A major development good or bad would easily reverse sentiment one way of the other and price could travel drastically
While I am overall bearish, I try to look at the flip side as well, so I can easier tell the difference between reversals and pullbacks in a larger upward move.
I've been watching this structure develop over the last week or so, and so I am growing in confidence in it.
Monday may be the final confirmation. The Alamo is the convergence of the 3000 SPX line, 200MAs, The lows of the week, and lastly, the breakout zone of the continuation symmetric triangle we find ourselves just barely broken out of in the last few hours on Friday.
Frankly, I think the battle will truly happen in SPY/SPX and RUT will follow.
It should also not be missed that RUT literally is changing composition on Monday. There is much more detailed analysis available out there on that subject, but generally speaking: the small-cap index is getting more mid/larger small caps and much more tech/healthcare heavy. How this change pans out in the longer run, who knows -- but it should be a pretty big shakeup for the individual stocks entering or exiting the index.
RUT End Of Week Evaluation*** Comments prior to evaluation summary ***
Expecting a break below the consolidation range this week if the weakness continues to enter the index. 1340 - 1348 for a target zone.
If the close of the week fails to return above 1343.6 the bearish disposition can return.
The week of 8 Jun was an envelope bar - signalling for a price break-down toward 1315 - 1271 of which the 1293.5 is the mean of this range.
So we are now looking at a price zone with three projections signal aiming at it.
Trend Analysis:
The current trend is defined by the last price and it's relationship to specific moving averages.
Check the MA strategy for more specific suggestions.
Weekly: The relationship to the primary trend MA is bearish. The price in relationship to the other averages suggest close current positions.
Price Action:
Weekly: The average price range currently is 131 points/ticks/pips. Prices are currently .04x the normal trading range. Prices are trading within the mean range for activity. This generally indicates a consolidation of strength/indecision in the market regarding direction.
Prices are currently caught in consolidation between 1343.60 and 1537.62.
While in consolidation the trade range may decrease to 80.958 points/ticks/pips.
Standard Deviation
Weekly: Standard deviation suggests a range from 1194.64 to 1532.92 for the following week.
Calculated Price Strength:
The strength of the trend in conjunction with specific averages
Weekly: Trend strength suggests a trade range of 1297.82 to 1459.74 for the following week.
Price Projection:
The price action has generated a projection signal for the underlying.
Weekly: Price currently displays (if strength and attitude continue) a desire to move toward 1340.828
If strength and attitude continue, it could take between 1 to 2 trade periods (weeks) to reach the projection.
Indicators Summary.
A collection of technical indicators whose directional attitude has been summarized.
Weekly: Out of the cumulative indicators monitored, 50.00% are bullish, 0.00% are bearish, 50.00% are neutral
The CCI indicator trading strategy suggest the following:
Weekly: Neutral price action - shorts closed.
Confirmation Signal
6 indicators combined to confirm entry/exit.
Weekly Bearish - Close/Cover directional trades, profit taking/trend switch in process.
Russell 2000 - Could we get one more high?6/27/20. SPX and Nasdaq are dominated by a handful of large caps stocks and they maybe unreliable.
Russell2000 is made of mid cap 2000 companies and may represent better picture.
White path = we topped in cycle 1 and in the process of trace to cycle 2
Yellow path = we go up for one more higher high but that may present A=C setting up for potential larger move back down to test the March low.
Know your parameters. Risk vs Reward.
