RUSSELL 2000, Above Preliminary Level, These Steps Can Follow!Hello Traders Investors And Community, Welcome to this analysis where we are looking at the RUSSELL 2000 index 4-hour timeframe perspective, the recent events, the current formational structure and what we can expect the next times. The main market and other indices like the SPX or DOW recovered steeply from the heavy corona-breakdowns and lows established this year where they already managed to form new all-time-highs, in this case, the RUSSELL 2000 is still below the major all-time-highs established before the corona-breakdowns, this does not mean it can change, however, therefore, it is important that the index shows up with the proper price-action and don't invalidates the possible bullish scenario substantially, therefore I detected all the important levels and possible outcomes we should consider for the index and its destinies.
Looking at my chart you can watch there the triangle-formation marked in orange which already broke out to the upside where it also bounced already from the upper boundary and the blue rising-support-line marked in my chart, what is also a good sign is that the index formed a bullish-EMA-crossover already before the triangle-breakout occurred, currently, as you can watch marked in my chart the index has still resistance at the descending-resistance-line marked in grey above the level, when the index manages to move above it this will cause a decent entry setup as the index has taken out its major resistance, as you can watch in my chart, this mechanism can be entered immediately aggressive in the current price-action or conservative when the breakout occurred, although the aggressive approach is also possible the conservative should be preferred.
In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
“Trading effectively is about assessing possibilities, not certainties.”
Information provided is only educational and should not be used to take action in the markets.
