jangseohee
Short

First blood drawn, but give me 6 more trading days to redeem...

INDEX:IUX   Russell 2000 Index
74 0 1
"Now that your first blood has been drawn, you have 6 more days to redeem yourself or be ready for bull wreckage" - the last stern warning from bull (before the bear takes over)

The green uptrend channel was drawn all the way back to 1988 data using log scale while the uptrend line was drawn from the 2009             lowest bottom. Although the bull promised to take care of Russell 2000, the bear managed to sneak behind and draw first blood from him.

Why 6 more trading days to redeem?

On a daily chart , the break away gap and close way below the uptrend line is a signal of violation and end of uptrend.
Weekly chart doesn't look good either but weekly candle will only be completed by end of this Friday's trading.
By 1st Oct             , the monthly candle for Sept would have been formed (also 3 quarter candle also completed by then), that is 6 days away from now.

If price manage to find its way back above the uptrend line, there is still some hope but the uptrend is already questionable.

If price does attempt to linger around the support turned resistance trendline but couldn't close above uptrend line, then bull will handover completely to the BEARs :-)

P.S. I am still very amateurish in Technical Analysis , please enlighten me if i am wrong :-)

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