TradingView
DaddySawbucks
Aug 19, 2021 1:02 PM

Smallcaps Oversold again: Bounce in channel likely?! Long

CME_MINI:RTY1!1D
E-mini Russell 2000 Index FuturesCME

Description

⋅
At lower support, way oversold, red volume dropping here, sellers near exhaustion. Maybe an exhaustion gap down?!

Comment

⋅
Opening off the overnight lows, up $2 on IWM, low at $210 might be revisited intraday. Not keen on shorting here, long entry soon IMO

Comment

⋅
I bought a small bull spread in IWM intraday. See if we get a bounce.
Chart PatternsTechnical Indicatorsexhaustiongapoversold
Comments
YouCannotBeSerious
⋅
That said, I am also in the same camp as HungryHippo. Think my target will be 2187.
YouCannotBeSerious
⋅
Yep, I like the look of this one. This is my focus trade for tomorrow. Thank you for the idea. Fingers crossed
hungry_hippo
⋅
Look at EWY (Korea). Same pattern except it broke the support.

I think small caps are done. Not straight down, but there's no more pumping.
DaddySawbucks
⋅
@hungry_hippo, We will soon see
More