Big Weekend Gap Filling: Russel 2000
The big Sunday night gap saw the Russel blow past my target and actually top out at the 127% extension of 1560 rather than the previously posted (linked) 1540 level.
Stock indeces are currently filling much of this major gap, in fact the Russel has already filled it while the S&P500 and DOW and especially the NASDAQ have seen more strength keeping their gaps unfilled for now. See below for an update on where I suspect this gap filling correction to end.
Stock indeces are currently filling much of this major gap, in fact the Russel has already filled it while the S&P500 and DOW and especially the NASDAQ have seen more strength keeping their gaps unfilled for now. See below for an update on where I suspect this gap filling correction to end.
Comment:
This midpoint suggesting a reversal zone below 1518 is completing right now
Comment:
A slightly more bearish scenario has stock indeces pull back until NQ hits below 6930.
Note: 50% fib level goes thru the midpoint (circled). All other fibs are of secondary importance.
Note: 50% fib level goes thru the midpoint (circled). All other fibs are of secondary importance.
Comment:
A sharp uptick in volatility saw today's sell-off easily drop through my anticipated zones. We've stabilized at the -61.8 extension for now here in NQ but I've highlighted a new potential midpoint candidate (red circle) which would see us drop considerably lower.
