The 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.
HI @TayFx I think that todai the market is very bullish isn't right? or am I wrong?
TayFx
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@kayriitz73, yes today is bullish. Should I be stopped out of this trade (a -1% loss), that's fine because RR is higher anyway, the higher that RUT is inflated, as americans spend their last round of unemployment checks to buy stocks.
@kayriitz73, So this is the Russell 2k, which is not a good chart to use if you're trying to look on the bullish sides of things. For that check out the NDQ (COMPQ) or the SPX for some nice inflated gains. However, this index is technically in a bear trend, which would make your above pattern a rising wedge (bearish continuation pattern). Also check out the 200 MA, which it's currently about to test and reject.
kayriitz73
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@TayFx,
thank you for your suggestions and corrections
TayFx
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You're 50 day MA is proven as support, but could the 200 MA hold as a ceiling? @kayriitz73, we will see by tomorrow