With a Fed that seems hellbent on overstimulating the economy, an administration that feels it needs a higher stock market to be re-elected, a majority of economists calling for a recession and a ton of money on the sidelines or in bonds after December's crash, I believe conditions are ripe for a melt-up over the next year. The chart above shows an inverse head-and-shoulders (also on the S&P ) that, if it were to play out classically, would target 1913 in the Russell! That's 20% higher than here!
Putting my long-term view aside (as I am mostly a short-term trader), I believe we can play this breakout in the Russell for a short-term, low-risk, high-reward trade.
Buy the Russell (via IWM , or RTY E-mini's) @ 1604 or lower
Target 1: 1649
Target 2: 1700