Hi Guys.
I am still bullish biased on the Russel. At the moment the index is being supported by the 50 ma and directly overhead has resistance by the 20 ma. The pullback to the current price is also a retest of the downward trendline it broke out of. Should the Russell make a bullish move from here and clear the most recent swing high that would look like a break of an inverse H&S but I see the more likely scenario of not being able to break the swing high until it moves slightly lower and makes a double bottom on the Daily which I am waiting to trade rather than the HS pattern which I dont like as a continuation pattern.
Also should price move south it may coincide with the completion of a bullish shark pattern with entry starting at the 88.6 level until the 1.13 level, wherever a proper entry reason arises for an individual's trading style/ methodoligies.
A more powerful move would follow a double bottom which has support in the area of the anchored VWAPs (Black and red lines on chart). the from both bear market high and lows which doesnt happen all that often and historically is powerful suport or resistance. You can see the bounce off the black AVWAP and 50 MA when the Russel pulled back from its massive run up from the lows.
We shall see what plays out ove the coming days / weeks.
Safe trading all.
I am still bullish biased on the Russel. At the moment the index is being supported by the 50 ma and directly overhead has resistance by the 20 ma. The pullback to the current price is also a retest of the downward trendline it broke out of. Should the Russell make a bullish move from here and clear the most recent swing high that would look like a break of an inverse H&S but I see the more likely scenario of not being able to break the swing high until it moves slightly lower and makes a double bottom on the Daily which I am waiting to trade rather than the HS pattern which I dont like as a continuation pattern.
Also should price move south it may coincide with the completion of a bullish shark pattern with entry starting at the 88.6 level until the 1.13 level, wherever a proper entry reason arises for an individual's trading style/ methodoligies.
A more powerful move would follow a double bottom which has support in the area of the anchored VWAPs (Black and red lines on chart). the from both bear market high and lows which doesnt happen all that often and historically is powerful suport or resistance. You can see the bounce off the black AVWAP and 50 MA when the Russel pulled back from its massive run up from the lows.
We shall see what plays out ove the coming days / weeks.
Safe trading all.