RUSSELL 2000 to bottom soon on the 1D MA200.

PEPPERSTONE:US2000   US 2000 Index
Last time we looked into Russell 2000 (RUT) on May 09 (see chart below), we expected a technical pull-back, and even though it gave one more week of upside, the index eventually did start to correct:

As mentioned then, we see similarities with the January - March 2022 Bear Flag but mirrored (Bull Flag). That pattern made a Double Bottom on the 1980 Symmetrical Support. Since however it was the 1W MA50 (blue trend-line) that offered the most recent Support (April 15), we expect the Double Bottom to take place this time on it.

The 1955 symmetrical level would be a fair projection but overall even on the current prices, the index is a solid R/R buy opportunity. Our Target is intact at 2293 (Resistance 2).


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