Busted high sloped pitchfork rail. $SPY $VXX $IWM $QQQ $AAPL $MMM
stop @ 1611 traget @ 1498
On a daily chart, the Russell is looking great, however, on the weekly chart shown above. The Russell is reaching a resistance on what we can see is a downtrend of lowers highs, and lower lows . Take profits and protect your gains. This is a very bearish flag.
Value Line indexes Geometric and Arithmetic disparity compared to Russell 3000 (98% of US Total Market Cap)
Simmetrical triangle on the verge of coming to the apex.
Similar to our CL vs SPX chart; these two usually move in tandem, but the gap is widening. Is Russell leading, or behind schedule? My guess is the former.
Today we are going to explain the 3 different scenarios we have for E-MINI S&P 500 futures First, let's analyze the Daily chart. Main Items we can see there: a)Price is inside an Expanding Triangle, this type of structures are considered continuation patterns after the 5 waves inside are complete, now we have A/B/C/D and E is remaining, so by Elliott Wave...
Elliott Wave sequence in Russell (RTY_F) from May 6, 2019 high (1621.9) appears incomplete favoring further downside. The bounce to 1571.5 in the Index ended wave X. Index has extended lower in wave Y and broken below the previous low on May 14 low (1516.7). This suggests the next leg lower has started. The internal of wave Y is unfolding as a double three Elliott...
RUT is practically neutral at the moment as the 1D Channel Down (RSI = 46.549, Highs/Lows = -4.0275, B/BP = -30.2779) keeps the index bearish while 1W (excluding the early Dec - late Jan extreme) supports it (RSI= 49.965, Highs/Lows = 12.4371) from a greater fall. So far Russell is a no-action asset but we are willing to go long on the upward break-out of the 1D...
The Russell 2000 Index, which tends to move before the S&P 500 Index (SPX) has broken below support with strength. On the chart above we can see that the RUT broke through EMA50 and EMA100 like hot butter. This can lead to a retrace as far down as 0.618 Fib. just to start, it can go lower. The MACD is entering the bearish zone with plenty of room left for more...
The Russell 2000 Index, which tends to move before the S&P 500 Index (SPX) has broken below support with strength. On the chart above we can see that the RUT broke through EMA50 and EMA100 like hot butter. This can lead to a retrace as far down as 0.618 Fib. just to start, it can go lower. The MACD is entering the bearish zone with plenty of room left for more...
A quick update on the count for those following the index. Nasdaq, S&P and Dow all starting to see some decent profit taking as we enter into resistance again. Here watching the Russell as there's a good chance the market has completed a 5 wave impulse move from the 16 lows. The correction if the above assumption is right, means that this ABC retracement may...
Looking at the RUT chart, I can see that a strong drop will be coming, this can be around 25-35%, but it can vary depending on how the markets develop. The last crash happened back in 2008 for a huge 60% drop. We can expect something similar to happen now as support is found on EMA200 (orange line). The bearish divergence is clear once again, if you take a look...
Resistance 1391.2 Target 1378.8
Friends, as you can see from the linked ideas I have been able to use fib levels to good effect when predicting where price will go. Let's use them once more! As we can see, the Nasdaq (as well as several other indices including the all-important Russell 2000) have been bouncing off respective fib levels. Russell once again seems to say GO. This time, however, I...
Short set up found on a 45min chart for the RTY Futures contract. Level is 1589.40-1585.50. 39 tick risk. Target at 1568. RR 4.5:1
The small caps have been killed but I think we may be in for a nice bounce targeting the 1590 area for 30 point upside. Directional Bias: Long Price Target: 1590 on RTY Futures Good Entry: 1548-1555 Risk/Reward: Max risk of 10 points/30 point reward.