recently russel broke the ceiling that was holding it for almost a year.
now it would be interesting entering a long during the retest. placing the SL just bellow last low made the 27th of october.
not because it's a safe trade but becasuse of the RR involved, since that the range has been broken, this leaves us with a proyection to the up side equivalent to the...
The Russell 2000, as well as the S&P500 tend to have a similar behavior coming out of market bottoms. In this case, we analyze the potential move with past historical data.
The first year is usually a strong one, the second one there is consolidation and accumulation, the third there is a strong rally that loses steam near September.
Another straight forward idea, RTY came back into a very nice retracement area with the down sloping trend line and horizontal support from the September high. This is a great area to add for a bounce and a stop would be a daily close below today's low. The target is around the 2380 area, and if all goes well it should tag it before the end of the year.
$IWM small caps may have just broken out of their consolidation phase that lasted quite a while.
We may know soon if it is legit. Needs volume still. Also, may need re-test at some point. Keeping
The first chart shows the Russell 2000 compared to the S&P 500, hence the stength of small cap stocks. Digibyte is just an example but you see a similar picture in many pennystocks, cryptos and small cap stocks.
While the Russell 200 & the Dow Jones saw a bullish breakout last week, the S&P500 is lagging behind its peers. The Nasdaq also saw some strong price action recently, leaving S&P500 to lag behind the pack. Here are the key levels to keep an eye on!
Finally, after consolidating within this box structure all year, small cap stocks have broken out and look to have at least 10% upside from the breakout level before the full channel target is reached.
Symmetrical Triangle: A symmetrical triangle is
composed of a diagonal falling upper trendline and
a diagonally rising lower trendline. As the price
moves toward the apex, it will inevitably breach
the upper trendline for a breakout and uptrend on
rising prices or breach the lower trendline forming
a breakdown and downtrend with falling prices.