After another head and shoulder that broke to the downside, we find a similar pattern playing out. As the RSI is pointing down whilst there is a downtrend in play, we are looking for the head and shoulders to be completed and break down.
The next target corresponds with the previous supports of dec. 2018 and aug. 2017.
MFI oversold but DAX looks bearish on CPI numbers.
Rally probably doesn;t happen until Europe closes. Could just be a whipsaw day with Powell speaking tomorrow
RSI hit oversold on RTY, ES, and NQ. MFI hasn't yet, so gonna wait to see what happens tomorrow.
My guess is still gap down and reversal tomorrow, but the gap down might not happen since RSI is already oversold. My favorite plays still look like crap and AAPL is falling off the tree, so no long positions until tomorrow and even that is a maybe.
NQ filled the open gap but ES and RTY did not. I think RTY needs to go oversold before it bounces and fills.
Looks to me like the market is gonna whipsaw sideways this week. No melt up or tank. Powell speaks on Wed, CPE on Thu. Expect whipsaw.
The Russell Index has a strong correlation with BTC. Many people look at SPX and Nasdaq first. But we think we need to take a look at this chart. If you overlay a chart of bitcoin on a chart of this index, you will understand everything. But this analysis is not about that. At the moment, Bitcoin, along with Russell, is at an important stage in moving forward. We...
this is what I am considering our range for now. yesterday we came back into range after trying to break out previous day. maybe more balance today, but am prepared if we want to test lower.
RUSSEL2000 will most likely crash under 1500$ if FED interest rate will exceed the expectations this friday. Elliott wave analysis suggests that the decline could be already in progress.
After an impulse to the downside, Russel 2k seems to have completed a double three correction WXY right into the 0.618 fib level. Time to press the short side. Mind your sizing.
Good evening,
This post is part of a series of requests i recently received.
The request was: "What is your bearish projection on the US stonk market".
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The russel2000, if I'm not mistaken -
has thousands of small-cap stocks within it,
here's my bearish projection for it.
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My estimated top for the russel2000 = $1876 ~ $2392
High probability target =...
Should not get above 1905 on any test for much lower numbers to be seen next year.
If it holds, might get below 1500 early next year.
Will short 1900-02 zone with a 10-15 points stop.
ideally we see a good move down to at minimum revisit pre CPI day close
Russel 2k bottomed with the rest of the market in October, and retraced in three waves, marked with ABC circled. Off the PPI high, the index dropped in five waves, and is now drifting sideways in making abc moves.
Note that other indicies are all over the place, diverging quite a bit. The weakness is primerily in XLK, XLY and XLC, some other sectors doing ok. We...
CME_MINI 
