The Russell 2000 has been in a year long consolidation pattern - w/ price finding supply above 2315 & demand below 2165 - We are currently opening the month inside last months & last quarters value - which makes price action neutral at the moment - BUT price held up well durning this latest equity selloff showing some relative strength & a possible short term...
Market phases - Price Action
The market can only go in three directions:
With high / low defined, we can use several charts to identify these market phases and start a simple search for our Swing Highs and Swing
• the market rises when price makes higher highs and higher lows.
• the market goes down when the price makes...
Russell2000 is moving higher in the major daily uptrend with daily up fibonacci ABCD 1,618 D extension @ 2590. Since 2021 February index is consolidating in the daily range with support @ 2100 and resistance @ 2310. Last week it tested daily range support and bounced off it. So now it is moving to daily range resistance.
On 1h it started to form an up trend line....
Sometimes a series of HIGHS or LOW have virtually the same PRICE, … So what can a TRADER do ???
First a little back ground, In real simplified terms; The prices printed on the Russel Index (or any Index or stock) represents the Russel’s “intrinsic value” multiplied by the “relative value” of the dollar.
Therefor the background price action of the dollar...
Here a very interesting idea for Russell. You can check the diagonal treding support vs pitchfan convergence and 25 weekly EMA. In my personal opinion, we have an interesting opportunity for long position, So I am opening new long entries. Please let me know your comments.