Russell 2000 is not giving up at the moment. Having broken the 2009 uptrendline on 22 Sept 2014, within the next 2.5 months, it quickly form a rising wedge under the resistance uptrendline.
I hope you had a great Christmas and long weekend, fellow traders. But there is another long weekend ahead :-) According to my previous post of Russell 2000 index, the weekly chart of this index fell short of replicating the 100% bearishness in 2007! Upon hitting 66.67% similarity, the table got turnaround and instead of a down bar, we have more up bars! Just...
Yet another mini-Megaphone in Russell 2000 index. Using a log, the uptrend line from 2009 is as such. Now after a small breakaway from the lower megaphone line, price gap up again (continuation gap), i reckon 1192.16 can easily be broken. by 31 Dec (timeline) it would be IMHO the final and last attempt to break 1212.57 which was the two previous high look back...
4 weeks flat against resistance. A monthly Doji for November. The fever is not feeding through here despite the underperformance versus SPX and Nasdaq. Next week could tell the direction and it is likely to be down.
Another week has past and we have another weekly candle to continue the story. For the previous two weeks, i started monitor the weekly candle of Russell 2000 after breaking a long term uptrend line As can be seen from my previous post, back in 2007, after breaking an uptrend line, price attempted to re-test and in fact successfully close back in the uptrend line...
Back to July 2007, 3 conditions are aligned. Namely, price action trendline broken, RSI trendline broken, MACD death cross. Market Crash underwayed. Fast forward to now. We have price action trendline broken, RSI trendline broken, MACD death cross slightly earlier but still valid. Note: Nov monthly candle not formed yet. See you in 2 weeks.
I did a simple calculation based on market top in 2007 using a weekly chart. After the uptrend line was broken, price fell 9.25% away from the uptrend line below rebounding to re-test the support-turned-resistance trendline. The bullish marubozu bar did close above the trendline but next weekly bar was a DOJI closed below the trendline - not good. And subsequently...
Russell 2000 has been in sandwiched between1080 - 1210 since Oct 2013, if you find this chart ugly, you are right. Range bound price has many highs and lows without particular pattern hence swing and momentum traders will find this suits them very well. In order for me to officially classify it as downtrend, i would expect the price to break convincingly below...
Russell 2000 used to be an advanced Index of US Stocks. Its IH&S target: 739.62 + 474.02=1213.64 had already met at 1213.55 ( only 0.09 shortage though). Therefore major-ABC wave was terminated with Green Circle Quartet Top which is a Fractal Quartet Top Formation as Yellow Circle one (top of wave A). Right now it looks like being supported at the Pink Line,...
Chart initially drawn 2 weeks ago. Butterfly was added today. Again the RUSSELL respected two Fibonacci points drawn at 2 prior lows and it bounced within the zone. I'll go out on a limb and say that it most likely will make a pit stop around $1000 and then decide whether it will go and visit Fib Ret 2.618 or bounce back to life. As always, comments are welcome.
If price pattern was an art, this graph was priceless! The party is over. Not just for this week, month, year.. Bear Market! Remember where and when you read it first. Good Luck. First Immediately Target Price - 950 Second - 860 Third - 600 Fourth - 340
This is an arithmetic (normal non-log scale) chart. There is a retracement within a well defined long term up trend. Since the uptrend channel from 2009 is so thick, there will surely be an oscillation of thinner channel touching both top & bottom. As i can see clearly, ever since the price was rejected twice by R2 (mathematically once by Channel-A top and once...
In the most recent trend, i see a lower high and a lower low that fits pretty well into this downtrend channel. If the price re-test the channel bottom, can it provide STRONG support, if so there is a chance to bounce back to 1131 in due course.
Major support 1080 the Bollinger 20ma just happen to coincide with the latest uptrendline. if the 20ma cannot support, it will fall hard to at least 900
Only a coincidental observation The last time Russell 2000 give a price action bearish divergence to other indices - DJIA, SPX & COMP the stock market skydive. Now, Russell 2000 had just given yet another price action bearish divergence and the major indices panicking
Remembering the Forest picture... Sept 2014 is gone, another completed monthly candle to continue the story 8 days ago when Russell daily chart shown a broke of long term uptrend line, i am graceful enough to extend it til the end of the month (using a log scale) However, it seems that on monthly basis, Russell 2000 is making a full clean monthly break of uptrend...
On Sept 20th, we posted on our StockTwits about the formation of an Evening Star pattern. The Russell 2000 index managed to also form a death cross on the same day the Evening Star pattern was formed. This typically spells out danger for the future. As the indicators reach oversold territory, there is a chance buyers may bring it back up to the 200 day before this...
"Now that your first blood has been drawn, you have 6 more days to redeem yourself or be ready for bull wreckage" - the last stern warning from bull (before the bear takes over) The green uptrend channel was drawn all the way back to 1988 data using log scale while the uptrend line was drawn from the 2009 lowest bottom. Although the bull promised to take care of...