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$RUT Daily Chart
What else is there to say? Bears have a shot. Right here. Right now. Absolutely beautiful short setup entry on Friday with a stop at 1200 on the RUT. If you step back and look at the big picture on the Russell, and take out the extreme spike at the beginning of March when Putin "saved the world"... It appears we've had a nice rounded backtest of the large RUT rising wedge which was broken in Jan of this year. Now that the backtest is complete, the index has started to fall... Twice failing to recapture the March highs, creating two nice MACD neg divergences, while also at the same time SPX was creating new highs (diverging), which have now turned into failed breakouts.
My advice. Get short RUT, first stop at 1200, and then as the index hopefully falls, keep a trailing stop and let's see how low this move goes. 61.8% fib retrace of the entire rising wedge and the trendline I'm watching gets you down towards the 925 area.
that big of a drop,do you think the FED will step in before that ? 4/5/14