At the risk of sounding like an Elliot Waver, I'm going to extend this out a bit... lol. Please no letters or emails. :)
The setup is still there, and now we've got a backtest of the wedge breakdown. At this point, I think RUT 900 is the logical next stop, and we'll take it from there. Under 900 there was no consolidation, so we should get a quick move under that level to a ST bottom.
Longer term, we've still got the breakdown of the 2 year MACD convergence, to go along with the 2 month MACD negative divergence.
And yes, if we bust out to new highs the Rev will be pissed, as this entire thesis will be shot. Till them, I'm still expecting lower prices.
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