View: content.screencast.com/use...a/RUT2714.jpg

$RUT Daily Chart 

On the larger daily view, you can see the RUT has clearly now broken down out of the 1+ year long rising wedge, and remains in its new downtrend. My target of the trendline now resides around 910 on the Russell. A break below last week's low should result in the final capitulative decline for this stage of the move. 

With that said, there has been much talk over the past couple months from McClellan/Demark regarding their take on the 1929 analog. The 1929 analog, which I first began discussing in May of 2013, I believe this move is just the appetizer to the true move, once we get this first short term capitulation. The key tell to distinguish is a larger move comes after this one will be how low this move goes. If the RUT does indeed stop at the trendline shown, around 910, a quick bounce into March would then setup the real 1929 style flush. If however, McClellan/Demark's analogs are correct then this flush will take out most/all of 2013's gains on the RUT, and then a more traditi