$RUT Hourly Chart
The Russell continues to perform beautifully, from the bullish perspective. The rise that began at the start of February, first broke through the downtrend line off the December high, and then ran up to the top line show, which is the 15 year megaphone top line connecting the 2000 and 2007 highs. It then fell back to backtest the downtrend line, pushed up to test the previous high today, this afternoon backtested the breakout of the large megaphone pattern, and closed at new all time highs. Folks, there is nothing but open air above here into uncharted territory. I expect much higher prices. The short term reversal level for next Tuesday is set at 1206.