$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.
beer to whizz
I haven't been around here for a while, but I thought you were always predicting a drop (a BRD I recall) 2/13/15
You need a bigger chart, that one is running out of room near the top.
Tn Excellent observation. Thanks for all your sharing. All my momentum and volatility indicators are still in a up direction for IWM. So likely you are right. Personally I am concerned that all the action from approx 12/17 to Feb 1 are a large contracting triangle. If correct the last action up would be the end for a while, ie there may be a good correction soon. Will know in a couple of days. Take care. Have a great upcoming week. T B
- By: TnRevolution
- On: 2/13/15 1:11PM
- Viewed by 26 SocialTraders
- No ratings yet