$RUT Daily Chart
Wild week, eh? Congrats to the bears who profited. I'll get the next one, promise. ;) Until then, I'm sticking to my plan to use my reversal levels on all timeframes to keep me on the right side of things. As you can see on the RUT chart, we are now working off a failed breakout of the 1212 level. Last week's sharp decline is currently testing my long term reversal level on the RUT. It would need a monthly close beneath for the market to be setup for the next bear market. With that said, if we see a rally begin this week, that fails to reach new highs, I'll be looking to short the market again as it rolls over. Short term buy reversal level for Monday would be 1175. Above that level would be a good spot to cover shorts, if you were already positioned, and get long for a short term bounce, atleast.
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