I last posted about the RUT here. Price is performing as I would expect, forming a topping pattern. I think the RUT will now drop precipitously to at least the 380 zone.
Notice in the 1h chart above that price broke out of the diagonal triangle very strongly, and has since been retracing up to the lower trendline. Once it hit the lower trendline, it reversed on strong volume, which makes me think that we're headed down to break through the beautiful Head & Shoulders pattern. Hopefully everything continues as planned in the future!
2 comments:
This question concerns your S&P 500chart of 3/28 indicating an abc correction since October of 2007. Do you consider this count still valid? When do you expect wave V down to mark the end of c and A to begin occuring?
I'm currently thinking the ending diagonal posted here will mark the end of wave-c. However, I'm getting a bit concerned. All the recent down days are on tiny volume, and all the up days on good volume.
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