Just to further entertain the ultra-bearish argument, I want to present this RUT chart that resembles a long-term pattern that I highlighted as possible on the Dow more than a year ago.
You can see that the 2007-2009 bear market brought the RUT all the way back to the 2002 lows, and the bounced to the downtrend line. The decline was in 5-waves, and the rally was a triple-three corrective advance. If we were to retest 350, and then break this level, the head-and-shoulders projection would imply a further 59% drop to the 137 level. I would project 225 as more reasonable.
However if we did get a drop to 350, I would imagine everyone would be pointing out this head-and-shoulders, so we may get a fake-break that then leads to the next decade of bull-market growth.