$RTY: Some Short-Term Local Details

I have the Russell in a nest (broader view can be seen here). I am expecting a “2” to be put in soon. We hit the 61.8% retrace on the nose today and bounced. That is the normal place for a 2 (orange degree) to find support. But, agonizingly, I also cannot ignore what appears to be a triangle forming today. It may mean that the correction will become still more complex, needing a bounce, another drop to anywhere between here and the 78.6% retrace before finally rallying. So, somewhere in here, I expect to see some strength emerge. (I expect us to eventually rally to 2000 or higher).

RTY


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