A Quick Look at the Structure That Is Forming on $RTY

Just to emphasize why I am on high alert here. I posted this in the Discord today, but forgot to mention it in an article, so let’s discuss it for a moment.

Much like the S&P has not broken its rising supporting trend line, the Russell has not broken its relevant trend line. And, at least right now, if this doesn’t fail, it looks like a successful retest. And, a rally from here will give this the unmistakable look of an inverse head and shoulders pattern (you’ll see the same on SPX).

Things could still break down, to be sure, but we have ingredients for a rally and I don’t want to ignore them. If we break these trend lines (here and the one on the S&P), things will change, but we’ve also had a lot of opportunities to do so and haven’t, so I’m open to various outcomes right now.

RTY


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