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TF thread (Russell 2000) ... anything goes
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TF thread (Russell 2000) ... anything goes

  #701 (permalink)
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A look at the daily Ichimoku...808 was a good long entry and everything looks good so far

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  #702 (permalink)
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I'm looking for around 807 at this point ...wouldn't be surprised if it went up to 814 and change first though....we'll see

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  #703 (permalink)
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Rising Wedges in the Russell 2000


Apparently the Russell 2000 loves this deceptively bearish pattern built of an uptrend with many more Rising Wedges showing in the two-year daily chart below than the six distinct patterns that are marked.


Of greatest concern for this small cap index is the multi-month Rising Wedge that is working toward a fast fulfillment of its target of 602 through this yearís sideways trend comprised of multi-week Rising Wedges that will try to pull the Russell 2000 down toward 765 and 730, respectively. All such potential bearishness is fitting with the Russell 2000ís more than year-long trend of lower highs, but it is important to note that this index did just start to officially reverse what had been a 6-month downtrend by its convincing close above the third Bull Fan Line marked in gray.

It seems unlikely, though, that this reversal will last too much longer with those three Rising Wedges calling for a nearly 30% decline that is supported by the multi-year H&S pattern that continues to present well in monthly form.



It, too, is supported by the Rising Wedges shown in the daily chart but most truly by the multi-year Rising Wedge born of QE1 and a pattern that promises to take the Russell 2000 down toward 350 with the last multi-year Rising Wedge having been quite successful as can be seen.

Relative to the competing bull case, itís hard to fight gravity, but there is a chance of move up toward 930 on a monthly Pipe Bottom comprised of May and June and it confirms at 830. Interestingly, the Pipe Bottom itself presents well, but it is hard to see it beating the Russell 2000ís trend of lower highs with the test resting at that patternís confirmation level of 830.

Above 830 and this will put the focus on the possibility of the Russell 2000 rising above this yearís high of 848 to truly dissolve its multi-year trend of lower highs, but below 830 and think about all of the Rising Wedges in the Russell 2000.


Rising Wedges in the Russell 2000

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  #704 (permalink)
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  #705 (permalink)
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@kbit et al,


are you guys meeting for live TF chat in traderoom 2 here at bmt? if so, i'd like to participate.

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  #706 (permalink)
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nate99 View Post
@kbit et al,


are you guys meeting for live TF chat in traderoom 2 here at bmt? if so, i'd like to participate.

I keep forgetting and it's hit or miss with others being there and so on but I'll post something in room 2 and see how it goes.

By the way I'm out of my short I had earlier but am looking for a new spot to get in......

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  #707 (permalink)
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yeah man. if you and others are game, i am too.

couldn't believe this morning---TF showing more action that CL, but i was out at 9:10am, cst.

i'll be in the room tomorrow around 7:30 cst.

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  #708 (permalink)
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around 830 (rut) looks like an interesting level.

brother spx already passed it.

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  #709 (permalink)
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for those that didn't jump on a long at 808 earlier keep an eye on what happens if/when it comes back to the KS....that's where I'm really interested

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  #710 (permalink)
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Came to the TS and bounced.....I still would like the KS

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