IUX, rejection by uptrend line means...
Ever since the mid-Oct low, Russell 2000 has rebounded and recovered up to ~1175, by end of Oct.
However, for the past 4 weeks, it just finished as 4 weekly DOJI and challenge to 1175 level was rejected 4 times on each attempt. To sum it up, it become a monthly DOJI again
If the rejection from underside of 2009 uptrend is true and materializes, we could see another possible heavy sell down
if Dec candle is a big red marubozu!
However, for the past 4 weeks, it just finished as 4 weekly DOJI and challenge to 1175 level was rejected 4 times on each attempt. To sum it up, it become a monthly DOJI again
If the rejection from underside of 2009 uptrend is true and materializes, we could see another possible heavy sell down
if Dec candle is a big red marubozu!
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.