As posted in my previous idea, the Russell 2000 was at strong resistance and if we closed above, we should have a bullish bias until we see a topping reversal pattern. We did close above that resistance and even retested the 50 day moving average, so it is looking bullish for now.
The price has also broken to the top of a cup and handle pattern however we have not had a retest, yet.
The price is also currently at the top of an ascending channel. The price may find some resistance here and go back to retest the cup and handle breakout. If the breakout holds, that gives us a target of ~154.
There is a similar cup and handle pattern of SPY which is also included in my related ideas below.
The price has also broken to the top of a cup and handle pattern however we have not had a retest, yet.
The price is also currently at the top of an ascending channel. The price may find some resistance here and go back to retest the cup and handle breakout. If the breakout holds, that gives us a target of ~154.
There is a similar cup and handle pattern of SPY which is also included in my related ideas below.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.
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.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.
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.