RUT has continued to sell off since my last couple posts and I believe we could see a huge market correction this year if price doesn't look to stop selling.The next play on RUT I would like to see price pullback to the last breakout zone ($2,200) to confirm a continuation in trend
This play also looks very familiar to the 2022 selloff with equal highs to our current price structure. Seeing that
SPY is at a higher high tells me there is market-wide divergence and a topping pattern could be in play.Now when we add
BTC and $OTHER to the mix we can see bitcoin actually tops out first while Alts and SPX look to make one more leg up before crashing out.The Trend Reader at the lower tab has topped out and has a bearish crossing in the overbought zone indicating we can see a long term play to the downside.
NathanAL
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NathanAL
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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.