RTY MFI OversoldMFI went oversold premarket but RSI did not.
Looks to me like it's gonna whipsaw the next few days then a rally next week when NQ challenges the green channel line again.
M2K1! trade ideas
Small Caps Russell 2000 Looks Attractive: Elliott WavesHello traders and investors, today we will talk about small caps Russell 2000, in which from Elliott wave perspective, we see a completed 7-swing complex correction from the highs.
Russell 2000 topped and completed its 5th wave of a five-wave bullish impulse already back in November 2021. Since then we can see slow, choppy and overlapped wave structure that we see it as a correction within uptrend. It's ideally a complex 7-swing A-B-C-X-A-B-C, called also a double three W-X-Y corrective pattern.
A Double three is a sideways combination of two corrective patterns. It's a complex Elliott wave that is subdivided into three minor waves W, X and Y. Its internal structure is (3, 3, 3). In effect, the number three relates to corrective waves, therefore the structure (3, 3, 3) indicates that the WXY wave pattern is composed of three distinctive corrective waves.
• A combination of two corrective structures labelled as WXY
• Wave W and wave Y subdivision can be zigzag , flat, double three of smaller degree, or triple three of smaller degree
• Wave X can be any corrective structure
Well, if we are on the right path and if Russell manages to recover back above 1920 region and resistance line of a corrective channel in current risk-on sentiment, then we can easily confirm support in place and bulls back in the game.
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RTY UpdateRTY still hasn't filled the gap.
Just like yesterday there's a rotation from tech to small caps since it needs the gap fill. I just don't see the market tanking until this fills but i could be wrong. It has happened, lol. I was thinking about shorting retail as soon as RTY filled the gap, will be a bit disappointed if I missed teh boat here.
I'm all cash anyways after flipping my calls 15 minutes after open. Apparently that was a very wise decision.
RTY UpdateRTY still hasn;t filled the gap so despite the fact that it's overbought, I'm not feeling bearish quite yet.
As soon as this fills I think it's all over. Probably whipsaws then goes back down.
RTY UpdateMFI keeps going overbought without dropping which is usually an indicator of a melt up about to happen
NQ is already pretty close to filling the gap, but RTY needs to go pumptarded to fill its gap. I think garbage stocks are going to pop before end of next week, because there's another Fed meeting in July so they go to get that gap fill sooner than later.
Might seem odd coming out of my mouth, but go long on your favorite garbage stock, lol. BTFD!
RTY1!6.20.22 RTY1!: how to use the time frames, etc.......................................................
Market Overview RTYMarket Overview RTY
We are at a critical area where the BULL's could take control to push the pair Bullish as we have Support area and Previous Resistance cross road where the Market normally U-turn from .
Long Term we Bullish on this pair with a long term target of 3245.6 .
Monthly Take Profit Target 1: 2751.5
Monthly Take Profit Target 2: 3245.6
Stoploss : 828.8
RTY1! - Weekly Market Update, 6/20/22Russell Futures have triggered a short opportunity based upon last week's price settlement. I've detailed my ideal entry, stop loss and targeted areas on the chart.
I've also updated support and resistance structures for your reference. Wishing you a blessed and profitable week ahead!
Elliott Wave View: Russell 2000 (RTY_F) Sellers Remain in ControRussell 2000 (RTY) broke below previous low on 5/12/2022 at 1698.3 and opens up a bearish sequence favoring further downside. The entire decline from 11/8/2021 high is unfolding as a double three Elliott Wave structure. Double three structure is an 7 swing corrective structure where W, X, and Y subdivides into 3 waves. Down from 11/8/2021 high, wave ((W)) ended at 1892.4, and rally in wave ((X)) ended at 2137.7. Index then extended lower doing another double correction in wave ((Y)).
The 60 minutes chart below shows the decline from (X) on 6/7/2022 high is unfolding as an impulse Elliott Wave structure. Down from 1920.03, wave ((i)) ended at 1880.28 and rally in wave ((ii)) ended at 1905.50 Index then extended lower in wave ((iii)) towards 1690.14. Rally in wave ((iv)) finished at 1755.00 and last push lower to complete wave ((v)) and A ended at 1640.90. Then we are expecting a pullback in 3, 7, or 11 swing high in wave (B) before the decline resumes as far as 6/7/2022 pivot at 1920.03 stays intact. Potential target lower is 100% – 161.8% Fibonacci extension from 11/9/2021 peak at 1217 – 1485.
Russell 2000 trading below Quarterly and Yearly VWAP. Russell 200 trading on bottom band of monthly VWAP and below Quarterly and Yearly with bullish divergence on multiple time frames and multiple gap fills to upside. Time to go long for a bounce.
Remember December 2018?5 year yields are even higher now, plus Powell is doing 3 rate increases in a row
- 0.5%
- 0.75% (yesterday)
- 0.5 or 0.75% July
I'll let you decide where small caps are going. My guess? Same level as December 2018, and that's if we don't wind up in a recession.
Close to oversold on the weekly though
RTY MFI almost overboughtGeez, it would have been an easier trade if they left everything oversold until the Fed meeting.
All indicators neutral except RTY MFI is almost overbought. ES overlay suggests we could see another dip before the meeting tomorrow.
Flipped my COIN puts on open for a wash this time because I saw the Euros were pumping futures. Staying cash until tomorrow morning, might just wait until after the press conf to confirm the next pump, lol.
Keep in mind there is still a gap above.
Russell2000 Pivotal Equality TestIn this update we review the recent price action in the Russell200 futures contract and identify the next high probability trading opportunities and price objectives to target
RTY1! - Weekly Market Update, 6/13/22Russell exhibiting weakness, looking for near term support @ 1765.
E-MINI Russel 2000 index (pressure concepts/tutorial) To optimise your "edge" practice identifying previous demand and supply zones. These zones have multiple titles. Some analysts call them "order blocks".. I do like order blocks because it does assume a square pattern. Accumulation patterns tend to outline as a square whereas RE accumulation will take on more of a triangular pattern.
Imagine if you will an accumulation pattern. This pattern can vary as far as time. But in general these should b considered "HIGH PRESSURE" zones. Price can and will exit this "block" without utilising all of the stored pressure... however, this pressure is still in this zone. When and if price does return here, it will encounter this pressures and there will be a reaction.
There are 3 ways in which price will react:
1- Price will find pressure and "bounce" off of this previous box and continue to "mark-up"
2- Price will find this pressure and begin another "trading range" until demand exceeds supply
3- Price will get to this area and find minimum to no pressure and will continue on its trajectory
These concepts are not difficult to see with practice. The most difficult part of any trading strategy is waiting for what you want to see.
When you hear traders talk about looking left on the chart, this is what is going on. It could sometimes take months to years for price to return to these price areas, indeed. It can also tale a few hours. It depends on wether or not you are trying to day trade or invest longterm.
Regardless of strategy, in order to minimise risk, it is paramount that you become aware of these previous "HIGH PRESSURE" zones. You never want to short into a previous demand zone, nor do you ever want to go long into a previous supply zone. Volume helps to facilitate you and I spotting this "residual" volume iin these high pressure zones.
These concepts are difficult to type/explain. I am contemplating some sort of video series, text so that I can share these concepts. These concepts however, ARE NOT MINE. They are the charts... they are for all of us to exploit. But in order for anyone to exploit these weaknesses, you need to practice. Trading view is absolutely the best platform to do this and I am certain that if traders began trading accurately using volume, trading view would start charging to use what is currently the free volume indicator. It is THE most powerful TA indicator.
Again these are difficult concepts to explain and I do appreciate if you made it through this tutorial
Sources of education:
Richard Wyckoff
Tom Williams Volume spread analysis VSA/ Master the Markets
Pete Faders VSA*
Sam Seiden (supply and demand)
Read the ticker dot com
Wyckoff analytics
PsychFX
MentFX
Element 15 trades (bitchute/odessy)
Avoid buying into weakness/supply/resistance
Avoid selling into strength/demand/support
Avoid entry when price is in middle of a range (phase B)
MICRO E-MINI RUSSELL 2000 INDEX FUTURES (CONTINUOUS: CURRENT CONBreaking the very strong support area and having very strong sales opportunities and now we are likely to get purchasing opportunities to bounce back from the second support areas or the demand area
MICRO E-MINI RUSSELL 2000 INDEX FUTURES (CONTINUOUS: CURRENT CONTeddy bear is very sharp and powerful and will often face the tilt of strong bounces and we cannot enter until it comes out of this strong area
RTY MFI OversoldRTY MFI is oversold, the other indices are not even close.
Market did rally off RTY last week, so I flipped all my puts. Gonna sit back and watch now, since I'm not sure what the market is gonna do.
RTY - Resistance (0.5) Turned Support0.5 is acting as a support now as price has moved way above it, prior to this it was a resistance point as price tested it
This bullish assumption is supported by the RSI, showing an Inverted H&S pattern, just completing the Right Shoulder
This 0.5 fib line should act as a support now
RTY UpdateChart pattern and indicator directions looks bearish.
NQ MFI is oversold though, which is why I didn't comment earlier, was expecting a sector rotation day. Now NQ looks weak despite being oversold.
Looks to me like strictly an Euro futures pump, if futures sell off then garbage stocks are toast. They didn;t rally with the market at all.
RTY UpdateRTY and NQ MFI are overbought and it's starting to look a lot like my overlay.
We'll see what the algos do premarket, but looks pretty bearish, Euros did not pump as I expected.
Channel and Monthly PivotsBy the time we recognize a pattern, it's normally too late to take action on it. Despite that, here's what has been developing.
