M2K1! trade ideas
RTY - Millennium Tower IndexThe Russell 2000 continues to expend energy in a large Range which
remains in a weakened condition.
2282.50 was rejected.
There is little to support this as the Parking Lot is being vacated.
Small to Mid Caps are not faring well in the present Environment
with little reason to Position for 2022.
Slowly Sinking into a LArger Sell is ahead after the next Retracement.
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RTY / M2K will Ourperformi to the Downside.
E-mini russell 2000 buying opportunityRTY in an uptrend it will be a good idea to wait for a low price at a known level of U-turn on the trend line wants or if we get a counter trendline break we can execute our buy trade towards price point 2320.2 fib 0.618 ext.
ENTRY===counter trendlin break
LIMIT=== 2320.2
STOP===2219.3
TRADE SAFE
Best places to go long or short the RussellThe Russell is even cleaner than the Nasdaq. Two major buy / sell areas on the chart. So far the Russell has been playing the game of chop. Sweep the lows, sweep the highs and move in the other direction. The same way we had a failed breakout, we could get a failed break down.
Best place to sell 2310-2360. Resistance/Gap combo and the real direction for now is down, so it is with the main trend.
2200 & 2080 are decent for short term trades. As we go down they are good for a bounce. If they get broken they are good to put shorts if the market bounces from lower.
Best place to buy long term is 1980-2030. Extreme support combo with 1. Untested breakout / gap, 2. Key Bollinger bands, 3. 400 DMA
Meanwhile, small caps...Small caps appear to be melting up, the index tends to fill gaps and there's a gap at my red line. Note that it's an index gap and not a futures gap so there's no guarantee on this one. Also, it's tagging along the overbought zone so it can tank at any time.
I'd stay away from garbage stocks though if you;re going long
RTY UpdateOverbought on RSI with MFI divergence but I think it goes up until MFI gets overbought. Probably a 3 day pump and short squeeze again. (Just guessing at this point) Staying out until Monday afternoon. I'd rather short garbage than go long on them.
Gonna be a ton of short opportunities next year I think
RTY / Russell - A look at daily chartCount not the clearest for me here - but look at the demand zone and look at the indicators on daily here. Massive bull divergence, macd bull cross, survived demand zone retest now 6 times!! All looking good. Looks like rejection likely here at the ATH AVWAP - no surprise - this should just take us down for a 2 and then a massive wave 3 ripper will be happening. Dips on 3 swings a buy here imo
Trading Range on Nasdaq 100 FuturesWe are in Trading Range on the Russell 2000 Index Futures.
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Elliott Wave View: Russell (RTY) Extends LowerShort-term Elliott wave view in Russell (RTY) shows a lower low bearish sequence from November 8, 2021 high. Decline from November 8 high is unfolding as a zigzag Elliott Wave structure where wave ((A)) ended at 2136.8 and rally in wave ((B)) completed at 2279.83. The Index has extended lower and broken below wave ((A)) suggesting wave ((C)) lower has started. The internal subdivision of wave ((C)) is unfolding as a 5 waves impulse.
Down from wave ((B)), wave 1 ended at 2196 and rally in wave 2 ended at 2227.10. Index then resumes lower in wave 3 towards 2160.10 and wave 4 ended at 2165.9 as a triangle. Final leg lower wave 5 ended at 2130.10 and this completed wave (1). Correction in wave (2) ended at 2227.60. Index then resumes lower in wave (3) as another impulse in lower degree. Down from wave (2), wave 1 ended at 2102.30. Rally in wave 2 is in progress to correct cycle from December 16 high before the decline resumes. Near term, as far as pivot at 2279.83 high stays intact, expect rally to fail in the sequence of 3, 7, or 11 swing for further downside.
"most fear the unknown" iwm updatemost fear the unknown, and in turn they stay away from it,
i walk into the unknown with confidence, knowing there is always opportunity ahead.
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iwm\rty (small caps) look to be on the verge of finding a big local bottom in this local region here through an expanded flat.
the law of alternation states: "if wave 2 was a simple zig-zag, then wave 4 will have to be a complex correction".
that's precisely what we're seeing here, a little complex correction phase to really shake out the weak hands out of this wicked market.
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wave 4 target = $2067.70
wave 5 target = $2800
RTY - ahh... faked you out.... not higher.... lower comingRTY - "everyone" (including me) was faked out by the false breakout. Now it's back into the long term wedge (also appears to really have been a large ending diagonal or Wyckoff Distribution pattern). With the breakdown of Crypto over the weekend, RTY is heading to back test some prior levels. This will be healthy in the long run, but painful for those heavily long. Based on the 2 Anchored VWAPs placed on this chart, I see a MINIMUM pullback to the 1950 area on RTY. Further basic Elliott Wave analysis may suggest some slightly lower zones as possible. Regardless, the AVWAP zone shown here will be good for AT LEAST a hefty bounce.
$RTY / $IWM - favored countMy other count get invalidated today. Tried to catch a run up for what I thought was an abc move and that we were in A still - jokes on me because with the end of day flush it appears we were rallying for a 2 and never going to cross the prior (what looks like wave 1 now) peak.
This is my least favorite count vs qqq or spy and it is and has been the hardest to count. I like a dip buy with time because it is pretty beat up and today it started seeing some feb flow with million$ + sweeps, first good sign I have seen on this one in awhile.
Either way it really needs to catch support in this demand zone 2100-2130 area otherwise this is going to get very bad. It could see 200 quick.... Lets hope not.