The RUT has even breached the downward channel on the daily charts, this is just plain ugly as the title suggests.
There will likely be some sort of relief bounce as the stochastics are showing we're moving to an oversold condition, but it could still get a lot worse before it gets better.
The downtrend channel line may act as resistance as the RUT tries to move up once it's hammered out a bottom. We'll be watching that area carefully.
It will be interesting to see if we chop in this area for a while before getting a bounce, or if it just goes ballistic and retraces as the aggressive bulls step in like they've done before.
RUT Daily Chart:
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