Yesterday's similar move higher to 760 (an extreme) may be the last breadth of the bulls for a while. Watch carefully to see if the RUT can hold the trendline or not.
RUT Daily Chart with Rising Wedge (Bearish):
Friday, June 6, 2008
RUT Rising Wedge Pattern
The RUT is forming a rising wedge pattern similar to the confirmed SPX rising wedge which broke it's trendline on May 21st. Note too that the SPX price action was very similar to the RUT the days proceeding the trendline break to the downside. The SPX got uber-bullish to 1440 (an extreme) and has rapidly fallen since.
Yesterday's similar move higher to 760 (an extreme) may be the last breadth of the bulls for a while. Watch carefully to see if the RUT can hold the trendline or not.
RUT Daily Chart with Rising Wedge (Bearish):
Yesterday's similar move higher to 760 (an extreme) may be the last breadth of the bulls for a while. Watch carefully to see if the RUT can hold the trendline or not.
RUT Daily Chart with Rising Wedge (Bearish):
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