ER: What A Day

The RUT had the most volatile intraday price movement I think I ever remember seeing. Very difficult to trade a pivot system today, but it was perfect for some cowboy trades. (cowboy trades are akin to riding a wild bull based on guts and not a system)

There was a rising wedge pattern that played out perfectly thanks to an afternoon spike in oil prices that tanked the equity markets. Note the pure fear seen in the sell off that completed the wedge pattern down to it's base of support at 661.50 and the subsequent violent retrace that made it all the back to above the 61.8% by the end of the day.

Note: The Pivot was 670 today on the ER and it never reached R1 or S1 even with all of the up and down action.

ER 5 Minute Chart: