RUT: Short Term Upside Target

With the RUT creating "another" bottoming tail after an extended move down on the daily charts, the probabilities for short term bounce are present. The short term upside target is 440 where the 8MA and 38.2 fib intersect. The upside target above that be 460 and then 490. There should be some resistance in the 470 area at the downward trendline. The 20MA is currently running parallel to the downward trendline.

RUT Daily Chart: