One can't fight what the charts are saying, "higher highs and higher lows," but we are in an intermediate downtrend so at some point it will likely be a bear flag. Don't fight it, just be aware of what it likely is.
RUT Daily Chart:
Friday, January 2, 2009
RUT: 3 Days Up, Now What?
The RUT enjoyed a light volume rally for the past 3 days, but now that it's technically moving away from the 20MA and 50MA, the days of this rally are likely numbered. The key now will be to see if the pull back holds or if the 4 legs up it just took are just a nice fat bear flag. Maybe it will take one more leg, making it an odd 5 before it cracks lower?
One can't fight what the charts are saying, "higher highs and higher lows," but we are in an intermediate downtrend so at some point it will likely be a bear flag. Don't fight it, just be aware of what it likely is.
RUT Daily Chart:
One can't fight what the charts are saying, "higher highs and higher lows," but we are in an intermediate downtrend so at some point it will likely be a bear flag. Don't fight it, just be aware of what it likely is.
RUT Daily Chart:
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