Upside targets based of fibs would be 520 for the 38.2% and 567 for the 50% retracement. There's some horizontal price resistance at 550 so that if broken will get the bulls thinking that life is sweet again, but to be real it will have to retest and hold that area too.
If we revisit the target of the confirmed reverse head and shoulders, 580 becomes the upside target.
Although the RUT broke the primary uptrend line (dotted green), it's still holding on to the secondary. At the same time, it's forming a rising wedge which is a bearish pattern. We'll have to watch closely to see which of these patterns wins out.
RUT Daily Chart:
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