RUT: Hourly Forming Head & Shoulders

The RUT bounced on Tuesday into resistance to start forming a Head and Shoulders Pattern on the Hourly Chart (Bearish). In order to confirm this pattern it will need to close and trade below 410. The downside target to complete the pattern would be 375.

So far the RUT did hold an equal low on the hourly chart and put in a lower high. Tomorrow we'll just have to see if the it can move up above the 432.50 area and hold it.

Some consolidation going on here, and it still has a hint of bullishness since it did close higher today. I'll be watching the 410 area and the 432.50 as my guides, a break below 410 or above 432.50 will be the next key breaks for me.

RUT Hourly Chart: