On the hourly chart I also put up some fib levels to give us some pull back targets. The 23.6% is right at the 421 area so it may bounce here on Monday, if it continues to pull back then the 38.2% may support around 406, below that is the 50% at 394.
After 5 legs straight up I'm now preparing for a couple different scenarios.
Scenario One: Two legs down that would support on the 38.3% or 50% fib before moving back up to retest 430 area.
Scenario Two: One leg down and then a quick retest of the 435 area that would then form a Head and Shoulders Pattern (bearish pattern) which, if it confirmed, would have a downside target of about 385.
Scenario Three: One leg down that would support at 415 or higher and continue the move up to retest the 445 area and possibly form a double top.
Monday's close will give me the next puzzle pieces and I'll re-evaluate from there.
RUT Hourly Chart:
Posts
No comments:
Post a Comment