RUT Fib Bounce on the 1 Yr Chart

Today we bounced on the 61.8% Fib Line of the RUT 1 YR Chart. Three days ago we bounced off the 50% Line but later failed and took another leg down. All ears will be waiting to hear Bernanke's words tomorrow at 11:15 Pacific Time so expect some wild movement as this market tries to pick a direction.

Some Fib level targets to keep an on eye this week:

If construde as Good News = 790 area
If construde as Bad News = 713 area

A break below the 61.8% Fib 744 area would be really bearish as there would then be a better probability that we eventually retrace 100% back to the 675 level. It may take months, but the probabilities would be there.