Russell2000, more downside is coming.
Russell2000 is breaking below the 2000 consolidation resistance. This breakout lower is now confirmed with a break below the significant 1922 level for a downside continuation. Since Russell2000 is back in the channel, it is eyeing a 1650 target lower, the Median line.
The weekly chart shows an extension below 1922 in the new downside channel formed. Target on the downside is 1650, which can be invalidated only upon a break above 1922. The strong downside support short-term is 1870.
On a daily chart, we can see a good RR trade opportunity Already a member?
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We have used the combination of the top-down trading analysis to get these critical levels explained in the charts. Also, you can see Elliott Wave and price action analysis together in action along with the Andrews Pitchfork channel tool. If you want to learn the trading strategy that will give you immediate results in your trading register for Trader’s classroom.