The small cap index $RUSSEL has had a good past couple of months and has bounced back from its lows. We visited the small cap index on May 1st when we identified the trend reversal. The $RUSSEL was in the recovery mode after the Liberation Day capitulation.
RUSSELL in a bounce back mode. But upside is capped @ 2400 for IG:RUSSELL by RabishankarBiswal — TradingView
This cup and handle pattern is still on hold, and I also predicted that the upside is capped @ 2400. Currently the $RUSSEL is @ 2222.
So how much upside can we expect from here with
DXY making new lows? My assumption is that $RUSSEL will fail to break above 2400, and the handle part will not break out of the reverse neckline. So, the upside in the small caps is capped @ 2400 which seems to be a major resistance indicating a 9% upside from here.
Verdict : $RUSSEL Cup and handle pattern nearing completion. 2400 is the upper resistance. Still some more room to run.
RUSSELL in a bounce back mode. But upside is capped @ 2400 for IG:RUSSELL by RabishankarBiswal — TradingViewThis cup and handle pattern is still on hold, and I also predicted that the upside is capped @ 2400. Currently the $RUSSEL is @ 2222.
So how much upside can we expect from here with
DXY making new lows? My assumption is that $RUSSEL will fail to break above 2400, and the handle part will not break out of the reverse neckline. So, the upside in the small caps is capped @ 2400 which seems to be a major resistance indicating a 9% upside from here.Verdict : $RUSSEL Cup and handle pattern nearing completion. 2400 is the upper resistance. Still some more room to run.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.