RUSSELL 2000 Support Zone rebound?

22 oct. 2023

Russell 2000 (RUT) entered on Friday the wide Support Zone (1700 - 1630) that was formed on the May 12 2022 Low. The 1D candle closed inside it so unlike the bottoms that had wicks that recovered and closed above the Zone, this is most likely similar to the June 16 2022 and September 23 2022 breaches.

A low is to be expected around 1640 but the index is already a strong long-term buy, as the cyclical behavior of the Sine Waves suggests. The tops match perfectly with the Waves. In any case, from now on the first sign of 1D RSI Higher Lows (Bullish Divergence if the candles are on Lower Lows), will be the last confirmation we need of an upcoming bullish leg, which was the characteristic of all previous 3 bottoms.

On top of that, 10 days ago a 1D Death Cross was formed and even though that's a technical bearish pattern, last time it signalled the bottom. Our target is 2000, just below the 2008 - 2027 Resistance Zone.

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