CLICK ON CHART TO ENLARGE
The chart above was posted on 8/8, reflected an almost perfect identical inverted wedge patterns in the Russell 2000 (see post here) Below is an update to this pattern, reflecting how much the current pattern continues to look like 2008.
CLICK ON CHART TO ENLARGE
The 750-770 level was stiff resistance in 2008 and so far remains stiff resistance in 2011. For the repeating pattern to fail, the Russell needs to break out to the upside at (4).
/TLT chart does not look like it is in the same place as IWM vs fall 2008? TLT is around same 2008 peak value, but Russell is not near its low value/range of 08. Does that mean anything? Or is it just etf drift/erosion?
History doesn’t repeat, but it rhymes a lot. (I stole that!)