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Shared this chart with Premium Members last week as the Russell 2000 was breaking above a key channel line. Next channel resistance stands back at the 2007/2011 highs, around 10% above breakout levels.
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Chris,
Has RUT broke above the resistance line off of the 2011 highs (May @ 868 and July @ 860)or are they not as important as trendline 1?
Looks like 810-820 for resistance line to be taken out.
If I were to go long here in RUT, would you set stop loss at trend line 1 near 760?
Thanks,
Aaron
I see the RUT chart a bit differently – I draw the line from the top in Apr 2010 to the Bottom of the head in June 2011 to yesterday.
It is testing that line.
China-FXI seems to have an Inverse Head & Shoulders
The ADX line above 20, indicating some Trend strength