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The week is not over with…. so far this “Weekly Russell 2000” chart is forming a rather bearish upside wick at (1) and is attempting to break support, after hitting resistance line (3).
Since the September lows, the Russell has created numerous “bullish downside wicks” along support line (2), which were all signs of higher prices.
Could the upside wick at resistance be a bearish sign for the Russell 2000? Keep a very close eye on this index and pattern!!!
Connect the late-August, late-September and early-February peaks and with (2) you have a very nice rising wedge. Together with what you’ve shown with (1) and (3), (?) looks like a pretty good bet.