Sunday, April 13, 2008

$RUT Update for 04.13.2008


Monthly chart shows index trading below the 8ema and the 34ema. No buy signal/pattern evident on this timeframe.

Weekly chart shows a dark cloud cover candle pattern created with last week's trading activity. Look for a test of the current low at the very least.

Daily chart shows index trading below all its moving averages, and below the the up trendline in place. There is currently an abc 3 wave pattern in place. The last leg up (wave c) contained 5 overlapping waves. Look for continuation lower next week.

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