RTY partial update for the next Jan 16th week
I hope everyone is having a great weekend.
RTY is in the bull channel all week, similar to NQ’s rising wedge.
As you can clearly see, RTY is way oversold on the 4h chart (MACD, RSI); this will get a strong rejection of the next resistance zone imo
Looking at the cycle,s we still can push into Tuesday am open to test the major trendline around 1915-18 (depending on landing time). At the same time, it can fall apart straight from the open.
I think we extend on Sunday (gap up?) or into Monday (Futures will be trading open till noon)
- The primary support and target for the next week is 1847-52, from where (if it holds by the 20th) we should see a last push up into the Jan 24th high.
If that support is broken, it should test the 1800 level and below next.
- The target box for the final move-up is at 1542.5-1952.5RTY.
........
SPX and NQ will be updated on the site
Enjoy your weekend
RTY is in the bull channel all week, similar to NQ’s rising wedge.
As you can clearly see, RTY is way oversold on the 4h chart (MACD, RSI); this will get a strong rejection of the next resistance zone imo
Looking at the cycle,s we still can push into Tuesday am open to test the major trendline around 1915-18 (depending on landing time). At the same time, it can fall apart straight from the open.
I think we extend on Sunday (gap up?) or into Monday (Futures will be trading open till noon)
- The primary support and target for the next week is 1847-52, from where (if it holds by the 20th) we should see a last push up into the Jan 24th high.
If that support is broken, it should test the 1800 level and below next.
- The target box for the final move-up is at 1542.5-1952.5RTY.
........
SPX and NQ will be updated on the site
Enjoy your weekend
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