Jim suggested to take a look at daily charts of some secondary indexes and here is my current $RUT chart:



The green ML of a set based on big bearish 3D happens to be also a neckline of a classic head and shoulders. If bulls would not be able to defend this line next week, then a move to the lower ML should follow. This would also be a perfect fulfillment of a successful H&S pattern.
It is all the more interesting as this big bearish 3D fell dead on at the upper ML of a quite important set:

Originally posted by jarek

This area will be crucial for the bullish case here:

That would be quite a bulls eye if they started an upmove from here!

$TICK reached -1064. add/decline reached -1870 and still declining.

Originally posted by jarek

Originally posted by jarek

This area will be crucial for the bullish case here:

That would be quite a bulls eye if they started an upmove from here!

They didn't, so it wasn't...



We have a new low for the whole downmove that started in early May

iwm hit that 2845 I was eyeing earlier this week.....and 1.27 of last swing.....let's see what they want to do with this now

Your next level is the 1.618 dbs at 7823-11. Looks like it'll go for it.

Originally posted by rat89

iwm hit that 2845 I was eyeing earlier this week.....and 1.27 of last swing.....let's see what they want to do with this now

Those 4PTs really like to occur in W2s of strong trends

Could this be heading directly to the lower ML of this major set??

it might have to, and we'll find out soon

Originally posted by tx_ches

I could certainly see it going lower though.