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 rat89

Click image for original size

Looks like same picture taken from another angle :

And the obligatory pullback to KZ on smaller timeframe to give it some more push down.

And now at Jim's middle area.
1277-1283. "then we see".

And here comes acceleration into Jim's second area. Here are the lines I have here:



Time for a bounce?

targets hit

83.25 (close enough) and a vicious snap up. Two for two...

Originally posted by tx_ches

And now at Jim's middle area.
1277-1283. "then we see".

Now I see how big (or not big) the bounce is, and then wait on the next area if it can't get off the floor. 'Too easy'.

did you see the volume come out just now in iwm?

Originally posted by jimkane

Now I see how big (or not big) the bounce is, and then wait on the next area if it can't get off the floor. 'Too easy'.

The bounce as shown on 3 minute - to KZ of move down today.

I hadn't been paying attention but now that I look, I see several volume spike bars today on IWM.

Originally posted by rat89

did you see the volume come out just now in iwm?

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

Originally posted by tx_ches

I could certainly see it going lower though.