Like the rest of the market, RUT is exhibiting either a pretty deep retracement in the midst of a triangle wave higher or something more onerous — the early stages of a wave 3. While the jury is still out, I believe the charts favor the former.
RUT finished a Bat Pattern (in red below) yesterday — this on the tail end of another Bat pattern that I posted just the other day.
Yesterday’s low also registers as a .618 retracement of the AD leg of the first Bat pattern (.618 of 729.75 to 820.44.) which is a typical payoff to a Bat pattern completion.
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