RUT has been under pressure ever since June, shedding 16.8% to tag our downside target of 1078 on Sep 29. While SPX’s Sep 29 lows were higher than its Aug 24 lows, RUT made new lows. It was a more complete looking correction. But, the subsequent bounce has been less than impressive.
When it broke out of its falling channel to complete an Inverted Head & Shoulders Pattern in late November, it had a chance to redeem itself. It was the perfect opportunity: a low volume weekend with USDJPY on the rise. 
Instead, it gave up 8% over the next two weeks. What happened? More importantly, can it recover?
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