Courtesy of Doug Short.
Advisor Perspectives welcomes guest contributions. The analysis and recommendations presented here do not necessarily represent those of Advisor Perspectives.
The chart blow was posted on August 8th, reflected an almost perfect identical inverted wedge patterns in the Russell 2000 (see post here).
Below is an update on the Russell (this time right-side-up). Note how much the current pattern continues to look like 2008.
The 750-770 level was stiff resistance in 2008, and so far it remains stiff resistance in 2011. For the repeating pattern to fail, the Russell needs to break out to the upside at (4).
(c) Kimble Charting Solutions
blog.kimblechartingsolutions.com
