Russell 2000 Intraday Bullish Phase Update.

The Russell 2000 is still lagging other indices, but the Russell 2000 sure is trying to play catch up. I have changed the degree level up by one degree giving us a potential wave 2 rally in Minor degree. At the 1425 price level we are also sitting at a Head&Shoulder pattern, so we will find out how much resistance we are going to develop. 

In early September we had a correction that includes a great looking expanded flat. Expanded flats do not belong in the group of 3 simple corrective patterns, but it belongs to the complex corrective patterns. Yes, the Russell 2000 can go higher by the end of the day, but it will end up being a do or die situation.  The Russell 2000 is about 30 points away from breaking new record highs, so until that is cleared up, we have very little wiggling room to play with. Mid week, or close to Wednesdays markets do make turnings and other times, they can drag out turnings to the end of the week. 

One ounce of gold can only buy 1.07 units of the Russell 2000, which tells us that the Russell 2000 is very expensive. 

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