The Russell 2000, as well as the S&P500 tend to have a similar behavior coming out of market bottoms. In this case, we analyze the potential move with past historical data.
The first year is usually a strong one, the second one there is consolidation and accumulation, the third there is a strong rally that loses steam near September.
Using market bottoms from:
The first year is usually a strong one, the second one there is consolidation and accumulation, the third there is a strong rally that loses steam near September.
Using market bottoms from:
- 1974
- 1982
- 2003
- 2009
Order cancelled:
We have entered the channel again, meaning the breakout failed. I expect this pattern to fail as well if we don't break out again in the next 2-3 months.