This chart is spectacular upon the first open to the chartist in me and for reasons that go beyond what is shown below and reasons to be revealed in another note, but in this note, let’s look at the Russell 2000’s Bear Pennant.
Similar to the Dow and probably for the lack of the AAPL-boost in recent weeks, its Broadening Top in grey is showing a bottom trendline touch and this pattern currently confirms at 784 for a target of 720. Its look, though, may provide some reason to think it will go for another top trendline touch near 870 at this point and this should be taken seriously if the Russell 2000 climbs above 821 and particularly on a closing basis.
Probably more compelling, however, than the Broadening Top’s look is the Russell 2000’s Bear Pennant that carries similar numbers with confirmation occurring at 784 for a target of about 727. In turn, it is a “helper” pattern to the Broadening Top and currently provides good reason to think the Russell 2000 may suffer from a 10% decline in the relatively near future so long as this small cap index is below 821.
It is the combination, then, of the Russell 2000’s Bear Pennant and its Broadening Top that give reason to be a bit bearish.
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Russell 2000’s Bear Pennant
Published 04/17/2012, 09:42 AM
Updated 07/09/2023, 06:31 AM
Russell 2000’s Bear Pennant
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