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May 13th, 2014: RUT Weekly Chart

Posted by pugsma on May 13, 2014

5-15-14:  Looks like wave major [A]-P4 on RUT had some addition work to the downside to complete today hitting a new low 1082.53.  The RUT daily chart now looks even better for a strong bounce up the 1142 area for a 50% retrace for major [B]-P4.  Today formed a nice long-tail, daily hammer candle the Feb 2014 low.  There is positive divergence across the three key indicators for RSI, MACD and Full-Stoch.

RUT daily chart (EOD 5-15-14):

PUG RUT Daily Chart with Indicators 5-15-14

5-14-14:  Here is an up close look at the count on the RUT ETF IWM, 60-min chart.

IWM 60-min chart (5-14-14):

IWM 60-min chart EOD 5-14-14

5:15 pm EST:  In contrast to the RUT daily chart shown on May 9th, the RUT weekly chart shows that the RUT is not likely going to make a new high above 1212 to join SP-500 and DJ-30 in their recent new all-time highs.  Both the SP-500 and DJ-30 are the final stages of terminal Ending Diagonal (ED) patterns.   Thus, the RUT is more likely forming head and shoulder top that will see P4 decline to the 980 to 950 level this fall.  A key indicator here on the RUT weekly chart is the MACD line that is headed below the zero line at steep -45 degree angle.

RUT weekly chart (EOD):

PUG RUT weekly chart EOD 5-13-14

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