The RUT hit 921.29 and sold down mightily to 917.29, a 4 point move that took a little less than 45 minutes. If RUT should break below 917.29, there is a thunderously clear Head and Shoulders pattern in play. The RUT is now forming the right shoulder and trending down. This could get interesting. The Russell 2000 volatility index (RVX) is up .88%.
Apple reversed early in the day to 470 but broke back down to 466.3. Apple volatility (VXAPL) is down 1.6%. I bet now it stays in this range.
11:48AM PST Update
If a Head and Shoulders is a real pattern on fractal time frames, we’re seeing it breakthrough the neckline on the 1-minute RUT chart right now. The RVX is trending up, currently +1.33%.
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