The R2k Small Caps broke the neckline to a topping pattern, declined, formed a little bottoming pattern, popped and then failed the neckline again.
What is interesting is that the bear neckline to the topping pattern is also the would-be bull neckline to the little bottoming pattern and is nicely illustrated by the EMA's 50 and 200.
What is also interesting is that R2k has already failed these EMA's (exponential moving averages) that I usually look at but is at support defined by the SMA 200 (simple) that many chart watchers look at. There is also a visual cluster of support at current levels and the green line is a tolerance for right minded bulls.
http://www.biiwii.blogspot.com
http://www.biiwii.com
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What is interesting is that the bear neckline to the topping pattern is also the would-be bull neckline to the little bottoming pattern and is nicely illustrated by the EMA's 50 and 200.
What is also interesting is that R2k has already failed these EMA's (exponential moving averages) that I usually look at but is at support defined by the SMA 200 (simple) that many chart watchers look at. There is also a visual cluster of support at current levels and the green line is a tolerance for right minded bulls.
http://www.biiwii.blogspot.com
http://www.biiwii.com
Subscribe to NFTRH or
Subscribe to the free eLetter
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