Russell 2000 Index - Engulfing Bear hails correction to 1139.
Date: 10th September,2016 by Timothy Straiton
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Current price at the time of writing is 1219.21, trading below the monthly pivot level of 1229, but 13.25% above the 40 week moving average, which leaves room for a healthy downward correction. The MACD is in the process of rolling over to the downside, while the 14 week relative strength index has broken its support level. The initial realistic Fibonacci 38.2% downside retracement target measured from the recent high of 1261.12 to the February 2016 low of 943.10, is 1139.
The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities.
Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.
Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.