RTY-mini: Setting the Stage for Another Leg Down

  • CastAwayTrader
  • November 3, 2022
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RTY-mini has been consolidating on Thursday after the strong decline, a reaction to the bearish statements of the FED Chairman on Wednesday:

RTY-mini 30 min chart

That flat and shallow a-b-c up consolidation is setting the stage for another leg down targeting to retest September-October Double Bottom made at 1,640.

Remember, price does not travel in a straight line fashion, It makes a large step down followed by a step up followed by another large step down. Normally that consolidation in between of two trending moves is called a correction or consolidation. Traders need time to psychologically accommodate to new price levels.

Once we get a flat and shallow directionless a-b-c up retracing 41.4% – 50% of the preceding decline bears will realize bulls are weak and its time to start pushing down again.

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