Good morning, Traders!
The Russell 2000 (RTY) is set to push into the buy zone as the market continues its upward movement to 2259.9.
That means buying opportunities will present themselves as the market breaks the counter trendline and enters a bullish rally. So long as the market stays above the up trend line, we’ll track opportunities to execute our entry strategy. That means we’re looking to buy the RTY at a low price within the buy zone as it moves to a higher price.
And before you dive into today’s analysis, be sure to study up on how to formulate and execute a good entry strategy when a market enters the buy zone. You can use my free resources on the subject to get yourself ready to trade!
Now let’s take a closer look at the RTY as it continues its push toward higher prices:Daily Timeframe Analysis
The RTY is still above the up trendline in the daily timeframe chart, so we’re going to focus on buying opportunities so long as that holds true.
Why? Because that means the overall trend for the market remains positive. We can expect the market to continue its overall upward movement.
The long-term direction is up for the RTY
The short-term direction of the market is up for the RTY
The RTY has U-turned from support and is heading to a new high price
Learn more about the Daily Direction Indicators here…
The RTY remains in an uptrend as the market makes higher highs and higher lows. It has pushed past the counter trendline (top diagonal grey line) and is above the up trendline (bottom grey line)
With the market remaining above the up trendline and heading upward, we’ll turn to our one-hour timeframe chart to look for opportunities to buy the RTY and prepare to make a profitable trade!
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One-Hour Timeframe Analysis
The one-hour timeframe shows that the RTY is working its way toward the up Fibonacci extension of 2259.9. If the current trend holds, we can expect a +530 tick movement.
The one-hour timeframe shows the RTY making its way to the up Fibonacci extension of 2259.9
We can see in the timeframe chart that the RTY has clearly U-turned and rallied to higher prices. Now we look for the market to hit the buy zone so we can snatch it up at low prices.The Bottom Line
The overall outlook for the RTY is positive as the market pushes to new highs and remains above the up trendline.
As the price moves into the buy zone, we can begin to prep our entry strategy and look to buy the RTY. Remember that we want to buy low and sell high. But if we misjudge our entry, we can miss this trade altogether.
The overall outlook for the RTY is positive as it works toward the up Fibonacci extension
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Keep On Trading,
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