| RTY (Russell 2000 futures) had a bear breakout down, but then an immediate reversal price action on the 4 hour timeframe, bringing the Russell back into the upward channel (redish channel) shown in the video. Due to the failed breakout, most bears thought they were in a breakout down. But this is a "fakie" or fakeout for them, as they saw price reverse on them, which expedites their need to cover the short, creating quicker pressure for price to rise. But bulls needs a continuation to verify that busted failed bearish breakout as being the start of a bigger move up. That will should be verified with the close of this week's candle, which happens today (04 Nov, 2022). Visit ForexLive.com for additional technical analysis perspectives. https://www.forexlive.com/technical-analysis |
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