Looking at Russell´s weekly chart, we can see that a MAJOR confluence in the 170 region held nicely. This confluence includes:
- 2018 and 2020 highs
- 161.,8% A-B extension
- 50% pullback from 2020 low to 2021 high.
A break of the green downtrend line would give us a better indication that a recovery is in place. In this scenario my first target is 209 resistance.
This scenario invalidates at 162.78.
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