Russell 2000 Index Descending Triangle to cause a major breakdowDescending Triangle has formed on Weekly for the Russell 2000 Index.
The moving averages are all touching and seem to be at deciding point 200 = 21 =7 MA
We need to wait for the official breakdown which will take the price to a target of 828.
There are major warning signals for a Recession in 2024 with the inflationary pressures in the US, UK and Russia.
We haven't seen these levels in decades and with interest rates on the constant rise, this will attract investors to fixed income assets and deposits int he bank.
However, the Recession is one aspect. The markets are actually setting up for a meltdown. We just need to wait for the catalyst to send it.
Until then, we keep our eyes opened for possible opportunities.