Dominant TF: 60mins & Daily.
Swings: DN-DN-UP
Market direction: mildly down, looking for support.
Again, strong correlation sith SPY. Volatile environment.Swings are DN again, indicating we are hovering around a key level.
60mins: congestion to down.
MTFS and Entropy indicate a possible bottom, but there is still some negative entropy to dissipate in a narrow trading range. RUT may also try to look for a stronger support a little lower.
Daily: Congestion with downward bias - trading range.
We seem to have a Fib pattern forming, but 791 could hold as MTFS is congested with a downward bias. Entropy is however pointing down, so one could see RUT going lower to 781 (Fib + MM level).
Weekly: congestion to mildly down
Entropy is looking good, but MTFS indicates continuation of this situation of congestion with a very slight upward bias. We can note that we are again very close to a key level at this time frame with the Swing indicator oscillating frequently.
