Dominant TF: 60mins & Daily.
Swings: DN-DN-UP
Market direction: mildly down, looking for support.
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 lower for a stronger support.
Daily: down but support level on 791 is so far holding.
We seem to have a Fib pattern forming, but 791 may not hold very long as MTFS and Entropy look more and more bearish now. One could therefore see RUT going lower to 781 (Fib + MM level).
Weekly: congestion to mildly down
Entropy and MTFS indicate continuation of this situation of congestion with a slight downward bias. We can note that we are again very close to a key level at this time frame with the Swing indicator oscillating frequently.
