The CL of the up-sloping bigger Fork is broken to the downside and I got my retest on it today.
I like this short for a target of at least to the CL of the reverse Fork, or if the market is showing momentum I consider to the partial profits on the way down and wait for the final target at the L-MLH.
I enhanced the chart with two more possible CL's.
The first is the very steep white Pullback-Fork.
This CL is the first which could provide support for RUT.
The second one (magenta) is more of a A/R Set.
If price is able to break the first CL of the Pullback-Fork, then the second A/R CL is target for at least partial profits.
As I wrote in the NFLX post, I closed the whole RUT position too, just to re-apply the capital on higher credit trades (...higher volatility after the S&P 500 drop), which I do most of the time (...my core strategy is to trade for income).
I must say, I hate the RUT, even when I made over $1000 in profits p.c. on this trade.
Why I hate the RUT?
There's always so much slippage and the fills are horrible.
But RUT has most of the time the higher Vega (Volatility) then the other Indexes.
So my capital works on "steroids" so to say ;-)
However, I closed the position yesterday too and my $-sheeps feel the spring, spawn the heard. §8-)
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