[RUSL] likely to break down

In the backlink I warned that RUSL would likely either break or break down.   Here is the model from that post:




Well, resistance is holding and so I'm going to label it bearishly at this point.  There are more than a few things pointing to this model.  The main thing that should scare any EW tech is the 5 rail bumps into rising wedge with throwover.  Then it fell back below and has so far done an a-b-c recovery to kiss the lower rail from below.  We also see the island reversal circled in red.  I do not get the sense that we will see a lower low here.  I bet it is a failed 5th.  But of course, what really matter is that we get the 5 waves down.

If this breaks back out the top rail then all bets are off on this model.  Once it bottoms with 5 waves down then it should be a very strong buy again.