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.
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