The run here had some volume since the addition to the russell, and it looks a bit extended here. that 5 wave down is drawn out and i feel like that was all the downside we should see. on the rebound now, is it close enough to the 200ma to have a consolidation/retrace? i see 3 potential retrace scenarios here...
-either it starts a very small wedge using friday's low as a bottom, then eventually launches over the 200ma
-or it does a small retrace to 4.40ish, roughly where the 13ema will meet it (would likely make a flag)
-or it goes for a decent fib line pullback to the 4.13 area where it would likely meet the 50ma then continue higher.
i see the bottom 2 scenarios playing out over the course of week(s), where the top scenario would be very short. i like smallcaps for the 2nd half of the year, and will be sticking with this one as a valid long.