RUSSELL 2000

On the 1 hour chart, we can see more closely the recent price action with the bounce on the trendline last Friday. If the price were to break above the counter-trendline, we can expect the buyers to increase the bullish bets into a new cycle high. The sellers, on the other hand, will likely lean on the counter-trendline with a defined risk above it to position for a break below the major trendline with a better risk to reward setup.