RUT’s up-channelJan 12 2018 15:42
The RUT did in fact punch through its trend line along the highs from October-November, now near 1591, and made it up to the top of a parallel up-channel for its rally from December 14th. It then pulled back and is currently back below the trend line, which at the moment leaves a little throw-over and now a sell signal (but I think only a short-term one).
Today's high also came very close to tagging the price projection at 1598.38 with the midday high at 1598.18, which is where the 3rd wave of the leg up from December 29th is 162% of the 1st wave. This wave count suggests we'll get a corrective pullback into Monday and then another push higher. If it pulls back to about 1583 and then heads higher in the 5th wave, it would equal the 1st wave at 1612. For an a-b-c move up from December 14th the c-wave (the leg up from December 29th) would equal 162% of the a-wave also at 1612 so that's a good upside target for next week (opex week). Until we see something more bearish (like an impulsive decline), don't be thinking short yet.
RUT 60-min chart