H&S for the R2K this summer?

Whilst the broader market is still broadly pushing higher, the somewhat battered R2K index is offering what might be a very important multi-month H/S formation. Primary downside this summer would be the big 1000 threshold, but if Mr Market is spooked..then the 900s are 'briefly' viable.


R2K, weekly'3

R2K, weekly'4, rainbow

Summary

*forgive me if I am somewhat focused on the R2K at the moment, it is after all, the index that I am currently trading...on the long side.

Nasdaq Comp' has somewhat the same formation, although slightly stronger.
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So...what about a H/S formation? Certainly, it would be particularly appealing to the equity bears out there. Of course, the Dow/SP/Trans, simply don't have the same formation, with the Trans even breaking a new historic high today.

Considering the 4 spike-floor candles on the R2K daily (see earlier post), I think there is very reasonable opportunity for 1140/50 in the near term, with 1170/80 in early/mid June. I would be surprised if we see the 1200s again this side of the summer.
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Video update from Gordon T Long, with guest Rubino



As ever, for those interested in the bigger picture..this is good viewing.
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Looking ahead

There really isn't much lined up tomorrow.

*there is sig' QE-pomo of $2-3bn, equity bears...beware!
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Goodnight from London