RUM Wave indicators have signaled a bullish wave entry point. Earlier in the week the Super Bull indicator was triggered, however it was a little premature. Now we are seeing a reversal of Primary Indicator 2 after it touched the green zone. Primary indicator one is in the green zone. On Friday morning, the Very Short Term Indicator was also in the green. Finally, the Leading Directional Indicator has turned positive. All of these events suggest a bullish impulse began on Friday and will continue for the short to medium term.
Below, the IWM chart is quite busy but price action has rebounded off the 61.8% Fibonacci retracement line, and at a node of increased price volume (indicated by the turquoise graph.) This chart looks like the most likely candidate for a substantial rally.
The SPY chart below shows some sideways consolidation. Traditional analysis would suggest that it looks ready for a correction. However, RUM Wave analysis suggests that it is about to start a small bullish impulse.
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