US Russell 2000 RTY ~ Ping Pong Perpetuity (Daily Chart)

RTY chart mapping/analysis.

Russell 2000 still stuck within trading range despite recent rallies across major US indices.

What's on the chart:

• Ascending parallel channel (light blue) captures upward trend over multi-decade timeframe
  
• Descending parallel channel (white) frames downward trend from upper to lower range (multi-decade) parallel channel
  
• Horizontal lines (yellow dashed) locks in trading range (June 2022 to present)
  
• Descending trend-line (light blue dotted) highlights pivot support points
  
• Fibonnaci levels establishes key supply/demand zones
  

Short-medium term outlook:

• Neutral-bearish
  
• RTY remains in "Ping Pong Perpetuity" until breakout on either side of trading range
  
• 200DMA acting as dynamic resistance, exerting downward pressure
  
• Bullish reversal = rally above 200DMA to switch trend & test upper trading range