RUT Butterfly Squeeze Pattern

RUT looks every inch the classic bull trap.

Did well in the recent drop. Banked most of my profits. Waiting to see if we can break supports again.

I do not think it's likely my short thesis is a bit early and we might see a W spike out in the RUT.

Wary of this now. I have some longs on and no exposure on shorts (Some on with trailing stops).