The bulls showed up today in force like we were looking for. However, now is really not the time to get complacent on a rally, because if this thing wants to turn south in a hurry, this would be the place for it. A simple abc correction complete in this area would imply another nested wave to the downside. Also of note is the upper channel boundary coming into play. 
The Russell 2000 has only put in three waves from its all time highs so we need to be on the lookout for either a more complex fourth wave or nested waves to the downside. The bounce relative to the S&P was relatively muted, so it has the potential to put in a lower low on a retrace of the other indicies completing its five wave sequence down.
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