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A little over a week ago, the Russell 2000 small-caps reached escape velocity and were finally able to free themselves from the clutches of a two-year price range.

Over the course of the most recent trading session, most of this “escape” was erased, but this could still be considered a bullish setup (very bullish, in fact) if prices stabilize above the Fib and don’t slip below it.

On the other hand, a failure of the Fib would represent a failed bullish breakout, and it could suggest we’re simply back into the old range.

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