Today the RUT went all the way up to that broken neck line, at about 580 for the Russell 2000. This line that was a support in the middle of the double top on Oct. 2, it should serve as a resistance now.
Tomorrow will be interesting- if we bounce back down-RUT should go down at least to 530 or 8% down from here. My believe we shoud go down more until S&P500 hit 950 or 10% down for the S&P500 and more for RUT or OIH being more speculative indexes.
On the other hand, we may have a miracle and have a fifth wave up from the July lows and break the recent 1100 high ( I have seen rarely 4 waves but 5?). An in between possibility of S&P500 peaking at 1075 and moving down from there, thus drawing it's own head and shoulder is a possibility too.
Time will tell.