Correction Done?

This morning the market sold off after Yellen gave her little talk. I’m watching the Russell 2000 ($RUT) to get an indication of market direction and I think that we are done with this correction and are going to take a stab at the highs again. My reason is that we hit some 30 minute demand that lines up right with the 50% retracement of the total move up. It is a logical, clean retracement right at the 1,150 level.

$RUT - 30 Minute - 15 July 2014
$RUT – 30 Minute – 15 July 2014
$RUT - 180 Minute - 15 July 2014
$RUT – 180 Minute – 15 July 2014

If this level does not hold then all bets are off and I’ll be watching the 1,030 level for the next good looking demand.