Further to the previous blog of the Russell 2000, we have added a semi-log chart simple because it shows the relative proportions of each leg much better and as a result makes the notion of an expanding triangle all the more palatable and/or convincing. For comparison purposes we have added the DAX below, also on a semi-log scale. As mentioned before, the Dax is a total return index and therefore should not be compared directly with indices that are not also constructed on a total return basis. Nevertheless it is interesting that the DAX sports the exact same diagonal but instead of expanding it contracts. (the time scales are different!).