Big Small-Cap View. If gold can conquer $5000, why can’t the R2000 eclipse 3000? Following a short-term consolidation after touching a 2735 intraday high, the R2000 chart appears to be extending its fifth wave – an unusual but not necessarily rare event particularly in a momentum-driven market as we are in now. While the current consolidation could see a 2582 retest, we think it better to focus on the R2000’s push to a 1H’26 high sometime by May which should challenge 3000.