The Russell 2000 has begun minute wave C of minor wave X. Minor wave X should take prices down to at least 1849, possibly lower. After minor wave X completes, prices should continue higher during minor wave Y.
Theoretically, the preferred target for wave 2 after a leading diagonal in wave 1 is the 0.786 Fibonacci level. This means that minor wave Y should take prices up to about the 2284 level. However, both the Nasdaq 100 and Russell 2000 are lagging behind the S&P 500 and the Dow by a wide margin in percentage terms. As a result, it is likely that the S&P 500 and the Dow will reach the 0.786 Fibonacci level, but the Nasdaq 100 and Russell 2000 will likely fall short of this level.
absolutely could unfold in this fashion, thinking a bit lower between 1850-1800 ( kinda where your X is) This is where I might be think long possibilities . Good work as always
epistemophiliac
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@wolffarchitecture, Thank you for the kind words. Yes, I think the 1849 level would be the minimum. This is where minute wave C would equal minute wave A. But while these two waves tend toward equality, it is usually more common for wave C to be longer than wave A rather than shorter than wave A if they deviate from equality. So I think 1800 is definitely a possibility.