I had published an idea in July last year about a major correction in RUT. My ideas are often way off the mark, but it was amazing to see how beautifully the end of actual Wave A and Wave C aligned with the prediction. I have left the chart as is but have drawn two purple lines to show the alignment of the ends of predicted Waves A and C with the actual waves and have deleted some drawings to remove cluttering.
Of course, I was a bit far off as far as time is concerned as I thought the correction would take many more months than it has actually taken. See the original idea copied below.
Idea published in July
Where is the market likely to head now?
RUT has moved in five waves to the upside from the end of wave C, which is bullish. These five waves could form the first wave of a new bullish trend which could continue to the upside. Alternatively, RUT could be correcting in a complex XYZ pattern. Regardless, it is first expected to correct before moving up in a third or a C wave.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Of course, I was a bit far off as far as time is concerned as I thought the correction would take many more months than it has actually taken. See the original idea copied below.
Idea published in July
Where is the market likely to head now?
RUT has moved in five waves to the upside from the end of wave C, which is bullish. These five waves could form the first wave of a new bullish trend which could continue to the upside. Alternatively, RUT could be correcting in a complex XYZ pattern. Regardless, it is first expected to correct before moving up in a third or a C wave.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Comment:
Sorry, I mean WXY pattern. See below.
