My prior post noted that the SPX could rally into September and reach 3300.
On 5/3/19 the Russell 2000 (RUT)- gave several powerful bullish signals. RUT has been lagging and is still below its all-time high. However, on 5/3/19 it did make a new
post December 2018 rally high, in the near term its stronger than the SPX. More importantly the wave structure appears to be in the early phase of a third wave up. If so this could take the RUT well above its all- time high made in 2018.
RUT was already above the .618 resistance level and has a bullish Stochastic cross over.
For non Elliott wave analysts the RUT is also breaking out of a bullish Cup and Handle formation.
If the US stock market was on the verge of a major decline why would the index that represents the smallest and weakest companies be leading the way up?
What could be happening with RUT has very bullish implications for the broader US and global stock market. I've discovered additional bullish evidences that hints the US stock market could continue to rally for several more months. I need to see what happens with the SPX if it can reach significant Fib resistance at 3047.
Its possible I could be posting a revised bullish forecast very soon.
Mark
On 5/3/19 the Russell 2000 (RUT)- gave several powerful bullish signals. RUT has been lagging and is still below its all-time high. However, on 5/3/19 it did make a new
post December 2018 rally high, in the near term its stronger than the SPX. More importantly the wave structure appears to be in the early phase of a third wave up. If so this could take the RUT well above its all- time high made in 2018.
RUT was already above the .618 resistance level and has a bullish Stochastic cross over.
For non Elliott wave analysts the RUT is also breaking out of a bullish Cup and Handle formation.
If the US stock market was on the verge of a major decline why would the index that represents the smallest and weakest companies be leading the way up?
What could be happening with RUT has very bullish implications for the broader US and global stock market. I've discovered additional bullish evidences that hints the US stock market could continue to rally for several more months. I need to see what happens with the SPX if it can reach significant Fib resistance at 3047.
Its possible I could be posting a revised bullish forecast very soon.
Mark