Since the turn of the New Year, bears have been calling for an end to this unstoppable rally. Everyone, including myself, seemingly wanted to short a bounce in the market and we all got crushed. Can you blame us? Volatility often begets volatility and it seemed that a recession was right on time with the current bull market's length reaching record territory. ...
RUSSELL 2000 INDEX turned down exactly from the zone predicted by the Elliott wave. Check out by loading new bars in the idea shared below!
I have updated the target zone of the second wave in the chart above. It is now likely to terminate around 1400. I expect a strong third wave to start from this zone if this wave pattern is correct. An alternate wave pattern...
A quick update on the count for those following the index.
Nasdaq, S&P and Dow all starting to see some decent profit taking as we enter into resistance again. Here watching the Russell as there's a good chance the market has completed a 5 wave impulse move from the 16 lows.
The correction if the above assumption is right, means that this ABC retracement may...
After the historic sell off in December, RUT has completed four waves and is moving up in the fifth wave suggesting that it is a bullish move to the upside. RUT has also completed four of the five sub-waves of the fifth wave and just needs to complete the fifth sub-wave to complete the five wave structure. This is likely to be completed between 1550 and 1590 based...
Over the last four trade sessions the market prices have pushed out of their average trade ranges and yesterday 3 of the four not only closed above their average trade ranges, but the high and the low of the day were above the average. Today the fourth followed suit. The primary markets are highly overbought at this time and will adjust themselves.
Historically...
Russel 2000 Fib levels on the weekly time frame....big bounce off the .618. The economy is strong ...good fundamental numbers about the economy and also earnings kicked ass this week... don't listen to the news!!!! however watch for resistance at the 1600 level. If it breaks out though that level we should be looking at 2000 by spring!!!
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...
I have marked the potential downside support lines for the next bear move of the Rusell 2000 which @the_unwind spotted leading the pullback. There is, of course, nothing to stop a huge piece of macroeconomic news changing the direction to upwards continuation, but the technicals say otherwise. Markets are losing impetus at these levels.
In an idea posted on July 13, I warned about a forthcoming potential major market correction in RUT (see below). At that time RUT had completed four of the five primary Elliott waves started in 2009, four of the five intermediate waves started in 2016 and one of the five minor waves started in Feb this year. I was expecting RUT to touch the 1800 level before...
Russell 2000 index has been moving up in a sequence of five Elliott waves since 2009. This progress is coming to an end in a few months.
It has completed four of the five major waves on a monthly time frame (dark blue). The fifth wave that has been in progress since 2016 has already completed four of the five waves. It is currently going up in the fifth...
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RUT
