Elliott Wave Forecast Team
ElliottWave-Forecast.com
Short term Elliott Wave view in Russell 2000 (RTY) suggests that rally to 2146 ended wave 1. Pullback in wave 2 unfolded as a zigzag Elliott Wave structure. Down from wave 1, wave ((a)) ended at 2073.2 and wave ((b)) ended at 2109.30. Down from there, wave (i) ended at 2075.3 and wave (ii) ended at 2106.20. The Index extended lower in wave (iii) towards 2040.4 and wave (iv) ended at 2076.4. Final leg wave (v) ended at 2032.29 which completed wave ((c)) of 2 in larger degree.
The Index has turned higher in wave 3. Confirmation is still necessary with a break above wave 1 at 2146 to rule out a double correction. Up from wave 2, wave (i) ended at 2065.7 and dips in wave (ii) ended at 2047.80. Up from there, wave i ended at 2057.2 and wave ii ended at 2048.70. Wave iii higher ended at 2111.1 and wave iv ended at 2104.70. Wave v ended at 2122.3 which completed wave (iii). Pullback in wave (iv) ended at 2104.90. Expect the Index to end wave (v) of ((i)) soon, then it should pullback in wave ((ii)) to correct cycle from 3.19.2024 low in 3, 7, or 11 swing before it resumes higher. Near term, as far as pivot at 2032.3 low stays intact, expect dips to find support in 3, 7, 11 swing for more upside.
Russell 2000 (RTY_F) 60 minutes Elliott Wave chart
RTY_F Elliott Wave [Video]
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