Russell 2000 (RTY) Looking to Resume Bullish Trend

31 juil.

Short Term Elliott Wave in Russell 2000 (RTY) suggests that rally to 2304.90 ended wave 3. Pullback in wave 4 unfolded as a zigzag Elliott Wave structure. Down from wave 3, wave (i) ended at 2246.1 and wave (ii) ended at 2285.50. Index resumed lower in wave (iii) towards 2206.80 and wave (iv) rally ended at 2224.20. Final wave (v) lower ended at 2193.6 which completed wave ((a)). Rally in wave ((b)) ended at 2221.80. Wave ((c)) lower ended at 2188.01 which completed wave 4 in higher degree. The Index still needs to break above wave 3 at 2304.90 to rule out a double correction.

Up from wave 4, wave (i) ended at 2274.50 and pullback in wave (ii) ended at 2202.20. Wave (iii) higher ended at 2288.80 and pullback in wave (iv) ended at 2251.10. Final leg wave (v) ended at 2298.10 which completed wave ((i)) in higher degree. Wave ((ii)) pullback is in progress to correct cycle from 7.22.2024 low before it resumes higher. Near term, as far as pivot at 2188.01 low stays intact, expect pullback to find buyers in 3, 7, or 11 swing before the Index resumes higher.