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Russell Futures Forecasting The Path using Elliott Wave Theory


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Russell Futures Forecasting The Path using Elliott Wave Theory

Russell Futures, today dropped below 5/13/2019 peak and now showing an incomplete sequence down from 5/6/2019 peak. In this blog, we will take a look at how our recent short-term forecasts in Russell Futures have played out and what we are expecting next. Below, we can see the short-term forecast from May 14 when we called a 3 waves decline from 5/6/2019 peak completed and called the Index futures to bounce in 3 waves at least.

Russell Futures 5/14 1 Hour Elliott Wave Chart

Russell Future 14 May 1 Hour London

Russell Futures 5/15 1 Hour Elliott Wave Update

Rally from 1516 low was in 5 swings so we looked for a 3 waves pull back in wave B to hold above 5/13 low before another leg higher in wave C to complete wave (X) bounce. The low at 1516.56 needed to hold for this view to remain valid.

Russell Futures 15 May 1 Hour London update

Russell Futures 17 May 1 Hour Elliott Wave Chart

Russell futures held above 1516.56 low and rallied as expected. The rally from secondary low at 5/15 unfolded in 3 waves instead of 5 waves so we adjusted the wave count for first leg up from 1516.56 low to be in 3 waves i.e. wave W and a FLAT wave X as the connector. Russell Futures completed the bounce in the blue box between 1564.15 1585.75 and turned lower. The decline from the blue box is in 5 waves so we expect the bounce to fail below 1570.77 high for extension lower.

Russell Futures 17 May 1 Hour Elliott Wave update

Russell 23 May 1 Hour Elliott Wave Update

Russell bounce in 3 waves to fail below 1570.77 high and has now broken below 5/13 low. This makes it a 5 swings incomplete sequence down from 5/6/2019 peak and calls for the next bounce to fail for more downside towards 1464 1398 area at least. Near-term focus is on 1500 1489 area to complete 3 waves down from 5/16/2019 peak. This area can produce a bounce which should fail and find sellers for another extension lower towards the above mentioned area (1464 1398)

Russell Futures 23 May 1 Hour Elliott Wave Update



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Elliottwave-Forecast.com  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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