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Elliott Wave View: Russell Should Extend Lower

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Elliott Wave sequence in Russell (RTY_F) from May 6, 2019 high (1621.9) appears incomplete favoring further downside. The bounce to 1571.5 in the Index ended wave X. Index has extended lower in wave Y and broken below the previous low on May 14 low (1516.7). This suggests the next leg lower has started. The internal of wave Y is unfolding as adouble three Elliott Wave structure. Down from 1571.5, wave ((w)) ended at 1492.9 as a zigzag Elliott Wave structure where wave (a) ended at 1522.1, wave (b) ended at 1548.9, and wave (c) ended at 1492.9.

Wave ((x)) bounce is currently in progress to correct cycle from May 16 peak as a double three. Up from 1492.9, wave (w) ended at 1513.6, wave (x) ended at 1505.40, and wave (y) of ((x)) is expected to complete at 1526.3 1539.47 area. We dont like buying the Index, and as far as pivot at May 16 high (1571.53) stays intact, expect Index to pullback in 3 waves at least. Potential target to the downside is 1441.85 1466.32 area where cycle from May 6, 2019 peak reaches 100% extension.

RTY_F (Russell) 1 Hour Elliott Wave Chart

RTY May 28

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About the author  (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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