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Russell Forecasting The Decline & Selling The Rallies

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Russell Forecasting The Decline & Selling The Rallies

Hello fellow traders. In this technical blog were going to take a quick look at the charts of RUSSELL published in members area of the website. As our members know, RUSSELL has been showing incomplete bearish sequences in the cycle from the May 19th peak. Break of 05/13 low made May 19th cycle incomplete to the downside. The price structure has been showing lower-low sequences, suggesting the Index was bearish against the 1524.2 peak. Consequently we recommend members to avoid buying it, while favoring the short side.

In the charts below, were going to explain the Elliott Wave Structure and Trading Strategy.

RUSSELL Elliott Wave 30 Min Chart 5.30.2019

RUSSELL is correcting the short term cycle from the 1524.19 peak. As far as the mentioned pivot holds, we expect to see further weakness. We like selling intraday rallies in 3,7,11 swings against the 1524.19 peak. Short term recovery looks incomplete at the moment. The price is missing another short term swing up toward 1497.39-1506.6 ( blue box- selling zone). At that area we like to be sellers for proposed decline. Strategy is waiting for the selling are to be reached at 1497.39-1506.6 and then sell the Index. As the main trend is bearish, we expect the pair to find sellers at the blue box for a 3 wave pull back at least. As soon as the pull back reaches 50 Fibs against the last connector wave b red low, we should make our short positions risk free.


RUSSELL Elliott Wave 30 Min Chart 5.31.2019

RUSSELL made proposed leg up and found sellers right at the blue box : 1497.39-1506.6 Wave (b) recovery completed at 1502.98 high. We got decline which has made new low, confirming next leg down is in progress. As a result members who took short trades are now enjoying profits with risk free positions. Now, as far as 1502.9 pivot holds, more downside should ideally follow.

Keep in mind market is dynamic and presented view could have changed in the mean time. Not every chart is Trading Signal. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.


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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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