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Elliott Wave View: Russell Impulsive Rally In Progress

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Russell 2000 (RTY_F) shows a 5 wavesimpulse Elliott Wave structurefrom August 26, 2019 low. In the 45 minutes chart below, we can see wave (4) of the impulse structure ended at 1627.3. The Index has resumed higher in wave 5 with subdivision of another 5 waves in lesser degree. Up from 1627.3, wave ((i)) ended at 1676.6 and wave ((ii)) pullback ended at 1652. Wave ((iii)) of 5 now remains in progress and shows an extension. Up from 1652, wave (i) of ((iii)) ended at 1691.2 and pullback in wave (ii) of ((iii)) ended at 1676.41.

Near term, while dips remain above 1676.41, expect the Index to continue higher. Possible target of wave ((iii)) is 161.8% Fibonacci extension of wave ((i)) which comes at 1732.04. Afterwards, Index should pullback in wave ((iv)) and then extend higher again in wave ((v)) of 5 before ending cycle from August 26, 2019 low. We dont like selling the Index and expect short term dips to continue finding support in 3, 7, or 11 swing against 1676.41 pivot low in the first degree and against January 8, 2020 low (1627.3) in second degree.

Russell (RTY_F) 1 Hour Elliott Wave Chart

Russell 17 Jan

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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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