Elliott Wave View: Correction in Russell Should Find Buyers

Short Term Elliott Wave view on Russell (RTY_F) suggests that the Index ended wave 2 at 1463.14. The Index then resumes higher and ended wave 3 at 1613.60. The internal subdivision of wave 3is unfolding as a5 waves impulseElliott Wave structure. Up from 1463.14, wave ((i)) ended at 1530 and pullback to 1500.80 ended wave ((ii)). From there, Index rallied higher to 1582.90 to end wave ((iii)) and wave ((iv)) pullback ended at 1551. The last push higher wave ((v)) of 3 ended at 1613.60.

Wave 4 pullback is currently in progress. Structure of the pullback is overlapping and corrective suggesting the trend remains higher. The internal of wave 4 is subdividing as a double three Elliott Wave structure. Down from 1613.60, wave ((w)) ended at 1579.70 and wave ((x)) bounce ended at 1605. Wave ((y)) of 4 is expected to complete at 1549.94 1571.05 blue box area. From there, the Index should extend higher or bounce in 3 waves at least. We dont like selling the Index. As far as pivot at 1463.14 low stays intact, expect dips to find support in 3, 7, or 11 swing and Index to extend higher.

Russell (RTY_F) 1 Hour Elliott Wave Chart

Russell 22 Nov