Elliott Wave View: Russell 2000 (RTY) Likely See Further Upside

12 thg 8, 2022

Short Term Elliott Wave View in Russell 2000 suggests the rally from 6.17.2022 low is unfolding as an impulse Elliott Wave structure. Up from 6.17.2022 low, wave 1 ended at 1795.1 and pullback in wave 2 ended at 1680.6. Wave 3 higher is in progress as a 5 waves impulse structure. Up from wave 2, wave ((i)) ended at 1783.6 and pullback in wave ((ii)) ended at 1682.3. Index then resumes higher in wave ((iii)) towards 1920.7, and dips in wave ((iv)) ended at 1884.7.

Wave ((v)) is currently in progress as 5 waves in lesser degree. Up from wave ((iv)), wave (i) ended at 1959.8 and dips in wave (ii) ended at 1904.1. Index then resumes higher in wave (iii) towards 2008.7. While wave (iv) dips stay above 1884.7, Index can see 1 more leg higher to end wave (v) of ((v)). This should complete wave 3 in the higher degree. Afterwards, Index should pullback in 3 , 7, or 11 swing within wave 4 before it resumes higher again in wave 5. This should complete the cycle from 6.17.2022 low before a larger pullback happens to correct that cycle.