Elliott Wave Analysis of the Russell 2000 Index by Sid of ElliottWavePredictions.com. My Primary count for the Russell 2000 is that this morning, we finished wave B of either an expanded flat or a running triangle inside wave 4 black. My Alternate count is that we’ve had wave 1, 2, and 3 complete of wave 5 black, so any movement above this morning’s high will point us toward the alternate count, in my opinion.
Since this morning’s high, which coincided with classic MACD divergence, I believe I see 5 small waves down and 3 waves up. If today’s high was the top of a wave B of a flat, the Russell 2000 index would need to move below 775.90 before rallying to a final bull market high, likely above today’s high. If we just finished waves A and B of a triangle since the February 18 high, the downward target for wave C of the triangle is 807.67, the .618 retracement level of entirety wave B. Both of these counts are invalidated with price moving above this morning’s high of 859.08, which, by the way, was a slight all time new high for the Russell 2000.
It IS possible, but in my opinion the least likely Elliott Wave count, that we are in an impulsive move to the upside, consisting of a 1-2-3 complete inside wave 5 black.
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