Elliott Wave View: Rally in Russell 2000 (RTY) Expected to Fail
Short term Elliott Wave view in Russell 2000 (RTY) suggests that the decline from November 8, 2021 peak is unfolding as a 5 waves impulse structure. Down from November 8, wave (1) ended at 2136.8 and rally in wave (2) ended at 2288.60. Index then resumes lower in wave (3) towards 1892.40 and wave (4) ended at 2137.10. Wave (5) lower is in progress with the internal subdivision as another impulse in lesser degree. Down from wave (4), wave (i) ended at 2119.30 and wave (ii) rally ended at 2131.60. Index then resumes lower in wave (iii) towards 2079.10, wave (iv) ended at 2102.60, and final wave (v) ended at 2062.80. This completed wave ((i)) in higher degree. Rally in wave ((ii)) ended at 2107.90 with internal subdivision as a double there Elliott Wave structure.
Index then resumes lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 2055.20 and rally in wave (ii) ended at 2068.10. Index then resumes lower in wave (iii) towards 1999.50, and bounce in wave (iv) ended at 2031. Final leg lower wave (v) ended at 1978.80 which completed wave ((iii)). Bounce in wave ((iv)) ended at 2030.30 with internal subdivision as expanded flat. Up from wave ((iii)), wave (a) ended at 2015.90, wave (b) ended at 1966.60, and wave (c) ended at 2030.30. Expect the Index to extend lower in wave ((v)) before completing wave 1. Afterwards, it should rally in wave 2 to correct cycle from March 30 peak in 3, 7, or 11 swing before the next leg lower.
Index then resumes lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 2055.20 and rally in wave (ii) ended at 2068.10. Index then resumes lower in wave (iii) towards 1999.50, and bounce in wave (iv) ended at 2031. Final leg lower wave (v) ended at 1978.80 which completed wave ((iii)). Bounce in wave ((iv)) ended at 2030.30 with internal subdivision as expanded flat. Up from wave ((iii)), wave (a) ended at 2015.90, wave (b) ended at 1966.60, and wave (c) ended at 2030.30. Expect the Index to extend lower in wave ((v)) before completing wave 1. Afterwards, it should rally in wave 2 to correct cycle from March 30 peak in 3, 7, or 11 swing before the next leg lower.
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