Russell 2000 $RUT Short-term Elliott Wave Analysis 5.17.2016

Short term Elliottwave structure suggests wave “b” is proposed over at 1156.07. Decline from there is unfolding as a double three structure where wave (W) ended at 1101.57 and wave (X) bounce ended at 1129.08. Secondary high wave ((x)) is also proposed complete at 1119.68. While pair stays below below 1129.08, expect the Index to resume the decline either to new lows or at least pullback in 3 waves to correct rally from 5/14 low. We don’t like buying the Index.

$RUT RUSSELL 6020160517082638

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