Russell 2000 $RUT Short-term Elliott Wave Analysis 5.18.2016

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. Decline from there is proposed to be unfolding in a zigzag where wave (a) is expected to finish with 1 more leg lower in wave v of (a), then the Index should bounce in wave (b) to correct the decline from 1119.68 before Index then resumes lower again. We don’t like buying the proposed bounce in the Index.

$RUT RUSSELL 6020160518092607

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