Russell 2000 $RUT Short-term Elliott Wave Analysis 5.20.2016

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. Wave (Y) of ((W)) is in progress as a triple three where wave ((w)) ended at 1101.26, wave ((x)) ended at 1119.68, and wave ((y)) is proposed over at 1085.94. While 2nd wave ((x)) bounce stays below 1st wave ((x)) at 1119.68 and more importantly as far as 1129 pivot stays intact, expect the Index to resume the decline 1 more leg lower in wave ((z)) of (Y) of ((W)) towards 1060.57 – 1073.7 area and end the cycle from 4/27 peak. We don’t like buying the Index.

$RUT RUSSELL 6020160520095327

At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer