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

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