$IWM Russell 2000 tracking ETF



We have seen a sharp sell off in the Russell 200 Index since the 23rd of June, 2015 however think it is a corrective double three decline from the 129.13 high down to the 108.26 lows of August 24th . We think this is most likely a wxy structure and part of a larger degree decline. Since the 24th of August the instrument appears to have completed a flat wave ((W)) at 115.98 on the 31st, then a double three wave ((X)) at 111.60 on the 1st of September. While price remains above there we would expect a couple more swings higher in ((Y)) of x toward the 50%-.618 fib zone at 118.69-121.15 with the equal legs 1.236 extension of ((W))-((X)) coming in at 119.37-121.21 . Afterwards of completion of the wave ((Y)) of x and a resumption of the larger correction lower we will be able to get an equal legs-1.236 extension area for a potential new swing buy zone opportunity.

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Lewis Jones of the ElliottWave-Forecast.com Team