Preferred Elliott Wave view is calling for more upside in the Russell Index. As pivot at 1190 low holds, focus remains on 1240 – 1251 area to complete a cycle from 1.16 low i.e. wave (W). Best reading of shorter cycles suggests wave (x) is unfolding as a FLAT and once completed, we expect a move higher toward 1240 – 1251 area. We don’t like selling the Index and expect wave (x) pull back to find buyers in the dips in 3, 7 or 11 swings as far as pivot at 1190 low remains intact.
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