Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Russell Futures ($RTY #F), published in members area of the website. As our members know, the futures has made lower low sequences in the cycle from the 11.8.2021 peak. In the mean time correction turned into Irregular Flat pattern which ended at 2288.6 high. Russell should ideally keep trading lower within the cycle from the November’s peak. We’ve been calling the decline in Russell Futures and recommend members to avoid buying it, while keep favoring short side. In the further text we are going to explain the Elliott Wave Pattern and trading strategy.
Russell Futures: 1 Hour Elliott Wave Analysis 1.12.2022
Russell Futures ended cycle from the 2288.6 peak as 5 waves structure. Now we are getting recovery against that peak. We can see clear 3 waves bounce from the lows that should ideally complete at 2198.06-2231.29 area. We expect sellers to appear there and to get decline toward new lows ideally or 3 waves pull back alternatively.
You can learn more about Elliott Wave Theory and Patterns at our Free Elliott Wave Educational Web Page.
Russell Futures: 1 Hour Elliott Wave Analysis 1.14.2022
Sellers appeared at the marked zone and we got good reaction from there. The decline from the sellers zone : 2198.06-2231.29 made new short term low. That makes Russell bearish against the 2209.38 peak in first degree. Short term cycle from the mentioned peak, ended as 5 waves structure which also increase chances of further extension lower. We don’t recommend buying Russell at this stage , while still favoring the short side.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
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