Short-term Elliott wave view in Russell (RTY) shows a lower low bearish sequence from November 8, 2021 high. Decline from November 8 high is unfolding as a zigzag Elliott Wave structure where wave ((A)) ended at 2136.8 and rally in wave ((B)) completed at 2279.83. The Index has extended lower and broken below wave ((A)) suggesting wave ((C)) lower has started. The internal subdivision of wave ((C)) is unfolding as a 5 waves impulse.
Down from wave ((B)), wave 1 ended at 2196 and rally in wave 2 ended at 2227.10. Index then resumes lower in wave 3 towards 2160.10 and wave 4 ended at 2165.9 as a triangle. Final leg lower wave 5 ended at 2130.10 and this completed wave (1). Correction in wave (2) ended at 2227.60. Index then resumes lower in wave (3) as another impulse in lower degree. Down from wave (2), wave 1 ended at 2102.30. Rally in wave 2 is in progress to correct cycle from December 16 high before the decline resumes. Near term, as far as pivot at 2279.83 high stays intact, expect rally to fail in the sequence of 3, 7, or 11 swing for further downside.
