Hello fellow traders. Another trading opportunity we have had lately is RUSSELL Futures. In this technical blog we’re going to take a quick look at the Elliott Wave charts of RUSSELL published in members area of the website. In further text we’re going to explain the forecast and trading setup.
As our members know, RUSSELL have had incomplete bullish sequences in the cycle from the February 9th low, suggesting further strength. On May 14th RUSSELL has broken previous peak from 03/12/2018 and open further extension to the upside. Consequently, we advised our members to avoid selling it and keep on buying the dips in the sequences of 3,7,or 11 swings.
Let’s take a look at the previous short term Elliott Wave forecasts.
RUSSELL 1 Hour Elliott Wave Analysis 5.29.2018
Current view suggests the price is still doing wave 4 red pull back , correcting the cycle from the 1527.6 low. As far as the price stays below ((b)) high, RUSSELL has chance to reach 1613.16-1607.16 ( buying zone). Invalidation for the long setup is break below 1.618 Fib Extension : 1597.46. From mentioned blue box area we should ideally see turn higher to complete cycle from the February low. RUSSELL is targeting 1685.18+ area , which is Equal legs from the February low.
RUSSELL 1 Hour Elliott Wave Analysis 6.11.2018
The price has given us forecasted leg lower and reached buying zone at 1613.16-1607.16 . Buyers have appeared shortly after and invalidation level held nicely. Pull back wave 4 red has ended right at 1.236 Fibonacci extension: 1607.17 . As a result members are now enjoing profits with risk free positions. We expect to see another short term leg up to reach proposed target at 1685.18 area before pull back takes place.
Note: Market is dynamic and presented view could have changed in the mean time. Keep in mind not every chart is Trading Signal. 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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