Hello fellow traders. In this technical blog we’re going to take a quick look at the charts of RUSSELL published in members area of the website. As our members know, RUSSELL has been showing incomplete bearish sequences in the cycle from the May 19th peak. Break of 05/13 low made May 19th cycle incomplete to the downside. The price structure has been showing lower-low sequences, suggesting the Index was bearish against the 1524.2 peak. Consequently we recommend members to avoid buying it, while favoring the short side.
In the charts below, we’re going to explain the Elliott Wave Structure and Trading Strategy.
RUSSELL Elliott Wave 30 Min Chart 5.30.2019
RUSSELL is correcting the short term cycle from the 1524.19 peak. As far as the mentioned pivot holds, we expect to see further weakness. We like selling intraday rallies in 3,7,11 swings against the 1524.19 peak. Short term recovery looks incomplete at the moment. The price is missing another short term swing up toward 1497.39-1506.6 ( blue box- selling zone). At that area we like to be sellers for proposed decline. Strategy is waiting for the selling are to be reached at 1497.39-1506.6 and then sell the Index. As the main trend is bearish, we expect the pair to find sellers at the blue box for a 3 wave pull back at least. As soon as the pull back reaches 50 Fibs against the last connector wave b red low, we should make our short positions risk free.
RUSSELL Elliott Wave 30 Min Chart 5.31.2019
RUSSELL made proposed leg up and found sellers right at the blue box : 1497.39-1506.6 Wave (b) recovery completed at 1502.98 high. We got decline which has made new low, confirming next leg down is in progress. As a result members who took short trades are now enjoying profits with risk free positions. Now, as far as 1502.9 pivot holds, more downside should ideally follow.
Keep in mind market is dynamic and presented view could have changed in the mean time. 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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