Russell $RUT started the current cycle on 1.16.2015 which is taking the form of a WXY Elliott Wave structure. WXY is a 7 swing structure & Index is already trading higher in the 7th swing. This week we are expecting further upside in the Index toward 1240 – 1270 area from where it should make a larger 3 wave pull back to correct the cycle from 1.16.2015 low. Longs from (x) wave dip as per Chart Of The Day should be risk free and should look to book profits in the above mentioned area. (X) wave pull back will offer the next swing buying opportunity in the Index in 3, 7 or 11 swings as far as pivot at 1.16.2015 low remains intact,