Russell 2000 Short-Term Elliott Wave Analysis: October 02, 2015
Elliott Wave Forecast | Oct 01, 2015 10:40PM ET
RUT
Best reading of the cycle suggests the decline to 1105.9 ended wave ((W)), then the index bounced in wave ((X)) to 1193.85. From this level, the index has resumed the decline lower, with the first leg of the decline wave (W) completed at 1078.63. Wave (X) bounce is currently in progress in 3, 7, or 11 swing. Most aggressive view suggests wave (X) bounce is unfolding as a double corrective structure WXY, where wave W ended at 1103.7, wave X ended at 1083.9, and wave Y is in progress towards 1108.28 – 1114.17 to complete wave (X). From this area, the decline can resume either to new low or at least 3 waves reaction lower. Although wave (X) bounce can further extend in 7 or 11 swing, as far as 1193.85 pivot stays intact, expect the index to continue the decline lower once wave (X) is complete in 3, 7, or 11 swing. We don’t like buying the proposed wave (X) bounce.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.