WaveTrack International

Elliott Wave Financial Price Forecasting

The Russell’s 2000 decline unfolds into a five wave seqence

by m.tamosauskas| July 11, 2014 | 3 Comments

03_russell_140711

The advance from the mid-May low of 1082.53 clearly subdivides into a five wave pattern into the recent high at 1213.55 that marks the conclusion of the larger five wave impulse pattern that began from the June ’12 low. Furthermore, the subsequent decline from 1213.55 has unfolded into a clearly visible five wave expanding-impulse pattern to Thursday’s low at 1151.12. This increases the probability that a multi-month downside correction is underway (see main chart). A shorter-term counter-trend rally has begun from 1151.12 with immediate upside targets measuring towards 1178.79-82.33. This could be exceeded if an initial zig zag pattern extends as a double, in which case, an attempt towards 1200.00+/- would be tested before an accelerative decline resumes. Even though European indices are recovering and ultimately expecting higher highs during the next week or so, the Russell is unlikely to trade back above its 1213.55 high.

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