The rejection at 2100 price level also happens to be the 38.2% Fib of the decline from the 14th of February 2025. The decline from 6th of February 2025 counts beautifully as waves 1, 2, 3 & 4. If this wave count is correct, then the Russell is currently in wave 1 of 5 of Y of (ii).
This is my primary wave count as long as the 2100 resistance is not breached.
This changes my initial wave count from a complex WXYXZ to a simple WXY.
Click on the link to see the previous wave count which is still valid and is now an alternate wave count if the 2100 resistance is breached:
https://www.tradingview.com/chart/USSMALLCAP2000CFD/fr7lWnu3-Russell-2000-Elliott-Wave-Analysis-WXYXZ-in-progress/
Only updating the wave count. My bias and direction remain the same.
Wave Y is possibly in progress. Looks like we are going to have a bearish April & possibly May as well. Selling corrective rally is still the way to trade for now. Take profit at 1905/1900, which is where technically, the Russell 2000 will possibly turn up for wave (iii).
Stop Loss can be placed above wave 4, well out of the way in case of any wild swing on this PCE Friday.
This is my primary wave count as long as the 2100 resistance is not breached.
This changes my initial wave count from a complex WXYXZ to a simple WXY.
Click on the link to see the previous wave count which is still valid and is now an alternate wave count if the 2100 resistance is breached:
https://www.tradingview.com/chart/USSMALLCAP2000CFD/fr7lWnu3-Russell-2000-Elliott-Wave-Analysis-WXYXZ-in-progress/
Only updating the wave count. My bias and direction remain the same.
Wave Y is possibly in progress. Looks like we are going to have a bearish April & possibly May as well. Selling corrective rally is still the way to trade for now. Take profit at 1905/1900, which is where technically, the Russell 2000 will possibly turn up for wave (iii).
Stop Loss can be placed above wave 4, well out of the way in case of any wild swing on this PCE Friday.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.