My postings on Elliott Wave 5.0 "Reboot" are going to quit today, so hopefully you will join me at the new website.
This is the cash chart for the Russell 2000 and I still have not found any Cycle degree, wave three
top. The implosion into the 2016 bottom is a very well formed impulse wave, but I have to explore it as a potential expanded pattern bottom.
What that means is that if the expanded pattern is true, then at least the Russell 2000 can hit another new record top, closer to the 1300 price level. We are also approaching the previous 4th wave peak, which is a perfect place to turn and then head back south.
I do not want to completely throw out the wave two
option, but it could be a wave two in Intermediate degree. If that declined, then 720 would be a 61% correction, which may not be deep enough to play out all 5 waves. We know we are not going to get 5 waves down in Primary degree as that would take the Russell 2000 well below zero, and that will never happen.