RUSSELL 2000 Elliott Wave Analysis - TradingLounge Day Chart
RUSSELL 2000 Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Gray Wave 3
Position: Orange Wave 3
Direction Next Lower Degrees: Gray Wave 4
Details: Gray wave 2 appears complete, with gray wave 3 currently active.
Wave Cancellation Invalid Level: 217.61
The Russell 2000 Day Chart, analyzed using the Elliott Wave Theory, signals a bullish trend in an impulsive mode. The current wave structure highlights gray wave 3, which indicates sustained upward momentum. Within this broader gray wave, orange wave 3 represents the ongoing phase, reinforcing expectations for continued gains consistent with the bullish movement.
The completion of gray wave 2 has paved the way for the active gray wave 3, a structure aligned with Elliott Wave principles. This phase often drives trends forward with robust impulsive cycles, suggesting further upward movement until gray wave 4 emerges as the next corrective stage.
Key Level: 217.61
A drop below 217.61 would invalidate the existing wave count, prompting a reassessment of the trend direction. As long as the index holds above this level, the bullish wave structure remains valid, projecting further upward momentum.
Conclusion
The Russell 2000 Day Chart, guided by Elliott Wave analysis, reflects a bullish trajectory characterized by the progression of gray wave 3. As long as the index remains above 217.61, the primary outlook supports continued upward momentum, aligning with the framework of impulsive Elliott Wave cycles.
RUSSELL 2000 Elliott Wave Analysis - Weekly Chart
RUSSELL 2000 Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Orange Wave 3
Position: Navy Blue Wave 3
Direction Next Lower Degrees: Orange Wave 4
Details: Orange wave 2 seems complete, with orange wave 3 currently active.
Wave Cancellation Invalid Level: 217.61
The Russell 2000 Weekly Chart, interpreted through Elliott Wave Analysis, showcases a bullish trend unfolding within orange wave 3. This impulsive wave structure reflects strong upward momentum as part of the current cycle. Following the likely completion of orange wave 2, orange wave 3 is actively driving further gains within this bullish framework.
This upward movement is anchored within navy blue wave 3, which provides additional momentum to the overarching orange wave 3 structure. In Elliott Wave theory, the third wave is often the most dynamic, signaling strength in the prevailing trend.
The next stage in this wave sequence is anticipated to be orange wave 4, a corrective phase expected to emerge after orange wave 3 concludes. Until then, the market is poised to sustain its bullish direction.
Key Level: 217.61
The invalidation level for the current wave count stands at 217.61. A breach below this level would necessitate a reevaluation of the analysis, while remaining above it reinforces the bullish outlook and the validity of the impulsive wave structure.
Conclusion
The Russell 2000 Weekly Chart, viewed through the lens of Elliott Wave theory, suggests ongoing bullish momentum driven by orange wave 3 and supported by navy blue wave 3. The invalidation level at 217.61 is a critical threshold, with the current setup pointing to continued gains until the transition to orange wave 4.
Technical Analyst: Malik Awais
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