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Russell 2000 index Elliott Wave technical analysis [Video]

July 1, 2024
in Business
Russell 2000 index Elliott Wave technical analysis [Video]
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RUSSELL 2000 Elliott Wave Analysis Trading Lounge Day Chart

Russell 2000 Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Orange Wave 3.

Position: Navy Blue Wave 3.

Direction next higher degrees: Orange wave 3 (started).

Details: Orange wave 2 completed between Fibonacci levels 61.80 to 78.60, now orange wave 3 is active. Wave cancel invalid level: 191.19

The Elliott Wave analysis for the Russell 2000 index on the daily chart offers insights into the current market trend and its future movements based on Elliott Wave Theory. This analysis classifies the market function as a trend, indicating a specific directional movement rather than stagnation or sideways motion.

The market mode is identified as impulsive, characterized by strong and decisive movements in the primary trend direction. Impulsive waves typically represent the main market direction, followed by corrective waves moving against the trend.

The market structure is labeled as orange wave 3. In Elliott Wave Theory, this denotes a powerful and extended wave within the larger trend cycle, representing significant price movements in the trend direction.

The position within this structure is navy blue wave 3, indicating the market is in the third wave of a larger trend cycle. The third wave is usually the strongest and longest in the Elliott Wave sequence, suggesting robust market activity.

The next higher degree direction is orange wave 3, which has already started. This implies the market is in an impulsive phase, expected to continue moving strongly in the trend direction.

Details of the analysis show that orange wave 2 appears completed between Fibonacci levels 61.80 to 78.60. These levels commonly identify potential market reversal points, indicating support and a move into the next impulsive phase.

Currently, orange wave 3 is active, suggesting significant upward movement in the market as part of the ongoing trend.

A critical aspect is the wave cancellation invalid level set at 191.19. If the market moves below this point, the current wave count is invalidated, necessitating a reassessment of the wave structure.

In summary, the Russell 2000 daily chart analysis indicates an impulsive trend phase within orange wave 3, positioned in navy blue wave 3. The market completed orange wave 2 between Fibonacci levels 61.80 to 78.60, and orange wave 3 is now active. The wave cancel invalid level is set at 191.19, crucial for validating the current wave count.

Chart

RUSSELL 2000 Elliott Wave Analysis Trading Lounge Weekly Chart

Russell 2000 Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Orange Wave 3.

Position: Navy Blue Wave 3.

Direction next higher degrees: Orange wave 3 (started).

Details: Orange wave 2 completed between Fibonacci levels 61.80 to 78.60, now orange wave 3 is active. Wave cancel invalid level: 191.19

The Elliott Wave analysis for the Russell 2000 index on the weekly chart reveals a clear and strong market trend. The function of the market is identified as a trend, indicating consistent directional movement rather than random or sideways activity.

The market mode is impulsive, characterized by strong, directional movements. Impulsive waves typically signify the market’s primary direction.

The market structure is defined as orange wave 3. In Elliott Wave Theory, this represents a significant and extended movement in the trend direction, indicating strong market momentum.

The position within this structure is navy blue wave 3, suggesting the market is in the third wave of a larger trend cycle. The third wave is often the most powerful and longest, signifying robust and sustained market activity.

The direction for the next higher degrees is orange wave 3, which has already begun. This implies the market is currently in an impulsive phase, expected to continue its strong upward movement as part of the ongoing trend.

Details indicate that orange wave 2 is completed between Fibonacci levels 61.80 to 78.60. These levels commonly identify potential reversal points, suggesting the market has found support and is advancing into the next impulsive phase.

Currently, orange wave 3 is active, indicating significant upward movement, expected to drive the market higher and continue the existing trend.

A crucial aspect is the wave cancellation invalid level set at 191.19. If the market moves below this point, the current wave structure would be invalidated, necessitating a reassessment of the wave count.

In summary, the Russell 2000 weekly chart analysis shows the market in an impulsive trend phase within orange wave 3, positioned in navy blue wave 3. The market completed orange wave 2 between Fibonacci levels 61.80 to 78.60, and orange wave 3 is now in play. The wave cancel invalid level is set at 191.19, crucial for validating the current wave count.

Chart

Technical analyst: Malik Awais.

Russell 2000 Elliott Wave technical analysis [Video]

As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.

Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.

The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXStreet – https://www.fxstreet.com/news/russell-2000-index-elliott-wave-technical-analysis-video-202407010729

Tags: businessIndexRussell
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