Russell 2000 (RUT) is an index of 2000 stocks. It can be seen as a barometer on the health of the US economy as mid-size and smaller companies are included in the index.
RUT has been declining in an impulse wave. The decline was not deep enough to count a completed wave from the all-time high.
Today, the price is rejecting the underside of the trend line that extends back 1 year ago to October 2022.
If any further rally is required, it is viewed as a corrective bounce that might reach $1776 or the 61.8% Fibonacci retracement.
RUT has been declining in an impulse wave. The decline was not deep enough to count a completed wave from the all-time high.
Today, the price is rejecting the underside of the trend line that extends back 1 year ago to October 2022.
If any further rally is required, it is viewed as a corrective bounce that might reach $1776 or the 61.8% Fibonacci retracement.
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www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress