May, 6 2024 could be an important day for the Russell 2000 (RUT) and the U.S. stock market. A strong move up could open the door for the RUT and other U.S. stock indices to make new 2024 highs. A significant move down implies a resumption of the decline that began in late March 2024. Continue reading ” Russell 2000 – Update – 05/03/24″
Category Archives: Uncategorized
Russell 2000 – Clear Elliott Wave Pattern
The Russell 2000 (RUT) Elliott wave count from 03/28/24 to 04/24/24 implies more downside action. The one – hour RUT chart courtesy of Trading View shows what’s been happening. The RUT decline from 03/28/24 to 04/19/24 was an extended Elliott Impulse wave. The subsequent rally was a three – wave correction topping almost exactly atContinue reading “Russell 2000 – Clear Elliott Wave Pattern”
Russell 2000 – Short – Term Elliott Wave Pattern – 04/12/24
The intraday Russell 2000 (RUT) Elliott wave count implies more downside action. Since their late March 2024 peaks to their respective lows the three main U.S. stock indices have declined as follows. Nasdaq Composite down 2.9%. S&P 500 down 3%. Dow Jones Industrial Average down 5%. Looking beyond the three main U.S. stock indices, theContinue reading “Russell 2000 – Short – Term Elliott Wave Pattern – 04/12/24”
Nasdaq Composite Could Make a New All-Time High – Part Two
The Nasdaq Composite (IXIC) struggles to go down. On 04/12/24 the S&P 500, Dow Jones Industrial Average, and the Russell 2000 made new decline lows. The IXIC not only held above its 04/04/24 bottom, but it also failed to go below the bottom made on 04/10/24. The 30-minute IXIC chart courtesy of Trading View illustratesContinue reading “Nasdaq Composite Could Make a New All-Time High – Part Two”
Nasdaq Composite Could Make a New All-Time High
On 04/12/24 the Nasdaq Composite (IXIC) could make a new all-time high. The 30-minute IXIC chart courtesy of Trading View illustrates the action. From its 03/08/24 peak the IXIC appears to have formed an Elliott wave – Horizontal Triangle. Fibonacci price relationships support this theory. Minute wave “c” is close to equality with Minute waveContinue reading “Nasdaq Composite Could Make a New All-Time High”
Short-Term S&P 500 – Downside Projection
Intraday S&P 500 (SPX) Elliott wave patterns and Fibonacci analysis imply more downside action. The 5 – minute SPX chart courtesy of Trading View illustrates what’s happened since its all-time high. The decline from the SPX 03/28/24 peak appears to be a series of “one’s” and “two’s”. In down trending markets this is one ofContinue reading ” Short-Term S&P 500 – Downside Projection”
Two Characteristics of a High Probability Winning Trade
One market currently has two factors that strongly imply at least a one-month bull run. That market is Soybeans. Most of the information about the current Soybean bullish set up comes from a recent interview with the legendary trader, author, and market analyst Larry Williams. The weekly continuous Soybean chart courtesy of Barchart.com illustrates theContinue reading “Two Characteristics of a High Probability Winning Trade”
Russell 2000 – at Resistance
Elliott wave patterns along with Fibonacci and chart resistance, suggest the Russell 2000 (RUT) rally may have ended. The weekly RUT chart courtesy of Trading View illustrates its long-term Elliott wave count. After its all-time high in mid-November 2021 there was a choppy bear phase that terminated in mid- June 2022. Subsequent to that bottomContinue reading ” Russell 2000 – at Resistance”
Bearish Rule of the Majority Signal – 03/28/24
On 03/28/24 of the three main U.S. stock indices only the S&P 500 (SPX) made a new all-time high. The daily SPX, Dow Jones Industrial Average (DJI), and Nasdaq Composite (IXIC) chart courtesy of Trading View illustrates their relationship. When only one of the three main U.S. stock indices makes a new/high unconfirmed by theContinue reading “Bearish Rule of the Majority Signal – 03/28/24”
S&P 500 Intraday Elliott Wave Count – 03/27/24
The 15 – minute SPX chart courtesy of Trading View updates the action. In Motive patterns the largest wave “four” Fibonacci retrace of wave “three” is usually .618. On 03/26/24 the SPX bottomed out just below this important support level. Also note the size of the presumed Minute wave “iv” is much larger in timeContinue reading “S&P 500 Intraday Elliott Wave Count – 03/27/24”
Four Dimension Trading 