$RTY: Macro: This is Where the Rally Should Top

$RTY #Russell #Elliott Wave

Off the Nov 2021 top RTY dropped in a five wave down impulsive move and bottomed in Oct 2023:

Since Oct 2023 RTY has been in a corrective A-B-C up mode.

There are two main retracement levels we normally apply to a completed five wave down structure and then closely watch for potential of stopping a corrective A-B-C up pullbacks, they are 50% and 76.4%.

The 76.4% retracement for RTY is located at 2,386.

Currently RTY is in the second leg up, a wave C up. That wave C up normally has a clean five wave up micro structure.

You can see a very tight cluster of fibs pointing up to 2,380. This is where the second leg up in a wave C up and hence the whole corrective A-B-C up structure off the Oct 2022 low should top. Upon completion of the A-B-C up corrective structure we can expect another impulsive five wave down move down that should undercut the Oct 2023 low.

Based on that macro count I think all the analysts who urge to buy small caps will be proven wrong. I think we are in the final innings of this corrective rally.

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