As with the S&P 500 (here), I am interpreting a particular structure, and the same can be counted on the Russell.
Helpfully, on the Russell—as opposed to the S&P—it has generated two distinct triangles for us (those are the “B-Waves”), which makes it easier to identify. We have excellent fibs here and I believe it is now complete. We kissed a great fib.
As with the other indices, most people are aiming for from between 1550 to 1725. It’s been rough avoiding playing to the downside the last days, but I believe psychologically preparing oneself for the other direction is important here.
What most people are waiting for—here and on the S&P—is an opportunity to go long. But I have a strong feeling that the market is going to deny all these folks looking for slightly lower prices from getting a good entry.
People are waiting for the Fed to give them permission, and that’s not going to happen. It’s just not that easy.
Even if the Fed is dovish, I believe the market will already be high-tailing it out of these lows, forcing people to chase into higher prices. I believe there is a good chance that good news will hit the wire on Sunday before Globex.
I believe a major low (of cycle [yellow] degree) is in, and we will head back to all time highs. Eventually, we may even go as high as 3370.
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