In an idea posted on July 13, I warned about a forthcoming potential major market correction in RUT (see below). At that time RUT had completed four of the five primary Elliott waves started in 2009, four of the five intermediate waves started in 2016 and one of the five minor waves started in Feb this year. I was expecting RUT to touch the 1800 level before commencing the correction but now the wave pattern suggests that the correction has probably already started, about 60 points shy of the 1800 target.
Warning about a forthcoming correction posted in July
Warning about a forthcoming correction posted in July
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The reasons why I think the correction might have started
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This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
