IWM: Russell 2000 ETF-Elliot Wave Path

9 apr 2023

IWM

IWM, The Russell 2000 in the middle of an ABC Zig-Zag Corrective Wave Sequence.

This Zig-Zag is retracing the upmove from the '03 low to '21 high.

As it stands now, the "A" wave has completed 5 waves down, and "B" wave flat looks to be complete.

This suggests that we are already in or about to enter the final 5 waves down for Wave "C".

Looking at a few other indicators, I'm expecting that this "C" Wave will extend 100% of the "A" wave's length.

This would take IWM to the 117 USD area.

On an Elliot-Basis, the correction should terminate somewhere within the larger degree Wave 4, and this 117 USD level is right in the middle of it.

The 117 USD level is also right in between the '18 and Covid lows, and is also in line with my non-EW Median Line target, and bear flag target. (screenshots below)

Short it.


Fat_Fat

9 apr 2023

Nota

Linear-Scale, Pitchfork with 1.618 Warning Lines.
As above, so below target is in line with 1.0 Fib Extension.

9 apr 2023

Nota

Although 117 is still my base case.

Linear-Scale, Bear Flag shows the potential for a larger move to the Covid-Lows.

9 apr 2023

Nota

Somewhere down there.