|Russell 2000 Futures - Daily - New All Time High|
So, the smaller triangle appears to have played out on this index, and met all of the requirements for a triangle. Because yesterday's close was above the high of wave 3, this triangle appears complete, and it does not appear as if a larger or more complicated barrier triangle is in progress on this index. Note that the Elliott Wave Oscillator has a clear triangle signature - shown by the trend lines, and each minute wave of the triangle falls on an opposite side of the EMA-34.
This triangle also does not appear as a "running triangle" with a higher (b) wave. The (b) wave is lower than the end of wave 3. Therefore, this triangle could signal that the final five-wave sequence is dead ahead.
Will the other markets follow suit and make new all-time-highs? That is certainly possible, maybe even likely. But it needs to be monitored closely. One common target for the thrust out of the triangle is to add the 'widest width of the triangle' to the breakout point. In no case should wave ii of 5 travel below the low of wave (e) for the thrust to remain in tact.
Have a good day and a great weekend.