Russell 2000 Futures Count

Below is the weekly chart of the Russell 2000 futures. Once again, if there is to be a down move in this index the count is likely as shown otherwise the count would get too complex.

Russell 2000 Futures - Weekly - Count

The current count is similar to that in the ES & the Dow - a diagonal lower, and a corrective wave upward - but in this case the correction counts as a sideways triple-combination.

On the daily chart, below, a close-up of the Z wave of the triple-combination is shown.

The Z wave up likely counts as an expanding diagonal (a) wave, followed by an impulse for wave (c) which would represent excellent alternation in a corrective wave sequence.

And while it it likely that wave i down has been made, because of the length of time of wave i, it is possible that wave ii, up, is either done or may extend as a double zigzag or flat wave.

Patience is needed but the trend lines are clear, and a head-and-shoulders pattern can be detected with the neckline at the 1,830 level, the level of the prior (b) wave. If wave ii  extends it would just make a more complex right shoulder - similar to the left shoulder's double-bump.

Have an excellent rest of the weekend.

TraderJoe