A TDSEQh13 buy signal printed at the 10:30 CDT bar at the .382 extension of the length of minuette wave 1~3, which is a common ending point. If the Hurst Cycle analysis is correct we have most likely seen an 18 month high in the $RUT and the next swing would tend to confirm that view if it is only a retrace which normally would be to roughly the 4th wave of lesser degree between 1416-1420, but wave 1's are often deeply retraced.
So this is an area which merits close attention and if it retraces and turns down again before making a new high (or just a slightly higher high if we are in an A-B-C where B's can print higher highs), then we could be in minuette 3 of 5 of minute wave 1 down.
However, this last thrust down is in a ongoing buy set up count which, if it completes, would cancel this TDSEQh13 buy as the settings used in this instance require.
Given the potential 18 month nature of this high it might be best to hold shorts during the first retrace of this down move and perhaps view it as an opportunity to add to one's position since there is a clearly identifiable stop area at the high of 7/25, or slightly above in case we are seeing an A B C start to this leg. Also, some Elliottians are counting the Russell in a way that a high here would be at least a cycle degree wave 5.
ATB
Geo
Edited by Geomean, 02 August 2017 - 10:48 AM.