Russell 2000 Intraday Bullish Phase Review

The Russell 2000 traveled a bit further than I thought, but this is pretty common when we are dealing with diagonal wave structures.  The Russell 2000 is close to my top trend line, that should provide resistance if the bigger bearish phase is still in effect. Technically, we should see another zigzag decline which could hit the bottom trend line in the future.   Some will try and count this as a 5 wave impulse sequence, but each set of waves is about even in physical length, which I don’t allow, or I find very suspicious.

I will keep the 2017 top as a Cycle degree, which can only be confirmed with a longer and much bigger bearish decline. The Russell 2000 and the Midcaps are still leading the way while all the other indices are hovering just off record highs. 

The media loves to report these new record highs, which stands to reason as all the bull markets are at ‘unprecedented’ record highs. I’m still looking for the leading zigzag to a Primary degree ‘A’ wave bottom, but we are still far away from seeing that happen. 

The first thing I think that needs to get completely retraced, is the wild ride after Donald Trump got elected. The 1210 price level should do that.  Ultimately the entire stock mania which started in 2011 from the 600 price level,  should also get retraced.  

For now we need this market to create and new bear market low, and maybe the crowd of bulls will start to wake up that something is amiss in this stock market La La Land. 

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