In this technical blog, we’re going to take a quick look at the Elliott Wave charts of Russell Futures ($RTY #F), published in members' areas of the website. As our members know, the futures have made lower low sequences in the cycle from the 11.8.2021 peak. In the meantime, correction turned into Irregular Flat pattern which ended at 2288.6 high. Russell should ideally keep trading lower within the cycle from November’s peak. We’ve been calling the decline in Russell Futures and recommend members to avoid buying it while keeping favoring short side. In the further text, we are going to explain the Elliott Wave Pattern and trading strategy.

Russell futures: 1 hour Elliott Wave analysis 1.12.2022

Russell Futures ended cycle from the 2288.6 peaks as 5 waves structure. Now we are getting recovery against that peak. We can see clear 3 waves bounce from the lows that should ideally complete at 2198.06-2231.29 area. We expect sellers to appear there and to get decline toward new lows ideally or 3 waves pull back alternatively.

RTY

Russell futures: 1 hour Elliott Wave analysis 1.14.2022

Sellers appeared at the marked zone and we got good reaction from there. The decline from the seller's zone: 2198.06-2231.29 made a new short-term low. That makes Russell bearish against the 2209.38 peaks in first degree. Short-term cycle from the mentioned peak ended as 5 waves structure which also increases chances of further extension lower. We don’t recommend buying Russell at this stage, while still favoring the short side.

RTY

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