Russell Futures ($RTY_F) completed correction right at the Equal Legs zone

In this technical article we’re going to take a look at the Elliott Wave charts charts of RUSSELL Futures $RTY_F published in members area of the website.  As our members know we are favoring the long side in Indices. $RTY is another instrument that has given us good trading setup recently. RUSSELL  made clear 3 waves down from the March 8th peak peak and completed correction right at the Equal Legs zone ( Blue Box Area) . In further text we’re going to explain the  Elliott Wave pattern  and trading setup.

Russell Elliott Wave one-hour chart 03.18.2024

RUSSELL is showing lower low sequences from the peak, suggesting short term pull back is still in progress. Correction has ((a))((b))((c)) labeling. The price structure is incomplete at the moment, calling for another leg down toward : 2036.78-1991.86. We don’t recommend selling RTY_F and prefer the long side from the marked Blue Box ( buying zone). Once RUSSELL reaches our buying area, it should ideally make either rally toward new highs or in 3 waves bounce alternatively. Once bounce reaches 50 Fibs against the ((b)) black high, we will make long position risk free ( put SL at BE) and take partial profits.

Russell Elliott Wave one-hour chart 02.28.2024

RUSSELL reached our buying zone at : 2036.78-1991.86 and found buyers as expected. RTY_F is giving us very good reaction from the Blue Box Area. We call pull back 2 red completed at the 2033.3 low. Consequently, any long positions should be risk free by now. We would like to see break of 1 red  peak (March 8th) to confirm next leg up is in progress. Once it breaks above 03.08. peak, we can look to buy intraday dips again in 3,7,11 swings against the 2033.3 low.