Technical Analysis Blog | PUG Stock Market Analysis, LLC

PUG Stock Market Analysis is here to help with SP500 technical analysis, stock analysis and more. Read our technical analysis blog to learn more.

October 2nd, 2014: RUT Wave Count Update

Posted by pugsma on October 2, 2014

10:30 am EST:  The Russell-2000 (RUT) has sold off -10.8% from its 1213.55 high set back in early July 2014.  It looks like that was the P3-C1 top and the RUT has been under going a simple major [A]-[B]-[C] Zig-Zag correction for P4-C1.  The major [C]=[A] target is 1072.82 and was nearly hit yesterday at 1083.00.  Also, the 23% fib retrace of P3-C1 target is 1077.61.  So there is a very bullish alternate (blue) count on the RUT that could see the P4-C1 correction bottoming here in early October 2014 and then launch higher in the P5-C1 wave going into the year 2015.   The P5-C1 first target is up at the large head and shoulder target are of 1370.37.

If the RUT needs to correct more than the 23% fib retrace for P4-C1, then there is the major [C]=1.62*[A]=1011.74 and the 38% fib retrace at 981.05.  This RUT count would align closing the SP-500 primary count correcting to 1801 for P4-C1

I will let you guess what the bullish scenario for the RUT means for the SP-500 wave count here.   Tonight I will show it on the charts, as an alternate (blue) count wave possibility.

RUT Weekly Chart (10-2-14):

PUG RUT weekly1 chart 10-2-14

Sorry, the comment form is closed at this time.

%d bloggers like this: