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):
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