In my previous update I noted that if we apply Gann’s 45 day cycle we may expect RTY to top on Oct 31st. It did top on Nov the 1st!
As you can see on the chart, RTY topped in my red target box. Please check my previous update.
Now we can apply that same 45 day cycle to predict a date of a bottom for that move down that has just started:
That 45 day Low-Low projection points to Nov 16th.
Now look at two yellow boxes shown on the chart posted above.
Those are flat consolidations that followed sharp declines in August and September. We may get a similar 1-2 day consolidation after that sharp decline.
According to that Macro count, RTY topped in wave B up or X up on Nov the 1st. Off that high made on Nov the 1st I would expect an impulsive five wave down structure targeting to make a slightly lower low under the previous low made at 1,643.80:
If we get a corrective a-b-c up consolidation testing the Red Box that would be an attractive short setup to ride an accelerated part of the expected decline in wave -iii- down.