If we zoom-out to 2 hour chart we will see that Russell futures have been following a five wave up fractal off the bottom of the wave ( 4 ) down made late December 2018.
As long as RTY holds over its critical support at 1,449.50 I will be counting this decline as a corrective wave ( iv ) down to be followed by another rally in wave ( v ) up targeting a new higher high.
So far this pullback in wave ( iv ) down has been structured as a simple zig-zag. We are in the final subwave (c) down that should be subdivided into five smaller waves. Currently it looks like this night rally is a corrective wave iv up with another drop coming targeting 1,474-1,466 (the green box).
If we get that drop into the target box that would be a great long setup to ride a rally that at first should retest the previous high at 1,600.