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RTY - this move up looks like a start of a new rally in wave ( v ) up targeting new highs of 2019
On 29 March 2019 I explained two alternative paths for RTY. It seems like RTY wants to follow the bullish path I outlined in that post.
That count considers a top at 1,608.80 made on 2/25/2019 as the top of wave ( iii ) up. The corrective pullback that followed is a wave ( iv ) down. It bottomed at 1,497.40 on 3/25/2019. Of that bottom we should get a new (a)-(b)-(c) rally in wave ( v ) up targeting a new higher high of 2019.
As you can see on the chart below, RTY is approaching a red target box for the first move up off the low of the wave ( iv ) down. That a-b-c move up may stop at 1,560 – 1,564. Off that target box we may get a corrective decline in wave ( b ) down. I would not try to short for that pullback though. That pullback should be followed by a really strong rally in wave ( c ) of ( v ) that should reach a new higher high of 2019.