RTY - the rally off December 2018 low still has legs to go higher
Looking at a Daily chart below you can see that I count the December 2018 low as the bottom of the corrective wave ( 4 ) down. Off that December low we should get the final wave ( 5 ) up to complete a huge rally started in 2009. The wave ( 5 ) up has to subdivided into waves ( A ) up, ( B ) down and ( C ).
This current rally that started at the lows of December 2018 has to be subdivided into five waves of a smaller size (“degree”) (i), (ii), ( iii), (iv) and (v). Looking at the 120 min chart below you can see that the top of the wave ( iii ) up was made at 1,608.80 on 25 Feb 2019. Then we got a complex corrective wave ( iv ) down that bottomed at 1,497.40 on 25 March 2019.
Now we are in the wave ( a) of ( v ) up. As soon as it gets topped we will get a corrective wave ( b ) down followed by another rally targeting the red target box. That rally in the wave ( c ) of ( v ) would complete the rally started in December 2018 in the wave ( A ) of ( 5 ) up.