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RTY - nice rally produced by our Inverted Head and Shoulders long setup
On 3rd June 2019 I wrote: “It looks having completed a large corrective wave ( iv ) down after a strong rally in wave ( iii ) up.
As long as it holds over 1,449.60 we may expect a rally in wave ( a ) of ( v ) targeting the previous top in 1,600 neighborhood.”
Back then RTY traded at 1,474. Then we have got a rally in wave a up that topped at 1,516.60 on 5 June 2016.
Off that top RTY played a textbook a-b-c down correction. In my previous report posted on June 6th I pointed your attention to a nice long setup created by that a-b-c move down:
“If we zoom-n we can see a Potential Inverted Head and Shoulders LONG setup in the making:”
RTY - 120 min chart updated at 12-56 PM on 6/6/2019
That bullish Inverted Head and Shoulders LONG setup produced a nice rally. At the moment of publishing the last report RTY traded at 1,494.70. This morning it is traded at 1,532.50. Moreover, that wave c up should extend higher/ It can run to 1,565 or even higher.
RTY - 120 min chart updated at 11-16 AM on 6/10/2019
