The rally off the mid April 2020 looks having completed.
I count it as subwave ( A ) of wave ( 5 ) up that has to be followed by a large corrective -A-B-C- down structure:
RTY has completed a clean (a)-(b)-(c) down move off the top of subwave ( A ) of wave ( 5 ) made at 1,602 on Aug 11th (see the chart below).
That -A-B-C- down could be all of correction to be followed by another rally.
But my primary scenario is that this ()-(b)-(c) down move was only subwave -A- down in a large corrective -A- down – B- up, -C- down pullback off the August 2020 top.
I think we are watching start of the corrective subwave -B- up that should be structured as ( a ) up, ( b ) down, ( c ) up.
After completion of that move up in subwave -B- down RTY will most likely decline again in subwave -C- down (see the -A-B-C- down structure shown on the daily chart in the red rectangle).
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