AS WE SEE ON THE CHART ABOV, RUSSELL 2000 INDEX IS STILL ONGOING A SIDEWAYS AS A TRIANGLE TO CORRECT THE MINUTTE FOURTH WAVE (GREY (iv)) ACCORDING TO OUR MAIN SCENARIO THAT SUGGESTES THAT THE MINUTTE FOURTH WAVE ENDED AT THE LOW OF 2132 AND THE FIFTH WAVE HAS COMMENCED, BREAKOUT ABOVE THE KEY LEVEL 2309 WE‘LL CONTINUE TO LOOK HIGHER TO COMPLETE THE FIFTH(GREY (v)) OF THE THIRD MINUTE WAVE(CIRCLED GREEN)
ALTERNATIVELY, THE THIRD MINUTE WAVE ( ORANGE) ENDED UP AT 2360, AND THE FOURTH WAVE IS UNDERWAY, MOST LIKELY IT‘S A TRIANGLE AS WELL
I DO THINK , HEAD AND SHOULDERS TOP WILL FAIL ACCORDING TO ELLIOTT SCENARIOS, AND REVERSE BULLISH DIVERGENCE IS DOING WELL
NOTICE THAT THE REVERSE DIVERGENCE( APPEAR IN UPTREND WHEN THE INDICATOR MAKES A SERIES OF LOWER LOWS BUT PRICE MAKES A SERIES OF HIGHER OR THE SAME LOWS) IS STRONGER OR MORE RELIABLE THAN NORMAL DIVERGENCE
