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Tuesday, March 2, 2010

Russell, Russell, Russell

- Does the Russell make a new high?
- Are we still in P2 for the other indices if it does?
- Will the Russell break my heart again? (Don't Pull Your Love Out on Me Russell)

Daneric has some excellent thoughts regarding the Russell move / potential move in his newest post: Elliott Wave Update ~ 1 March [Update 9PM EST]. And I have to say I agree with them completely. Namely:

Yes, the Russell could make a new high. And Yes the rest of the indices can still be in P2 if the Russell makes a higher peak.

But will it make a higher peak? It is hitting the long term down trend line for a second time right now. So it could make a higher high (I almost hope it does. I agree with Daneric, it would make for an excellent non-confirmation), or it might just turn down abruptly from here.

The Russell Mini Futures (TF) isn't giving much of a clue yet.

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