Study of Russell 2000

Lets look at Russell 2000 from a longer-term perspective. There is a lot of symmetry in the chart.

1. There is a top at 519 on 1/6, and there are 3 shoulders at the left with only 2 shoulders at the right. It is questionable the one at 2/13 is S3. Assume it is not, we should have a rally back to create a S3 in the near future. S3 should be at around 433 level, that is also 50% retracement between S1 and the recent low.

2. The height from 1/6 to the low of 1/20 is almost the same as the height from S1 (1/28) to the recent bottom (around 394.58). Based on the Fibonabbi extension, the 100% down leg is almost fulfilled, and a rebounce is expected.

In conclusin, the first target should be 433, and this analysis is confirmed wrong when RUT drops below 392 for more than 2 days.