In this post, I am going to do a harmonic Elliott wave analysis of IWM .
I see IWM from 2000 to ATH of 2021 as a wave 1 and the correction started from ATH is a wave 2. So far, we have completed 2 zigzags ((W) and (Y)) of wave 2 and a third zigzag is about to come later this year. Note the main reasons I believe wave (Z) is coming:
1) Based on my view and count on ES;
2) The fact that the retracement of wave 2 so far has not been deep enough for a wave 2.
It is completely possible that wave 2 bottom is in since the bottom was almost perfectly on a fib retracement: the 0.382 retracement of wave 1 is 163.41 and wave (Y) bottom was 162.78!!
Now, I believe that wave (X) top is in. Regarding the fib retracement of wave (Y) on the daily chart , the 0.786 retracement was at 201.66 and high of wave (X) which occurred on August 16th 2022 was 201.99! Now let's look at the hourly chart of wave (X):
It can be seen that the structure of wave (X) is complete as a triple zigzag and the bullish channel is broken to the downside.
I see IWM from 2000 to ATH of 2021 as a wave 1 and the correction started from ATH is a wave 2. So far, we have completed 2 zigzags ((W) and (Y)) of wave 2 and a third zigzag is about to come later this year. Note the main reasons I believe wave (Z) is coming:
1) Based on my view and count on ES;
2) The fact that the retracement of wave 2 so far has not been deep enough for a wave 2.
It is completely possible that wave 2 bottom is in since the bottom was almost perfectly on a fib retracement: the 0.382 retracement of wave 1 is 163.41 and wave (Y) bottom was 162.78!!
Now, I believe that wave (X) top is in. Regarding the fib retracement of wave (Y) on the daily chart , the 0.786 retracement was at 201.66 and high of wave (X) which occurred on August 16th 2022 was 201.99! Now let's look at the hourly chart of wave (X):
It can be seen that the structure of wave (X) is complete as a triple zigzag and the bullish channel is broken to the downside.
