Chart of the day

Russell2000 is rejected from the range high and a channel high of 2160, and a break above this resistance is required for a continuation higher and an invalidation of a broadening wedge. This is also a possible beginning of the third downside wave.

We need to see a break below 1980 for a third wave down to happen. I see this as a complex Elliott Wave correction in the second wave. An extension higher than 2160 will lead to an invalidation of the downside waves.

_{Look for the short trade entries with a stop loss above 2140. Long trades you can take in the case of a confirmed price action break above 2160 and a stop loss is taken. This could be a great option trade as well.}