Chart of the day

Russell2000 tested the strong support of 1780 of the medium-term consolidation. A bounce from here is required for a consolidation swing higher.

This is viewed still as the long-term five-wave upside and a fourth-wave pullback is ongoing in this wedge consolidation with an upside resistance of 1950. In the long term, we need to see a break above that level for the upside fifth wave extension to be confirmed.

Long trades you can open here with a stop loss below 1760. We favor the long trade entries at this stage as we see an ongoing wedge price action to continue swinging for another test of the channel and wedge high.