As captured in the previous
post, our weekly cycle model on all major US indices perfectly timed the recent intermediate peak of July 26 leading to a sharp decline of 252 points in S&P futures till Aug 5th. As shown in the below short-term cycle chart for Russell 2000 (and also S&P, VIX), our cycle model also timed the initial decline till Aug 5th followed by predicting a bounce/retracement after that - this was also noted in the previous post dated Aug 5th. There is some more time left in this bounce until <SP_Day_hour> as long as <SP_W> is held - and the bounce should target the daily trend level at <SP_DT> assuming resistance at <SP_R> is cleared.
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| Russell 2000 short-term cycle chart - 08/09/2019 |
