To add to our most recent blog on the Dow Jones, here is the Russell 2000. What is peaking our interest is that this index also sports a “diagonal”, possible, of huge proportions. It is one or two degrees higher than the c of B in the Dow, but it is quite visible. It is already in a “throw-over” situation. We will see.
Jefferies has upgraded its outlook on this stock with a target of $19 (US). The stock is trading at 15.83 (US) and should reach $16 Can. today if not a little more. At these levels you have essentially doubled your money and we would sell. I ultimately this proves to be a 5 wave sequence the stock could go much higher, but should first drop back to $10/$11.
The idea of a large diagonal that takes up most of the 3 year chart is still perfectly valid. In fact I would count it among one of the cleanest and best proportioned I have ever seen and this adds to the credibility. However at this point we are less than 40 points away from having this scenario negated by surpassing the old peak at 13 662. If it does I will pack up for a month as I cannot take much more of this.
GS is still in track from a month ago. It looks like we are either going to have a diagonal C wave , or a triangle B wave followed by a C wave. Both interpretations will be negated with a move above , give or take , $149