Can IWM Take The Lead?

With the SPX still grinding towards attempting to complete its 5th wave, the IWM has finally come alive to head towards its 5th wave.

For those of you that remember, the IWM was the main chart which has kept me within the green b-wave count.  While it can also count as per the more immediate bullish blue count, I think it does count better as the green count at this time, as we have been tracking all year.

Within that structure, we are attempting to complete the 5th wave off the 157 region support.  And, within that structure, the market is pointing up to completing the wave [v] of that 5th wave.  So, as you can see, we still have a little more work on the upside before we can reasonably consider this 5th wave completed.

At this point in time, it would take a break down below 160.50 to suggest that we have topped and have begun a pullback below 157.  And, just like in the SPX breaking down below 3070, the manner in which we break down below those levels will indicate which is the applicable count for the rest of 2020.

So, as long as the SPX remains over the micro support noted on the 5-minute chart, I am still looking for that final micro 5th wave higher to potentially complete this structure off the December lows, and potentially even complete all the structure off the October low.

3minIWM
3minIWM
60minIWM
60minIWM
5minSPX
5minSPX
60minSPX
60minSPX
Avi Gilburt is founder of ElliottWaveTrader.net.