Levels in RUT Prior to Lasting Bottom

The Russell 2000 (RUT) still ideally needs another wave ((iv)) up and ((v)) down to finish off this larger wave C of (4). However, we are getting really close to the lower end of the larger degree support zone that I laid out. 

Resistance for the wave ((iv)) bounce currently comes in at the 1263-1312 zone, and as long as that zone holds to the upside then I still am looking for another wave ((v)) of C of (4) down prior to this forming a lasting bottom. 

All of that said, ideally I would not want to see a sustained break of that 1052 level if we are going to hold the larger degree pattern.  So if we do indeed continue to move lower I will be keeping a close eye on that level. 

$RUT  (1 day)
$RUT (1 day)
$RUT  (1 month)
$RUT (1 month)
Michael Golembesky is a senior analyst at ElliottWaveTrader covering US Indices, the US Dollar, and the VIX. He contributes frequently to Avi's Market Alerts service at EWT while also hosting his own VIX Trading service.