Russell 2000 update

The DJIA and $COMPX have been slowing and weakening internally as the current waves in these indices have advanced.  But it's not over until its over and a look at the small cap Russell 2000 says that risk off is still the order of the day.  In fact, the best fitting model for this is now that of the triangle shown here.  It could short stroke the 5th of course but it looks like it should end up somewhere in the pink box. 

If this moves 5 waves up and then comes back down to just kiss the top rail of the horizontal triangle in 3 waves and then heads back up to a higher high then, well, the longs are going to get the nod for at least another month and perhaps into the end of the year.  While this is not my primary model (I think it will short stroke), we can't rule anything out.  The best evidence that risk off has begun will be a break back below the lower rail of that H. triangle.