[RUT] update

The Russell 2000 index (ticker RUT) has been leading the way down for months now.  It is now at a very important juncture and the count is not resolved yet here.  In the case of the green numbers and blue numbers and path, we could count wave green 1 down as complete.  The recent peak would then be A of 2 with more selling tomorrow falling down to B of 2 followed by a strong move upward to the level of the prior 4th.  This would be bad for UVXY but great for commodities.

On the other hand, the recent move up off the bottom has been 3 waves to the level of the prior 4th.  So it could in fact so far just be 1 of 5.  If we get a big increase in selling tomorrow then perhaps the red path is upon us but if we get minimal selling as shown and then a break out to a higher high than the early Oct high then dump UVXY and wait for the green 2 wave to complete in a big a-b-c.

At that point the odds favor a heavy short position or something that benefits from fear like UVXY because it is very unlikely that the US is done with bear markets at this point.