Wave 4 on Russell 2000 Appears to be Complete - *Updated 8/25/21 & 12/23/21

The wave count as I see it on the Russell 2000 is showing that wave 4 up from the 2020 low has completed and it is now in a wave 5 which may rise up into around August. That wave 5 top could be the high for the year and would be followed by a multi-week or multi-month correction.

Russell 2000 weekly chart as shown by the IWM etf.(click to enlarge)

Update 8/25/21:

Wave 4 extended out till August instead of ending in June. That 2 month delay may extend the end of wave 5 by about 2 months until around October based on often seen wave relationships. See new chart below.

Update 12/23/21:

The Russell 2000 index completed 5 waves up in November. The high was on 11/8/21 which was not long after October as suggested in the last update. 

Wave 2 often bottoms in the area of wave 4 of one lower degree. The chart below shows a typical Elliott correction wave as per the general guidelines. The Russell 2000 does not always move in step with the other major indexes so it does not necessarily mean that the S&P500 has also topped.

Biweekly chart of Russell 2000 index as shown by the IWM etf.