After the historic sell off in December, RUT has completed four waves and is moving up in the fifth wave suggesting that it is a bullish move to the upside. RUT has also completed four of the five sub-waves of the fifth wave and just needs to complete the fifth sub-wave to complete the five wave structure. This is likely to be completed between 1550 and 1590 based on different Fibonacci ratios.
RUT is likely to correct down to between 1330 and 1380 levels before moving up in the third wave.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.