Russell 2000: Gunning for 765? UPDATED

Ok, so we have been going up on overbought for a while now. What do we learn from that? Price action is primary, while wave counts & indicators are secondary. The simple truth is price-and-only-price determines whether you make or lose money! When in doubt, respect the prevailing trend. But hey, who can resist the thrill of calling the future - of being the next Nostadamus!

So here goes. Russell 2000 has been on a tear. Check out the hourly:

In the very short-term, it's up against upper channel resistance, and likely to see a correction. Initial supports at recent high of 725, followed by 700 level. Now let's examine the daily:

Note the medium-term upper channel line in grey, converging with the solid resistance level of 765 - a formidable barrier. It's likely to be a good place for some much needed pause.

On a weekly chart, the advance looks impulsive, and has broken above the downtrendline. Any brave souls who'd like to suggest a wave count here, are more than welcome to do so in the comments section - impulsive or otherwise.

The short-term trend is still up. Guard your positions wth stops always. All the best folks!