The RUT has the clearest intra day Elliott Wave pattern. From the 12/9/16 high it appears a series of one's and two's to the downside appears to be under construction. This pattern is very bearish, if there is one more rally that holds below RUT 1376.14 the next decline could be very powerful.
Both of the waves two's up, labeled "(II)" and "II" are both Expanding Flats. "See Elliott Wave Principle" pages 46-48.
There is a high probability of a rally on 1/18/17 if so look for either a .382 or .618 retrace of the wave labeled ".I boxed" which bottomed on 1/17/17.
A move above RUT 1376.14 will invalidate this wave count.