$IWM testing its upper channel resistance for the fifth consecutive day. Printed an inside candle today after another failed breakout. Meanwhile, this EW count has a B wave topping out at channel resistance and ready to break lower to complete its 5 wave impulse up from March. This count is definitely not confirmed - just a possibility. But I still like $IWM to fail to breakout and recede comfortably back into its long term channel.
Comment:
Still flirting with channel resistance. MACD looks ready to cross down. Added a few 6/2021 $IWM long puts. Will add more if/as this continues to play out.
Comment:
Still flirting with channel resistance, but nearing the end of ascending wedge and a measured wave 5 against divergent RSI. I do believe the end is nigh.
Comment:
Ascending wedge could resolve this week. Look out below.
Comment:
I have $IWM's primary wave 5 target at 193.80, which equals 0.618 of Wave 1 +Wave 3. We are hovering there today after piercing it yesterday. If we get a weekly close BELOW this target, then I'm pushing some more chips into this short trade. Currently sitting on a bunch of long 6/2021 $150 puts at an average cost of $3.76. Down 3.4% so far, but feeling confident in this trade.... for now.
Comment:
$IWM the little engine that could. Still pushing for towards the top of this wedge on declining volume and divergent RSI. I won't be surprised if it gets there, possibly at around $200. But I would be very surprised if it broke north of that wedge.
Comment:
$IWM potential measured count to the tippity top.
Comment:
$193.80 was my original primary wave 5 target. It was exceeded, but it is now serving as resistance right at the backtest of the lower rail of the ascending wedge! Numbers, man. Fascinating.