Bear flag on the weekly.
Rising wedge/pendant is currently on the 68% fib trend based time zone indicating a historically common place to continue the downward trend.
This should put it in the targeted area in 3 weeks. I've traced possible bars for weekly options. It will likely be violent so plan to trade actively.
Additionally, I posted a hourly chart indicating the wedge has been compressing faster and upward. I believe this also indicates sellers attempting to bull trap as much as possible before the bottom falls out again. This is indicated by extremely low volume this week and huge selloffs into close.
The DIX peaked as major players are repositioning and the GEX has peaked and started to head down again.
squeezemetrics.com/monitor/dix
I believe uncertainty regarding NK's Kim potential death re:Chinese doctors headed to NK and the infamous "double candle" tweets from insiders in China point to a serious situation and uncertainty there. I believe this will be the catalyst. That one thing we need to push IWM towards another serious leg down.
Increases in testing over this weekend are going to dramatically increase the number of active cases in the USA. Today was a new record high. I've been modeling the Coronavirus since the end of February and I believe that the latest revision adding 10k more deaths to the IMHE model estimate is still undercounting the severity and the increased spread over the last few weeks. I believe we will see it revised upwards again by 20-40k this week.
Good luck.
Rising wedge/pendant is currently on the 68% fib trend based time zone indicating a historically common place to continue the downward trend.
This should put it in the targeted area in 3 weeks. I've traced possible bars for weekly options. It will likely be violent so plan to trade actively.
Additionally, I posted a hourly chart indicating the wedge has been compressing faster and upward. I believe this also indicates sellers attempting to bull trap as much as possible before the bottom falls out again. This is indicated by extremely low volume this week and huge selloffs into close.
The DIX peaked as major players are repositioning and the GEX has peaked and started to head down again.
squeezemetrics.com/monitor/dix
I believe uncertainty regarding NK's Kim potential death re:Chinese doctors headed to NK and the infamous "double candle" tweets from insiders in China point to a serious situation and uncertainty there. I believe this will be the catalyst. That one thing we need to push IWM towards another serious leg down.
Increases in testing over this weekend are going to dramatically increase the number of active cases in the USA. Today was a new record high. I've been modeling the Coronavirus since the end of February and I believe that the latest revision adding 10k more deaths to the IMHE model estimate is still undercounting the severity and the increased spread over the last few weeks. I believe we will see it revised upwards again by 20-40k this week.
Good luck.