-IWM rising wedge -Over bought with volume drying up -Gaps below as targets
I was trying to figure out this sideways move we have made over the last month. I think this could be a Triangle correction pattern. This would fit with the larger wave count and would complete Wave 2 up. That would mean Wave 3 down could be starting next week. I am waiting until we break below the purple line as confirmation before adding to my short (RWM) position.
FOMO will pass, when it does we are in for a check on common sense.
Please do your DD. From my last SPY idea, we are in the bear/bull trap zone and where we go next is anyone's guess (Most likely down). We could be consolidating here to move higher one more time or gaining momentum for a downward spiral. We may have Gilead's and Roche's official news soon so we have to be prepared for a short squeeze. Also I am looking at the...
Those who follow me know I have been bearish (and still am in the long term) since January. However looking at the IWM which has been a very good leading indicator of the market overall, the Gild news could have breathed a new lease of life to the market. Looking at the actions a few days before the GILD news we can see that the IWM was rejected twice and closed...
Break was on higher than average daily volume. If retest is successful and we don't fall back into the channel resistance should turn into support. Monday will tell. Flat for the weekend. Next target $169.
IWM is within a 2 year channel with distinct points. Lower end (red arrows) around $144-$145 Upper end (black arrows) around $160 Highlighted areas are times in which we breached those areas. Yesterday the IWM traded down as low as $144.25, buyers stepped in to drive the ETF up. Buyers have stepped into and bought around that area for the past 2 years. ...
www.pretiming.com Stock investing strategies Investing position about Supply-Demand(S&D) strength: Strong buy as Rising section of high profit & low risk Supply-Demand(S&D) strength linkage Trend Analysis: In the midst of an adjustment trend of downward direction box pattern stock price flow marked by limited rises and downward...
IWM has hit long term resistance at $144 and bounced down off it. This looks to be setting the stage for a reversal, at least in the short term, Tuesday. Be careful out there, as the markets have been trading sideways for a week now.
This is a carefully crafted study! I have demonstrated the angles that we will likely see in the future based on what we have seen in the past. Details in the chart... Hope to get 1K views on this
Looks like there is alot of bullish divergence for the rsi and macd. This means it should go up some ways then correct to around the 135 price range.
With confirmation, we will be entering this short with defined risk and target as shown on the chart. It has traded relatively weak compared to the other major markets.
I remain short. Definitely testing my patience.