IWM Russell 2000: Expecting a reversal soon.
Here is my current view of the small caps. The weekly chart (not shown) has developed a negative reversal in the RSI. There is now a bearish divergence in the daily RSI (solid black line). A projected target (short up arrows) from the recent positive reversal in the daily RSI is at the level of a 78.6% correction (around 121-122). This also is at the upper channel line. Also at this level c=.62 a. So would be a great spot for a reversal. Will be watching the daily and weekly candles for a "sign" this is correct analysis. Have a great week.
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