[IWM] Small Caps Leading In Potentially Huge Breakout!
Same pattern here that I covered in MSFT, CSCO, and ADBE. All are still consolidating at the breakout level, except for ADBE and IWM.
IWM is soaring higher today after finishing a short consolidation period at the breakout level of around $160. I put some Fibonacci lines to show how it bounced strongly off the top of wave 1 around $158.15.
Since that low on this morning of 5/16, it's rocketed up past $160 and is hovering around $161 !!
Bullish sign for the S&P 500 as well as Nasdaq 100. IWM has shown enough strength through this 4-5 month correction to lead in any major moves and as long as it it can maintain above $160 for a good amount of time, the other indices, as well as the other Triangle Breakout Pattern setups i've charted in Tech stocks, should be gearing up for more upside.
IWM is soaring higher today after finishing a short consolidation period at the breakout level of around $160. I put some Fibonacci lines to show how it bounced strongly off the top of wave 1 around $158.15.
Since that low on this morning of 5/16, it's rocketed up past $160 and is hovering around $161 !!
Bullish sign for the S&P 500 as well as Nasdaq 100. IWM has shown enough strength through this 4-5 month correction to lead in any major moves and as long as it it can maintain above $160 for a good amount of time, the other indices, as well as the other Triangle Breakout Pattern setups i've charted in Tech stocks, should be gearing up for more upside.
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