Short

$IWM still flirting with its channel resistance

Updated

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 to fail to breakout and recede comfortably back into its long term channel.

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Still flirting with channel resistance. MACD looks ready to cross down. Added a few 6/2021 long puts. Will add more if/as this continues to play out.

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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.

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Ascending wedge could resolve this week. Look out below.

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I have '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.

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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.

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potential measured count to the tippity top.

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$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.

mak337

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