IWMAs we continue to embark on this epic economic bubble, there will be varying components that will be mixed in so the trend can continue. To allow some normality to the markets, profit rotations still seem to be taking place and tech seems to be the one market that is becoming exhausted. With that said, I think we continue to see those absurd profits roll into financials and small caps, allowing
IWM to be a benefactor of that, which the technicals are starting to show.With that thought in mind, looking at the chart you can clearly see a strong bullish breakout, with volume (last green volume bar to the right) from consolidation and our first attempt at breaking the first red trend line. I expect us to retrace a bit from here, and each red line there after once contacted, but also fully expect us to make our way up to at least the $170 region (3rd and final red trend line). From there, in J. Powell we trust and Gods speed.
I leave you with this, "cut your losses early and let your profits run" - J. Livermore
- PennyBag
Trade active
Trade working as planned - will look for TP1: around $160Trade active
TP1 hit at $158.01
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.