IWM: Move on up!
Jan 9
IWM came out of the bearish wedge I referred to yday. It is possible that we might get only a shallow PB before another attempt to 144-145 where it might fail for a deeper correction. For now, 139-140.8 is support lets see what happens there.
Jan 10
Comment: I threw the idea of a shallow PB . Perhaps thats all it is Almost touched support. Similar pattern to ES. Out of the bearish wedge . I think the 145-23 area is a likely target in ST
Jan 15
For now, IWM has pretty much traded sideways as it has butted up against resistance. The 145.23 area has still eluded IWM but I feel that is likely to be hit today or tomorrow. Staying above current levels also opens up the 147 area. A deep PB should find support around the 138 area to begin with. That is still a time away so when and if we come to that I will update the support area .
Jan 19
We did not break the 142 area and as suggested we are now butting up against the 50% FIB retracement. Like the other indices we are on a tear and I believe, that we are likely to hit the 150 area before a PB. Given how these markets are behaving, there is a possibility of the 154 level too.
IWM came out of the bearish wedge I referred to yday. It is possible that we might get only a shallow PB before another attempt to 144-145 where it might fail for a deeper correction. For now, 139-140.8 is support lets see what happens there.
Jan 10
Comment: I threw the idea of a shallow PB . Perhaps thats all it is Almost touched support. Similar pattern to ES. Out of the bearish wedge . I think the 145-23 area is a likely target in ST
Jan 15
For now, IWM has pretty much traded sideways as it has butted up against resistance. The 145.23 area has still eluded IWM but I feel that is likely to be hit today or tomorrow. Staying above current levels also opens up the 147 area. A deep PB should find support around the 138 area to begin with. That is still a time away so when and if we come to that I will update the support area .
Jan 19
We did not break the 142 area and as suggested we are now butting up against the 50% FIB retracement. Like the other indices we are on a tear and I believe, that we are likely to hit the 150 area before a PB. Given how these markets are behaving, there is a possibility of the 154 level too.
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.