IWM; Bounced from MEGAPHONE top… & is that a DIAMOND?
IWM, IYT may be the market leaders in case the indices reverse back to uptrend with QQQ & XLK the laggards.
It recently fell out of the year-long consolidation box 208 to 234 with a lot of whipsaw along the median line 220. It fell & stop exactly at the top of the green Megaphone. (There are 2)
Although there is still a risk of falling to the impt FIBONACCI zones. (See the 2 red boxes below), I think very soon it will reversed back into the 208-234 BOX… specially if what it formed recently was indeed a diamond reversaL
Not trading advice.
It recently fell out of the year-long consolidation box 208 to 234 with a lot of whipsaw along the median line 220. It fell & stop exactly at the top of the green Megaphone. (There are 2)
Although there is still a risk of falling to the impt FIBONACCI zones. (See the 2 red boxes below), I think very soon it will reversed back into the 208-234 BOX… specially if what it formed recently was indeed a diamond reversaL
Not trading advice.
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