IMW may bottom out in mid-MayFor context please note we are dealing with weekly candlesticks here, I'm pointing that out b/c people are used to seeing shorter time frames and I don't want anyone to be confused. Overall I think we are in the beginning stages of a large degree C-wave in an ABC correction. I am neutral on the Russell as of now b/c I think we need a smaller degree B-wave up in the ABC pattern of the C-wave itself. Also note that a curved arrow in my chart represents a huge gap that must be filled sooner or later.
Once IWM starts to dip again I am targeting the 123 region in May of this year, price is based on the notion that the large degree C-wave may be roughly equal in length to the initial A-wave and duration may be similar as well, Obviously this is a rough guide and once she starts to bottom we may take note of bullish divergences and/ or volume patterns indicating it may be time to reverse up. Again, I am bullish short term and bearish months out. Please ask any questions and share any thoughts, thanks.
