IWM: expecting some up action with the Russell 2000Intermediate up trend broken broken on the dialy log chart. Have a gap to close above. Of course not sure how high it will go before the next fall.
Russell2000
Russel 2000 - US2000: Upside Coming SoonWatch the bottom of that triangle formation for the upside move.
$DJT ($IYT) leading $RUT ($IWM)?#Russell seems to have made a top, transports following (small) industrials first? #Dowtheory
IWM 3 wide Iron CondorSold an Oct IRON condor on IWM today after taking profits on my Sept IWM IC for 35% max profit. 3 point wide on the wings here with hopefully enough cushion to make Jenifer Lopez jealous. 1.18 in credit for the option.
VIX IS BREAKING OUT BIG TIMEPlaying it on the long side! Shorting stocks seems to be the way to go for the coming weeks.
Relative Value TradeShort Russsell2000 Index Futures and Long SP500 Futures in search of convergence in valuation, due to worse performance of small caps relative to big caps in environment with increasing interest rates.
Extremely narrow BB on weekly. Signal of a big move possibly.$RUT $IWM $SPY Guessing this resolves to the downside.
Russell 2000: Small caps can outperform nextI'm looking at $RUT / $IWM here...The chart is setup in such a way that we could a massive breakout and a strong rally going forward. Downside risk is quite small, and if conservative, we could aim to risk 1-3 average ranges down.
Best of luck,
Ivan Labrie.
NOW THIS IS OVEREXTENDEDThis chart is based purely on technicals from the crash in '87.
I'm amazed how consistently markets "mean revert".
With no consideration of fundamentals, I think the over extension is happening because of the over correction in '08.
No matter how you look at it though, the next crash will be bad regardless of when it happens.
DON'T BE AFRAID OF ALL TIME HIGHSNice bull flag forming on weekly chart of IWM. Confirmation above $140 = new leg up. This is a long term trade. Don't watch it everyday.
Russell 2000 3 Day StudyPlease reference image.
Current candle closes below trend and below Bollinger Band basis. Suggests futher downside. New candle tomorrow.
IWM: stopped out. now what?Sometimes after a very strong upswing (EWT speak "impulse wave" often wave 3 of a move:see daily) the final move up doesn't amount to much (exhaustive "5th" wave). Although uncommon it is composed of 3 overlapping waves (sort of like the diagram on the 120 min.)
We are still in a uptrend but it appears to be weakening. We have a bearish divergence in the daily RSI but a positive reversal in the 120 RSI. So shorter term oversold.
So I favor we sill likely have a bounce up here perhaps form a double top on the 120 min or even minimally go to a new high. Should be a good set up for a short position.
IWM: short term follow up. Still may hit target.3 weeks ago I suggested a target of 143.5-147.(see link below) The most recent price action looks to me like a expanding triangle. I called it a way ".4". If my analysis of the form is correct it should not overlap wave ".1" high of 136.97. The low today was 136.99. If wrong I will use the stop of 136.95. If right we should soon see more thrust up followed by a longer term correction.
IWM: Working on a target. I was happy to see IWM break up. (see link below). Looks to me the 143.5-147 level is a reasonable target. Feedback always welcome. Have a great week.
