$IWM Major bottormAs you can see the market has been slowing plattoing at this area, while AMEX:IWM has been underperforming AMEX:SPY and NASDAQ:QQQ , there are 2 different scenarios that can play out.
1. Either this will break the major lower grey trendline and look like HSI:HSI , which means that the whole US market will enter a massive long term recession.
2. Or market reneters an new era of this 3-4 year bull market where the AMEX:IWM severly outperfoms the MEGA 7.
Now why is 2. the most probable. Because of basic EW pattern , trendline major support , volume building and that all major index funds are in the process of breaking out.
Now the big question is whether this is the best price you will get , or more techincally, whether we are going to get another touch on the lower major support trendline before starting the new 5 wave pattern.
As you can see from the white paint on my chart(yes i am a painter), we can see that supports on that line only come on the major EW pattern, therefore the next lower high will not be on the lower trendline, but just one above as shown at the foreshadowing EW i have on the graph.
thanks for reading
