Head and ShouldersIWM appears to have broken the neckline of a head and shoulders pattern, consolidated in a horizontal trading range, or a rectangle, and has broken the support line of the rectangle.
Massive negative crossover of the longer term moving averages at about the same time price broke the neckline. On the Cloud, below, the Tenken crossed through the Kijun at the same time.
This is almost a "reverse" of a Parabolic Arc but to the downside as the candles are almost straight down. It would seem selling pressure would ease soon, but the market seems to be in panic mode. I figured out a long time ago that Mr. Market does not do what I tell him to do )o:
Price is under the Bollinger bands set on 80 showing an extreme oversold condition. RSI is also oversold. These conditions can go on for extended periods of time.
I scanned the chart and there are no rising wedges left in this chart to be broken. The ones that existed have already corrected.
This chart is not trading like QQQ and SPY which are very similar to each other. I am assuming this will go down with the others though, so I will mark short but maybe a bounce very soon.
No recommendation
I doubt our prior president is enjoying this, but he may be saying "I told you so". I do not think Xiden cares and his group probably sold out a while back.
