IWM decision making time the 38 area need to continue being a base for move up (cant sit here much longer)
break 38 likely deeper pull back and more consolidation
IWM trade ideas
Can IWM continue with the upward momentum and fill the gapSPY has been quite strong the last couple of days but the same cannot be said about IWM. However, today IWM was able to follow SPY. Bounced off the 211-212.5 support and ran higher. It could next test the resistance at 220.
The question is, can it fill the gap at 226-230? The answer is not so fast as there are two more resistance above 220 and near/below that gap. The first being 225 and the next being 227.5. Unlike SPY (which has already broken through the last resistance before ATH), IWM has a lot of work to do to even think of retesting the ATH (It is a long way for now).
$spy $iwm Place your betsWE have a legit top in place and it rejected overhead resistance yesterday. Will it follow $spy or will spy follow it back down? Place your bets
Do you feel it?are we seeing a moment of cool down on IWM? if we are this is how i think this thesis could play out like my drawings but if you agree please drop a like!
cheers
IWM time to retrace before going upHello Hello people.
Back with some conviction with this trade. Monthly fib in Red, Weekly in Blue and short term in Pink.
Last time the ride was good upto 222 which I posted last week. Now it's look little overextended and that gives some shorting opportunity.
A safe entry is below Blue fib line 222.40 and there are a lot of places to take profit as down as Blue 23% fib line 217. What's the stop loss probably 224.5
do your DD and good luck.
IWM: See You at Tha Crossroads IWM is at a crossroads. If buyers step in this week they must fill the gap at 228.53 (in blue). 226.67 will be hard, but if they successfully get through and a daily close above 228.53 a run to 240 is not out of the cards THIS WEEK.
IWM short @ 233.61 updatewhile SPXL was dropping I was shorting IWM. I use SPXL for longs only why. Hard to short and what Goes first IWM, XLF .
Look see daily red arrow I shorted IWM 233.61 still short look daily stock rolling me took some profits 233.61 to 212 still shrt
Look weekly rolling up I am still shrt cause weekly has not broke up thro 30% on stoch and daily has 100 200 50 DAY MA BLOCK WALL only way get thru will be gap up but will it hold plenty cushion and have stops in place Notice how the daily stoch with weekly I did not miss the top nor the bottom
Just playing stoch and know where supports are its not hard with wonderful gains its called consistently making money.
IWM, where are you going, will the SPY save you or yourself?tool tip:
Green (open weeklies, from previous and/or past)
Red (Monthlies... * etc)
IWM looking weak, but it might have a chance soon to pop up. but will it save it self or will SPY come to the rescue?
$IWM — Market Forecast 12/18/21We closed out the week with a green candle on higher volume, and while the Dow was dropping.
We have the stochastic moving higher, called a hinge, and the CCI is pointing lower but we have a positive divergence because of the lower lows on price action.
I believe we test the new resistances at the highs from previous sessions.
If the small caps rally this week, it will bring the index right back up to the 20 period moving average, at which time it will act as resistance because of role reversal so we will have to see if we pull back from there but keep an eye on that open gap at 230.
Watch out below if we break out below 210.
IWM short term up and then go downJust to be consistent, when I publish my monthly fib retracement is in Red, weekly in Blue and short term in Pink.
Perfect reversal from 23% monthly fib level and today it has touched 23% weekly fib level and now moving towards 38.2% weekly fib level. In my view if there is a correction before it goes higher from here then that should be helpful for an nice entry for 222.5
Russell, 22 Dec. End of a Gigantic RangeIWM has been in a range for 329 days. It has tested the lower boundary 7 times. Many analysts now believe that 2022 will see a rotation back into value and small-caps, after 2021 was the year of the big tech corporations.
Elliott:
The range makes it difficult to determine a clean count, however we can count 5 waves to the downside in the last swing from 8 Nov. This is important because any complex correction such as the WXYXZ would complete with a 5-wave move, before price departs to the upside.
Oscillators:
The MACD crossover is imminent and the MFI is pointing upwards after a bullish divergence.
Geometry:
Price has reversed on the 50% Fib of the current pitchfork with a typical reversal doji. The next resistance is the pitchfork median at 221, potentially the end of wave (i).
How I trade it:
If we assume that the range is a completed re-accumulation, we can begin to build back long exposure. In Wyckoff terms, we would now be looking for the LPS/SOS stages. If price gives us a wave (i)-(ii) structure (in blue), we will get a H&S pattern that provides a solid bullish setup (long above wave B of (ii)). Support on the pitchfork median and a break of the 20 week MA at 224 would then signal that our assumption is likely correct.
A well-prepared entry is important because price can also exit the range to the downside. The bullish idea is invalidated if price moves out of the pitchfork altogether, which is below 202.
IWM (Small caps) Closed right at resistance Here. IWM has been in a bear trend since early November. Any Green at the open here tomorrow will be a breakout , but we'll need to close above trendline for conformation. Any rejection and we head back to 213
IWM .5% gap on 30m candles via Fixed Range Volume ProfileNot a big deal for investors, but traders should watch this gap where the rectangle is. In this instance it's a .5% gap on the IWM 30m bars showing where price may travel through with very little resistance. If you're a trader this is very important to know.
Sometimes gaps are in plain sight such as this, but other times support and resistance zones can be "hidden" in the price action. This is where "Fixed Range Volume Profile" or VAP (Volume At Price) can really help you see through the data in a unique way surprisingly few people seem to use frequently. It doesn't always work well, just like any other indicator, but it's definitely worth having in your arsenal.
Potential reversal pointsHaving used some Fib retracement tools and with the help of trendlines I have found these potential reversal points/areas.
Leading Indicators are still BURNTQuick update from two weeks ago...
Watching the White/Red lines
JNK failed the reversal attempt to break above resistance;
DJT closed just below support;
Russell2000 closed last week at support;
Value Line has not yet broken down;
TIPS reaching support, may break but not yet;
TLT just above the breakout support;
VIX already gapped up pre-opening; and
S&P futures ES1! following through downwards rather significantly pre-market open.
Most MACD are aligned.
Indicative downside bias...
Staying shrt IWM @ 233.61Lets look at daily stoch red is where I shorted the daily heading down that why. Know lets look daily stoch today and look at bottom green arrow. Look at the bottom BB line on bottomed and sideways, Know looking possibly a bounce back to 200 day 225 Will watch may try get it.
the daily broke the the 100 day 200 day 2 x . Look at vol more red selling then buying.
2nd reason shrt is the weekly heading china trend is down.
233.61 to 212 nice shrt only few shares left.
Comments welcomed.
IWMLooks to me that MM has been running a distribution campaign for nearly 6-7 months now and I expect this to fall to $209. It also failed to hold the Daily channel. I expect this quarter to be an outside quarter...I am very bearish on this ticker. $197 is my target but I will take $209 this December.
Rolling: IWM January 7th 222C/232P to January 28th 219C/231P... for a 2.61 credit.
Comments: Rolling my January 7th 10-wide inverted short strangle out until after the holidays to a 12-wide, but improving the short put strike a smidge. Total credits collected of 16.48, so I'm functionally long the 231's with a cost basis of 231 - 16.48 = 214.52. Put another way, my share price break even is 214.52, so I'll need movement above that level to have it work out.
Closed: IWM December 31st 213/230 Short Strangle... for a 3.37 debit.
Comments: I received a total of 4.98 in credits for the original strangle plus adjustments. (See Posts Below). Closed it out today via order to take profit equal to what 50% max of my original short strangle was. 4.98 - 3.37 = 1.61 ($161) profit.
Closed: IWM December 23rd 222.5/224 Short Strangle... for a 6.39 debit.
Comments: Collected a total of 8.10 in credits for this for the original short strangle plus credits received with various adjustments. (See Posts Below). Closed it out today via good until cancelled order to take profit at what was originally my 50% maximum for the original short strangle. 8.10 - 6.39 = 1.71 ($171) profit.
IWM found the correction bottomIWM coming in with the h on the a trendline support. The h is a pattern that is bullish. IWM touched the .786 fib and took a breather intraday. It is likely to keep going higher, watch 224ish. The RSI is also in a good spot with the trendlines ready to breakout of the downtrend. Looking bullish
