Potential reversal pointsHaving used some Fib retracement tools and with the help of trendlines I have found these potential reversal points/areas.
IWM trade ideas
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
IWM support defendedToday IWM dipped once again into the support zone.
This zone has been defended for over a year now.
Every time we come down here, price rejects and run towards the upside of the channel.
For those who trade rangebound, this is a great R:R trade !
IWMFailure of that 210 range could start an ABC style correction down to the 195 range. Possible support at longer term AVWAP.
IWM IWM monthly candle study. Each red arrow marks a month where close was 10%> below high of the month. Not a pretty picture.
EW wave count on IWM Good luck counting waves on this mess .... anyway here is my take: looks like we are in wave 4 and expect more downside pressure until year end then on January wave 5 rally into the summer !
wishful thinking ??
$IWM target 201$IWM target 201
Still in the neutral zone, with technicals pointing down.
Let me know your thoughts and what you guys are doing.
Have fun!!
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I usually trade both ways, but lately I’ve been focusing more to the downside because of how high the market is. It makes more sense to sell puts right now, and I’m usually at Target 2.
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I am not your financial advisor, but I will happily answer questions and analyze to the best of my ability but ultimately the risk is on you. Check out my ideas, but also do your own due diligence.
I am not a bull. I am not a bear. I just see what I see in the charts and I don’t pay too much attention to the noise in the news.
Very often you have to look at my charts from the perspective of where I’m looking to sell puts. But I also do open positions still once in a while.
If you want me to analyze any stock or ETF just leave me a comment and I’ll do it if I can.
Have fun, y’all!!
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IWM Get Through and Possible Double TopIWM can create a lower high low with a move to hold 220 tomorrow. Has some work to do to get over $227, but if we do it can gap fill to 228.54. Lets see if they want to double top IWM.
IWM Dec 13thPossible BTD play to ride it back up towards top of weekly bull flag resistance & gap fill
