IWM: $252 comes over the next 3 Weeks!V recovery to start tomorrow. We took off the first 2 of 3 legs at over 200% each. Loaded back on Thursday for end of December. Oh Yeah we're ready for 252.
IWM trade ideas
IWMIWM coming to the area of support. It is doing a retracement to the golden pocket on the fib. If your looking for a bounce it would be the support zone.
IWM 11/22 fell through the wedge/flag it was forming but more importantly Closed right at support.
Going into Monday we really do not want to see a drop below 232 because that would signal that we're heading back to support #2 at around 229.. Noticable was the increasing volume of selling .
Small caps, Cyclicals , and reopening took a hit last week. It started with a pullback that then increased with news of covid cases on the rise and foreign lock downs. Any news that negatively affects job outlooks will effect IWM first. The Dow Jones is near significant support and the Nasdaq is near significant resistance. we may see some rotation out of tech and back into small caps and and Cyclicals by late Monday or early Tuesday. If we close below 232 monday then we'll be headed back to 229. I'd we bounce at 232 I expect a rally up to that purple resistance i outlined which should be around 236.
IWMLast week was a depressed week for small cap investors with a lot of stock reaching extreme oversold conditions not seen since the subprime crisis. The volume was also very low, which leads me to think that it was a possible tax selling reason. With the small-cap index pulling back to test the support zone previous resistance area, we might start to see next week the first signs of a rebound.
$iwm - flagging towards breakout area - Boom or Bust?IWM - I see us in a wave iv dip buy zone as we speak, but we are nearing invalidation. As of now IWM appears to be bull flagging and we should see a breakout early this week. On flag breakout PT will be 250 above. If IWM fails and breaks down look out below.
Conservative play here is to wait for flag breakout to go long - or if you are in - hedge appropriately
IWM - Doesn't Get More BearishJust another bearish post. All three of my regular indicators are now pointing to $IWM taking a dump.
Bollinger Bands, IWM is below the 20 DMA.
Stochastic flashed a bearish signal a few days ago, and is heading to oversold territory.
MACD crossed said to sell on Wednesday.
A contrarian investor would say its a good time to buy though. Persoanally, I'm selling call spreads for Dec expiration.
20 year elliott wave analysis ($iwm)someone asked me this evening if i thought iwm was in a phase of distribution right now- so i decided to take a deep dive into the entire history of this chart, and here's what i've come up with.
no, i do not think it is in a phase of distribution, instead it actually looks like a massive bull flag - in elliott wave theory terms, i'll call it a double or triple three - hard to say for now, since it is only halfway through this flat corrective phase.
my low ball long term upside target for iwm is at $335, high ball would be $375
this is in confluence with my 12 year spy analysis, you can view it down below:
ps. flat corrections can take a really long time to resolve, so i'd wait for a definitive break out, and a retest of the entire channel that it's in right now before attempting to play that upside swing.
Opening: IWM 213/250 Short Strangle... for a 3.22 credit.
Comments: Selling the 16 delta strikes here. 3.22 credit on buying power effect of 30.13; 10.7% ROC at max.
IWM WAVE 2 DOWN IS ENDING NOW BUY CALLS IN IWM FEB AT MONEY We just pulled back to a .618 of wave 1 of 5 up if the wave is bullish . stop 2 point below todays low best of trades WAVETIMER
IWMsmall caps seem ready to boost higher after this pullback. If it maintains the support it just did this would be past resistance acting as support and we'd be en route upwards to 270 for IWM.
IWM WAVE 1 OF 5 ENED WAVE 2 ENDING SOON I had posted that the iwm was ending wave 5 or it will be wave 1 of 5 in supercycle blow off we will see soon as nysi had stopped at the 500 area and if this is wave 2 then ALL ASSETS WILL RALLY TO NEW HIGHS .After which another pullback for wave 4 then a final 5th of 5 to end super cycle wave III OR V MARCH 2020 LOW IS STILL BEING LABELLED WAVE IV .ONCE we end this next wave up I SEE A MAJOR CRASH AND DECLINING WORLDWIDE TILL OCT 2022 THE 10 AND 20 YEAR CYCLE LOWS .BEST OF TRADES. WAVETIMER
IWM falling wedge formed a falling here since the pullback from ATH.
Bounce today off support and we could either head to resistance at 238 and breakout or fall back to breakout area at 234.50 (Whiteline)
chasing the radiusLooking to bounce, then possibly up or a downward break to 220s. Macro conditions need to be reassessed when it touches the radius. Recent trend is steep upward movements on contacting the radius.
IWM: The Ripper Weekly LookIWM will be ready for the next leg up later this week. Stay patient. Once clear of $241.57, looking to get back to ATH. Most likely will rocket through it.
$IWM - countI believe IWM is looking for this wave iv bottom (or already found it). Don't like price action and weakness from Friday, this is the one signal that makes me think we could flush again early next week. IWM was weak - so was the other index movement just a pump?? We will see very soon...
Either way bulls - green path
Bears - pink path and we go lower to find that iv
I STILL LIKE THIS TO GO MUCH HIGHER OVER NEXT FEW MONTHS BUT EXPECT SERIES OF 3'S AND 4'S === CHOP CITY. SWING TRADER DREAM IMO
Possible 5th Wave Extension?With Wave 3 not being very extended in the relation to Wave 1, it leaves the door open to extension in Wave 5.
IWMIWM now looking to do a potential reversal. We have a reversal harami candle pattern on the daily. I could see it reverse as soon a tomorrow. A break above 240.34 can easily take it to it's ATH.
IWM, next leg downThis is a 1 hr chart so we'll know by 2 o'clock EST whether we break up or head back to 234.
IMO we head lower
IWM - PullbackWay overbought, buyers drying up. Time to take profits.
There are some unfilled gaps, my guess is that they will.be filled quickly.
IWM Bear flag Pull back starting here for mid and small caps.. There seems to be a lot of profit taking going on for The infrastructure plays (Metals,Evs,Clean energy).
We broke out of a year long consolidation at 233.95, but the trendline that we rode to ATH has been broken. I think this bear flag will bring us down to retest this breakout.
Also alot of these Small caps are tanking on earnings
Rolled (Margin): IWM December 17th 207 Short Put to 232... for a 2.52 credit.
Comments: This is the short put aspect of a short strangle that I rolled up to reduce directional delta in the setup. The oppositional side -- the December 17th 242 short call, has a delta of around -52, so I rolled the short put up to the +25 delta strike to cut net delta of the short strangle in half or so.
The original short strangle was filled for 3.09 (See Post Below), and I had a take profit target of 50% of that or 1.55. Since I've collected an additional 2.52 in credit with this roll, I'm revising the take profit to 1.55 + 2.52 or 4.07.
IWM: The Ripper Weekly LookSame as the rest of the market: Pullback to the 8D, then continue the rip. Confluent with backtesting the breakout area from last week.
