RUSSELL 2000 failed breakout and consolidation We are back in this blog space after a couple of days holiday. The RUSSELL 2000 ETF AMEX:IWM failed at the same price point which it failed back in Nov 2021. It seems Price having a memory. It failed at the same price it failed in Nov 2021. After it failed from the top on 16th Dec 2024 it has recently retraced back to the 0.236 Fib retracement level @ 2237. It has been consolidating at that level and if it breaks down then the next support is @ 2167 .
Before the AMEX:IWM breaks out form this pattern it has to complete the wedge forming consolidating pattern. In my opinion the direction will be decided by the TVC:US10Y . As long as the TVC:US10Y stays below 4.5% the AMEX:IWM can consolidate here and then my break upwards as long as the bull market remains intact.
Direction of AMEX:IWM will be determined by TVC:US10Y
