IWM: Move on up!
Jan 9
IWM came out of the bearish wedge I referred to yday. It is possible that we might get only a shallow PB before another attempt to 144-145 where it might fail for a deeper correction. For now, 139-140.8 is support lets see what happens there.
Jan 10
Comment: I threw the idea of a shallow PB . Perhaps thats all it is Almost touched support. Similar pattern to ES. Out of the bearish wedge . I think the 145-23 area is a likely target in ST
Jan 15
For now, IWM has pretty much traded sideways as it has butted up against resistance. The 145.23 area has still eluded IWM but I feel that is likely to be hit today or tomorrow. Staying above current levels also opens up the 147 area. A deep PB should find support around the 138 area to begin with. That is still a time away so when and if we come to that I will update the support area .
Jan 19
We did not break the 142 area and as suggested we are now butting up against the 50% FIB retracement. Like the other indices we are on a tear and I believe, that we are likely to hit the 150 area before a PB. Given how these markets are behaving, there is a possibility of the 154 level too.
IWM came out of the bearish wedge I referred to yday. It is possible that we might get only a shallow PB before another attempt to 144-145 where it might fail for a deeper correction. For now, 139-140.8 is support lets see what happens there.
Jan 10
Comment: I threw the idea of a shallow PB . Perhaps thats all it is Almost touched support. Similar pattern to ES. Out of the bearish wedge . I think the 145-23 area is a likely target in ST
Jan 15
For now, IWM has pretty much traded sideways as it has butted up against resistance. The 145.23 area has still eluded IWM but I feel that is likely to be hit today or tomorrow. Staying above current levels also opens up the 147 area. A deep PB should find support around the 138 area to begin with. That is still a time away so when and if we come to that I will update the support area .
Jan 19
We did not break the 142 area and as suggested we are now butting up against the 50% FIB retracement. Like the other indices we are on a tear and I believe, that we are likely to hit the 150 area before a PB. Given how these markets are behaving, there is a possibility of the 154 level too.
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