Hi all, this morning I want to make a post on IWM, one of my personal core holdings. For those who do not already know, IWM tracks the Russell 2000, which is a collection of the top 2000 small-cap US equities. Fundamentally, we are beginning to see default rates jump within smaller companies and poorly equipped balance sheets not being able to handle the...
After a clear 5-wave move to the downside, establishing a bear market, we can see a three wave ABC corrective move to the upside. Trends can easily be defined as having clear swings with minimum overlaps, which is shown in the 5-wave pattern here. Corrective patterns generally have many overlaps and less clear swings, as can be shown by the ABC move. I see this...
Utilizing retracements, fib extensions, elliot wave, and the RSI we can see that the total market cap for cryptocurrency will likely continue in a short term downward trend. This will likely result in hitting support between roughly 1.59T and 1.55T. Also waiting for bullish divergence, likely to see this in the coming days. As a result, I am bullish for my...
Appreciate any feedback. First post so thanks for the likes and comments.