themarketzone
Long

The butterfly was deadly, but this Bat may save some losses

AMEX:IWM   ISHARES RUSSELL 2000 ETF
My previous harmonic pattern in $IWM was a bearish Butterfly near the 130 zone.
It took about 2 month for it to break down the 120 support zone and this week it finally happened.

The bears are celebrating while the bulls are bleeding, but the new pattern in $IWM may save some of the bulls losses.
If the price will close above 116$ (probably next week) It may present a short term buying opportunity for a pullback move towards 120

Against my bias, but a pattern is a pattern.
Just manage your risks.

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Tomer J,
The Market Zone - You trading Edge
Visit my website - http://www.themarketzone.net/
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