Testing weekly structure and a major resistance zone
110$ is a weekly structure and a major resistance zone that $IWM is now facing.
The AB=CD pattern is very close to its secondary target zone (the 200 days MA) but I'm not sure it has the power to get there.
The sentiment in the markets remains bullish and we see a solid price action despite bad economic numbers.
In order to try to trade this bearish potential and still leave some breathing space for the price to fluctuate inside the sell zone, a possible place for stop loss cam be above the 200 days MA.
Tomer, The MarketZone
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The AB=CD pattern is very close to its secondary target zone (the 200 days MA) but I'm not sure it has the power to get there.
The sentiment in the markets remains bullish and we see a solid price action despite bad economic numbers.
In order to try to trade this bearish potential and still leave some breathing space for the price to fluctuate inside the sell zone, a possible place for stop loss cam be above the 200 days MA.
Tomer, The MarketZone
You can follow my blog on goo.gl/e5I2PP
Subscribe to my newsletters goo.gl/A37aEX
Join the Facebook Group goo.gl/MxkFgq
Follow on Youtube goo.gl/eH3WXV
Comment:
Price reacted to resistance zone. I expect continuation although another bullish pullback is possible