themarketzone
Short

Testing weekly structure and a major resistance zone

AMEX:IWM   ISHARES RUSSELL 2000 ETF
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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Comment: Price reacted to resistance zone. I expect continuation although another bullish pullback is possible
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