4xForecaster
Long

Hit First Target; Nears Second Target Per Forecast #Russell2000

AMEX:IWM   ISHARES RUSSELL 2000 ETF
337 2 7
Friends,

This past June 04th, I released three forecast targets, namely:

1 - TG-1 = 115.52 - 04 JUN 14
2 - TG-2 = 117.83 - 04 JUN 14
and
3 - TG-Hi = 119.72 - 04 JUN 2014.
(See recent analysis that generated these targets here: https://www.tradingview.com/v/u9vjhOvL/)

As of today's close (Monday, 09 JUN 2014), the first target got steam-rolled then used as a springboard (pink arrow) for further advancement in price action.


TECHNICAL OUTLOOK:

Outlook remains intact as price action is now eyeing the second forecast target @ 117.83. As indicated before, the extreme forecast (TG-Hi or TG-Lo) typically refer to lesser probabilities, which if reached, tend to act as significant counter-trend or reversal price points.

The escape velocity that propelled price towards the first target should remain in force, indicative of a Wave-3 anatomy in Elliott Waves parlance. If indeed TG-Hi imposes a significant resistance, then the EW pattern trader might potentially see a A-B-C retracement pattern back towards the GREEN dashed bullish trendline , which price used as its launchpad.

Cheers,


David Alcindor
Predictive Analysis & Forecasting


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Twitter: @4xForecaster
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14 JUL 2014 - Update:

From Twitter:

"$IWM - All targets hit; #Russell2000 Reversed at forecast TG-Hi; Bearish outlook; New targets pending; stay tuned "

snapshot


David Alcindor
Reply
21 JUL 2014 - Update:

From Twitter:

----------------------------------
$IWM hit all prior targets; Reversed at forecast high; bearish signal confirms further donwside:

snapshot

via @tradingview
----------------------------------

David Alcindor

PS: Link to original chart and forecast:
-
#Russell2000: Forecast Targets In Decreasing Probability Order
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