Hello Klang. If you would like to look at a monthly chart of IWM, and place a horizontal support line at 107.27, you will observe the monthly candle of 10/31/2014 is (as Wyckoff teaches) a spring. A monthly spring which closed at the high of the bar, and volume was the highest it's been since 2011. Please notice also, that since the monthly bar of 11/29/2013, for each effort that IWM made to go down, it promptly recovered from support at 107.27ish. Also, if you would please pull up a weekly chart, and draw a horizontal support line at 114.55ish, you will notice this last weeks bar is a weekly spring, which closed at the high of the bar, also with accelerating/good volume. And also, on the monthly chart, you will notice that last month's bar was a doji. If IWM closes the month at the high of it's bar, this will be a "doji sandwich" and portends that the follow through bars will go at least the distance of the 10/31 bar. Price patterns are good, but, I believe, reading what price and volume are also telling us can't hurt.
Not at all. I suspect price will hit the upper t/l which coincides with the blue trendlines that trace out the weekly formation. I'll play it to that point. Overall, both patterns seems encouraging for a good 2015 for IWM. But the Blue pattern took a full year to trace out - no telling how long it will take to fulfill should it confirm.