AMEX:IWM   ISHARES RUSSELL 2000 ETF
165 7 1
Weekly view see daily chart as well
JCrusadr
2 years ago
In conclusion, you feel the megaphone shape moving forward is not good in the near term?
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KLang PRO JCrusadr
2 years ago
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.
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JCrusadr
2 years ago
I agree that in the long term it will go higher ... but all the IWM charts except the weeklies point to a down day on monday.
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KLang PRO JCrusadr
2 years ago
I don't follow indicators. I follow price patterns. Indicators are the last thing I put on a chart - and often don't put them on at all.
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ricastein
2 years ago
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.
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KLang PRO ricastein
2 years ago
Price and price patterns are the same thing in my mind. Candlestick analysis falls into this category. My point is I follow price, not indicators.
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ricastein KLang
2 years ago
Well, thank you for taking the time to consider my additional analysis. Good luck with your trading.
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