goodguy
Short

Update of my IWM count and target.

AMEX:IWM   ISHARES RUSSELL 2000 ETF
IWM
71 1 0
iwm
There has been mostly sideways action since my post 10 days ago. This leads me to believe that likely wave 4 will be a contracting triangle which is a fairly common occurrence. Notice how there have been a series of negative divergences since the "TOP" in the 120 min. RSI . However often there is a bullish divergence in this indicator between the 3rd and 5th waves. We'll see. My personal target at which I will be taking partial profits (IF this all plays out) is around 105 to 106 (see target box). This level is based on 3 ideas: First this is at the lower end of a nice channel. Second often wave 5 has a Fibonacci relationship to wave 1 (vertical solid arrows on the 120 chart). Third the height of a contracting triangle often relates to the final move (dashed vertical arrows on the 30 min chart). All three go to a similar level. IFFFF my major count is correct there would next be a more extended side ways action. IF however this is just wave 1 of (3) then there would be shorter correction with a MAJOR swift fall after that. Enjoy the holiday. Good luck in your trading. Goodguy.
Correction: In the above discussion negative " divergence " should be negative "reversal" .
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out