FractalTrader

possible downside swing trade setup in progress

AMEX:IWM   ISHARES RUSSELL 2000 ETF
45 0 0
There are lots of "IFs" associated with this, but the characteristics of momentum on 15m chart point to a likely 3rd wave. This count will be confirmed by another wave down, after a typical retrace to the prior wave 4 area. If another wave down does occur, creating a 5th wave, and if the entire structure off the high is then retraced 50% or more, then a nice risk/reward setup for another leg down will be in place.
Stated perhaps an easier way is that each of the 3 blue arrows on this chart should happen in order before a swing trade manifests.
This setup is more likely to occur on monday or tuesday, if at all.
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