IWM going into tomorrow my overall bias would be bearish.
- There is a break of the upward trendline which price has previously respected 3 times.
- Looking at the EMAs they have also crossed signaling the start of downtrend.
- Starting to reject the highs on the daily forming a triple top (this can also be simply a pullback for a continuation higher but my overall bias does not align with this as on the hourly we tested it twice and failed to break higher)
I would like to take entry at the break and retest off a key level. i.e. S/R, PML, PMH, Previous session low, or a bounce of this downward trendline I have drawn. We failed to break ATH so we are coming back down to grab some liquidity at the lows.
Targets:
249.82
248.68
247.45
245.40
Idea is invalid if we reclaim this upward trendline (holds above 251.23)
- There is a break of the upward trendline which price has previously respected 3 times.
- Looking at the EMAs they have also crossed signaling the start of downtrend.
- Starting to reject the highs on the daily forming a triple top (this can also be simply a pullback for a continuation higher but my overall bias does not align with this as on the hourly we tested it twice and failed to break higher)
I would like to take entry at the break and retest off a key level. i.e. S/R, PML, PMH, Previous session low, or a bounce of this downward trendline I have drawn. We failed to break ATH so we are coming back down to grab some liquidity at the lows.
Targets:
249.82
248.68
247.45
245.40
Idea is invalid if we reclaim this upward trendline (holds above 251.23)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.