116 4
IWM sold off on Friday with heavy volume however it did
not break a prior buy area on the sell off. I will only enter
below the fractal shown as this area is where bulls defended
this support area in the past. My target is the 108 area and I am
using deep in the money puts with a 80 delta.
In the old days, we'd call this a "BULLSEYE" forecast!
Well done!
we have had 3 failed highs and now since March along with Fridays candle with heavy volume selling. With this breakdown and weakness in the Q's we are going to need some wonderful news for the market to thrust it higher IMO
Price action dictates that it's more likely we will bounce two more times before we either have a massive breakout to new highs or break down back to 108. We'll go back to retest the 116.50 support line from this area of major support before coming back down here. If we pass the third test at ~113.60, we'll go to new highs; otherwise we're going to head back down to 108.
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