CosmicDust

IWM update - closer to support level - 8/24/2015

AMEX:IWM   ISHARES RUSSELL 2000 ETF
IWM
33 2 0
iwm
It may overshoot to the downsize (see blue support line, $105 level). That does not matter as we know if the rebound comes, the RSI and price will have turn direction to the upside.
If the market continues to drop (below your blue line), where would you put the next support level? Curious to know what points you would employ for a line of support (swing highs and lows, or trend line, or whatever you use).
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CosmicDust MichaelRudelich
Good question. I think if it loses blue line, next major support is the line that links 2007, 2011 and 2012 highs, roughly $86 level. (the thick red line on the following chart).

snapshot
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