Downside short-term target for IWM

Target at red box.

It composes of S2 weekly pivot, yearly pivot P, TD Trend Factor 0.8423 of the high and previous supports.


Good luck trading!

Trade closed: target reached:

Our target has been reached.

I am now looking for a wave 2 bounce.

Comment:

Still anticipating a rally to the Yearly Pivot before the next bear move, in other words we are still in Wave 2 of 5 (or B of ABC).

The target for this rally is trend factor calculated using the lowest low 144.7, which is right at yearly pivot. However price may turn over at any point from the 50% retracement.

That's my outlook on IWM. Below is updated chart. Good luck trading!

Comment:

Guys, if you are still in your short, I would highly recommend to be careful, if not try to close it, or at least reduce short exposure due to the candle today being very bullish imo. I will have this message spread across my ideas so people get alerted

Comment:

We are on our way to wave 3, which is usually very impulsive. A short here is really safe.