MagicPoopCannon

Sharks Circle The Wounded Russell 2000! (IWM)

AMEX:IWM   ISHARES RUSSELL 2000 ETF
Hi friends! Welcome to this update analysis on the Russell 2000, via the IWM             ETF! Let's get right to it! Looking at the daily chart , you can see that the Russell continues to form the right shoulder, of the primary head and shoulders pattern (in red.) Inside of the right shoulder, you can see that we're printing yet another head and shoulders formation (in blue) increasing the likelihood of a technical breakdown, which would produce a test the neckline of the primary head and shoulders formation. Such a move would complete the right shoulder, thus increasing the likelihood of a breakdown from there. The past two sessions have been bullish , each printing closes above the 50 EMA (in orange,) but the overall picture remains bearish .

On the MACD , there has been a bullish crossover, but we are still below the zero line, and volume has been declining on the chart. The declining volume is a sign that investors are moving to the sidelines, as they wait to see who this formation resolves itself.

Trade war tensions, an increasingly hawkish federal reserve , rising inflation , a flattening yield curve, and a technically overextended market, are just a few of the fundamental reasons why this market is showing signs of exhaustion. The overall formation here looks like a top is forming in the market, but even if we see a breakdown from the primary head and shoulders pattern, the IWM             could hold support around the 135 level, thereby defining the bottom of what would be a rising uptrend channel . I say "would be" because the black trendline on the bottom of the channel is only projected from a single low. So, technically, that trendline doesn't even exist yet. I just have it on my chart to show where price could find support, and still maintain a parallel uptrend channel . In case you are wondering, the upper black trendline has multiple touches, and the lower black trendline is a clone of it.

For now, I will be watching for a reversal in the near future, which causes the head and shoulders patterns to complete themselves. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-Magic loves you-

-JD-
Comment:
These are the times when peace of Christ becomes more valuable than anything else. WW3 - Bitcoin will collapse, No WW3 - Bitcoin will be King. Stocks and US economy will collapse in either case. Ladies and Gents! Make your bets. You guys still have time to accept real God Jesus. Whoever deletes this comment will be judged directly by the Lord. God bless you!
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bkprofits venturetrade
@venturetrade, I'm confused at what you're trying to say. Please elaborate.
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venturetrade bkprofits
@bkprofits, I understand you are confused and now is not the time to explain everything. All you need to do is to pray to Jesus and tel Him you accept Him as your God and savior and you are sorry for being ignorant and deceived by the world. He will take care of the rest. God bless you brother! You will thank me for this message for the rest of eternity. Peace!
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bkprofits venturetrade
@venturetrade, I am a Christian already. I just don't understand what you're saying about the whole WW3 thing.
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venturetrade bkprofits
@bkprofits, Even if you are again tell Him you did not live as He directed to us and did not take His promises serious. Now you do and ask Him again. US, France and UK are about to bomb Syria and Russia said it will take them out. That's the news, Russia is a nuclear power my friend and Putin has the means to do what He says. And all this is in the Bible Prophecy about the Mystery Babylon, ISIS which is Satan and the ancient Egyptian goddess same thing who hijacked the power in Washington after George Washington death who was a devout Christian. He was not without flaws like all of us but He believe in true God.
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bkprofits venturetrade
@venturetrade, How do you know I don't live according to the Bible? Are you assuming?
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venturetrade bkprofits
@bkprofits, If you do God bless you brother! I know I did not I walked by homeless people several times, judges others, fornicated. That's why I need forgiveness.
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Thanks for continuing to post IWM & SPY
+3 Reply
@steved4545, Thank you for your kindness. Good luck friend!
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