If you focus on the action from Nov. 2, 2015 it looks to me like IWM
is in a 5 wave down pattern. (If interested how this fits into a longer term pattern you can review my other post from this morning). After a rapid drop
(labeled .3) often there is a consolidation (flag, or triangle) before the next move down. It seems possible we are forming a contracting triangle. If we do get one more bounce up I will short at .e with a stop on a move greater than .a. If this works out my target zone is indicated on the daily chart
. Have a great Sunday and good trading to you next week.
1 X bear ETF
2X bear ETF TWM
3X bear ETF: SRTY