goodguy

Possible bearish play this week in IWM

AMEX:IWM   ISHARES TRUST RUSSELL 2000 ETF
IWM
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2
iwm
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 : RWM
2X bear ETF TWM
3X bear ETF: SRTY

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