FractalTrader
Long

IWM short term bullish

AMEX:IWM   ISHARES RUSSELL 2000 ETF
80 0 1
It's easy to be bearish IWM             given the underperformance relative to SPY             (and nearly everyone is), but a look at the short term trend shows a break above the falling price channel , and prior channel resistance is now acting as support. Two attempts at the 115.72 level, where a change of price trend is confirmed, have failed. There is no such thing as a triple top, so they say. Three times is a charm. Long setup on a 3rd break of 115.72 to the upside. Target of 117.50, marking the beginning of the falling channel , or a trailing stop. Stop placed below the last swing low at 115.29.
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