AMEX:IWM   ISHARES RUSSELL 2000 ETF
259 8 2
Looks like a Diamond. Not confirmed. Measured move noted.
GMOTruths
2 years ago
What do you need to confirm? More candles narrowing? (I'm asking because I don't actually know).
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claydoctor
2 years ago
breaking below 114 might do it, ???
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KLang PRO claydoctor
2 years ago
Yeah, breaking out of it, either direction. Really tough market right here. I'm having better luck playing intra day patterns.
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claydoctor KLang
2 years ago
I agree, the consolidation patterns are everywhere, so a single stock day trade may be best for now, until some of these triangles break at apex or before. (I think this week - maybe), earnings season has been poor. But currency devaluations, and rate reductions are rampant too. wow, what a time this is.
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GMOTruths claydoctor
2 years ago
The pattern is bearish, but it's not cutting the neckline; not cutting the Right Shoulder. It might retrace Monday or the momentum could continue downward.

Other correlations are the price of oil and the dollar index.
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KevinT
2 years ago
Hi KLang.
Like your analysis. But isn't a diamond both bullish and bearish depending on the direction of breakout? With break through top or bottom as confirmation?
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KLang PRO KevinT
2 years ago
Yes. A diamond can break either direction. It looked like it would break to the downside last week. It can be a reversal pattern OR a consolidation pattern.
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GMOTruths KLang
2 years ago
So we got a break to the upside, and then some last minute downturn and panic reflected in the VIX. What's your take on that?
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