goodguy

IWM: Elliott Wave irregular flat correction forming??

AMEX:IWM   ISHARES RUSSELL 2000 ETF
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Follow up on my post of 11 days ago. I closed out my short this morning at the open. In EWT there is a correction described (irregular flat) that is an a-b-c-up followed by a-b-c-down to a new low followed by a 5 wave up to usually exceed the previous short term high. The whole formation forming a larger A-B -C. The B wave most commonly exceeds the first wave down by to the 1.27 level which is exactly what we have here. The final wave up of the correction ideally finishes off a .612 correction of the first wave down (which I have labeled 1), In our case there is also an unclosed gap at that level which folks want to seem to close. Of course as always this is just one of many possibilities that are possible. But IFFFF is does happen this way we all will be ready for it. Take care. Have a great weekend.

3x Bear ETF : TZA .
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