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mak337

$IWM retrace to $177.60

Short
iShares Russell 2000 ETF (AMEX:IWM)  
mak337 Updated   
AMEX:IWM   iShares Russell 2000 ETF
Wave Analysis
1
0
waveanalysis
Wave 4 and Wave c of 4 converging around $177.60.
Comment:
$IWM wave 3 hovering at the 1.618 extension of wave 1, which coincides with the top of a 20 yr channel. If the channel holds, wave 4 correction should be imminent.

snapshot
Comment:
$IWM is a fat, juicy pig right now. And I am HUNGRY.

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Comment:
So far, so bad! Added a few more long dated puts on the chance this is a blow off. But the daily candle closed right at or a few pennies above the 20 year trend line, and above the 1.618 extension of my mini wave 3 target. If it's going to the next fib, then I'm SOL.
snapshot
Comment:
Adjusted count. New price target for extended wave 3: $193.38. I think it has one more gasp up to hit 0.618 of wave 1 + wave 3.

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