TNasr
Long

IWM is looking good

AMEX:IWM   ISHARES TRUST RUSSELL 2000 ETF
From the completion of the late January to mid-March A-B-C correction until present IWM seems to be in a classic impulsive 5 wave bullish formation with the fifth and final wave already in progress. If we operate on the standard premise that the fifth wave will most likely be equal to length to the first (displayed by two vertical rectangular shaded boxes) then that would imply a target for completion of the fifth wave of roughly 173. Probability wise a Wave 5 is 70% likely to extend to the 61.8 - 100% of the trend based Fibonacci extension on the chart- this implies a value of 173.65 - 180. One way or the another IWM seems like a great play over the next two months, just watch closely once we pass the 170 mark. Good luck.
Comment: At 169.5 we are currently slightly above the 0.382 Fibonacci (169.3), should we break above it by more than the current level (.20 cents) preferably impulsively and/ or on good volume I am looking to the 0.618 as the next line of resistance and expect to reach it.
Comment: Thus far the 0.236 Fibonacci is the next line of support which has held today by 15 cents! I cannot speculate on what will happen day-by-day but even if we dip further the overall set up is still in play and my upside target remains the same.
Comment: Target reached today within 20 cents, lets see what the next few weeks bring.
Comment: The median of the target sell range hit perfectly today. There is a 70% chance IWM will top out in b/w the 61.8% - 100% Fibonacci levels (173.65 - 180.68) in the rainbow colored spread above.

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