claydoctor

IWM HS forming or follow down trend channel for the summer?

AMEX:IWM   ISHARES RUSSELL 2000 ETF
22 3 1
IWM             forming HS? If yes, it is a very sloppy trend toward the right neckline, if it is that. Could simply be the downtrend channel for the summer.
Interesting, I came to the 116 target by an entirely different means, using elliott wave analysis. Maybe there's something to this, but when I applied the H&S, the neckline was slanted upward, as the left shoulder really should be anchored at the 107 low, should it not?
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claydoctor
2 years ago
Yes, for a true HS. That is why I am "searching for a handle on this thing". And maybe I am making it too complicated. It is too sloppy for my taste. So I think as I watch the action this week, I will conclude this is a - hit the top rend line of this channel and descend to 108.61, which is what I call candle resistance, or 107.21, which would be the low you are referring to and the doji on feb 5th or shy of that and the doji resistance of feb 15th. And if, big if, it does descend to the bottom of that descending channel, well, by then SPY and the rest of the market will be dragged down with it, and that will be the big news we've been all waiting for. No way IWM descends below 107.21 without some major damage elsewhere, and maybe elsewhere will be that catalyst, with IWM following.
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claydoctor
2 years ago
also, I think the Friday pop was artificial before the holiday weekend.
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