Bearish pennant "may be" done here. Above 203 on IWM and the idea is probably INVALID. I've pointed out the SPY/IWM monthly bull flag before (idea is linked below). If correct, it shows IWM losing considerably to the rest of the market. Why? Well I'm still wary of the Banks even though it's been a minute since anyone has really thought they are a problem. Interesting as KRE still looks completely bearish.
I believe IWM will lead the correction with Tech staying stronger for a short while. IWM bear pennant is hinting at a larger correction for the market, however if it's an ABC it would also be a wonderful buying opportunity when it's finished.
Good luck!
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SPY/IWM looks ready for further upside - bearish for IWM.
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smaller time frame
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IWM at 18ma weekly, this general area should find support although they may panic sell into the close.
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IWM outperforming. Even if there is one more low I think the bounce comes next week. Similar head and shoulders pattern forming here.
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One more low coming I think then a larger bounce.
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potential bear flag on IWM. A bounce tomorrow would be an ideal shorting opportunity.
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breakdown from bearflag, target looks to be 170-169 area.
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SPY divided by IWM continues it's march up.
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channel break on IWM, any bounce is a shorting opportunity IMO.
I'm in.