IWM was rejected from upper trend line and it is now forming a head and shoulder pattern. It is currently near the neckline area which is also the 200-day moving average.If the price breaks below $180 neckline, it can see further breakdown to $172 - $170 area with $177 being a good support and a possible reversal area in between.
If the price can bounce from here and climb back above $192, the pattern will invalidate.
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I am not a licensed professional. None of the posts that I published are investment advice. Do your own research.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.