MichaelRudelich

Measured Moves for Pullback and Trend Resumption

AMEX:IWM   ISHARES RUSSELL 2000 ETF
53 0 1
Here are the support levels (measured moves) I'm looking at for the pullback (and sideways trading). They would also be the measured moves if/when price moves back up. They are the same measures I found on the 60 minute chart.

I sold my long position during the 3rd bear bar, once it moved down into the second tier (measured move) from the top.
Trade active: (12-6) We have gotten the new high (see Related Idea below) and shall see how far it goes. Have been day trading this for the last 4 days and today was a fantastic bull rally. Will continue day trading because it could start going sideways & down at any time. Look to Measured moves on chart above, and 50% of a move, as a guide for PBs, consolidations and a reversal.
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