claydoctor
Short

IWM pattern repeating

AMEX:IWM   ISHARES RUSSELL 2000 ETF
61 0 2
This uptrend within the larger downtrend happened before in April. Judging from the history, this uptrend will not exceed the levels of the previous uptrend to confirm, and head back down to eventually complete the double top pattern. However, be aware the double top pattern wannabe, can fail 65% of the time to reach the neckline or valley point (big red line) , and simply head back up or meander sideways. But this downtrend is so similar the the previous from the first top, have to believe in it, at least the the trend line support, which, if the double top pattern fails, would be the new long term support or resistance line.
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