IWM short setup in progress

52 0 1
It's possible to count 5 waves down and a 3 wave retrace (the 8 wave pattern for entry) on the 5min chart. The problem is it's well short of the normal 618 retrace for a wave 2 (or B). The market can head down now, or this can simply be a complex retracement, in which case we'll see another abc . Going short right here will have the most risk, with the stop at the weekly highs. For me, that means either going short on a new intraday low (and chasing), or waiting for my initial target of 115.66.
Ideally, I want it to hit that 618 target, and then break back through the cloud. Risk management is easiest from there, using cloud resistance as a stop.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out