IWM has been trading along a sentiment. But using cycles we get a different picture completely
I discovered some other interesting things!. I discovered 2 "cycles" and plenty of moves.
Cycle 1 is being repeated completely harmonically to cycle 2 but the other way around! Creating brilliant. symmetry and a safer trading opportunity.
Cycle 1- Move began, retraced and hit 1.272 . This took 116 days to complete to the highest point.
Cycle 2- Move began, retraced and hit 1.272 , This level was achieved on day 98. And has been in a sentiment until now, where the is currently oversold
Since cycle 2's target was hit it has been . I'm expecting a small move up and a move down within the 116 day cycle, which would make perfect sense since every move in both cycles is entirely . Likelihood is that history will repeat itself and continue how i've drawn in on the chart.
It's worth noting that the current replicated move of the previous cycle falls into a .
We now know that a trading decision to the downside is going to be a solidified decision, since we have the moves of this pattern that have thus far fallen perfectly true.
It's also worth noting the next target of the move would be 38.2 retracement of the previous swing.
As the rule states, in markets, history repeats itself.
All the best