claydoctor
Short

IWM new channel direction perspective

AMEX:IWM   ISHARES RUSSELL 2000 ETF
21 0 3
In an effort to try to ascertain which way this market is headed, I drew every resistance and support line I could (red lines). Then I tried to see a pattern I could not or did not see before. I've tried this in the past many times to be sure I wasn't missing something obvious or not. When i come up empty, then I simply continue with the perspective I am in. HOWEVER, when I do find something that changes my perspective, well, now we could be on to something NEW. Simple rules of thumb (which we all know) lower lows and lower highs to confirm a descending pattern change. This colorful channel indicates we are in a new descending channel , and we are at a mid point now. Perhaps I will abandon all the previous resistance and support trend lines I was depending on.
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