Monthly and weekly charts showing a bull flag on this ratio chart with steep hidden bull divergence on monthly especially.
If we breakout of the flag it means IWM in general will start to lose much more value than SPY.
2.85 is the bull flag target but it could exceed that. Keep in mind this is a monthly chart so we're talking months and years of deterioration between these two etf's.
Good luck!
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weekly picture - some would say this flag has already broken out but it needs confirmation
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Backtest of bull flag, should start pulling away in the coming weeks.
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Update on this idea, I think the next leg up is coming very soon.
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Next leg - SPY divided by IWM continues it's march up.