IWM - Russell 2000 - SHORT (Wyckoff Re-Distribution)
IWM looks to be reaching the UTAD stage of a Wyckoff Re-distribution schematic.
Lowering volume in the lead up to UTAD provides confluence to the idea. Expecting price to return to linear regression trend line around 120. Price could extend further, but I expect we are nearing the top of this rally and a sharp correction in 2024.
Take profit level of 120 coincides with a fibo extension of 1.618, so further confluence there.
Markets are overinflated and this move would revert price back to the long term mean.
Lowering volume in the lead up to UTAD provides confluence to the idea. Expecting price to return to linear regression trend line around 120. Price could extend further, but I expect we are nearing the top of this rally and a sharp correction in 2024.
Take profit level of 120 coincides with a fibo extension of 1.618, so further confluence there.
Markets are overinflated and this move would revert price back to the long term mean.