$IWM is at the lower trend line that has supported the large sideways consolidation period it’s been in this year. I am unable to make a direct call here other than to say that I would expect a reaction. The minimum I would expect if we get one is the lower orange box. If this is the end of a huge washout, we may get more.
Obviously, complete failure here means something more sinister may be upon us, but I still don’t have great reasons to accept that view.
[UPDATE]: Since both target ranges have been touched, I will file this call under “Successful Calls.” Twice.