$IWM Micro-Structure, Macro-Structure & Target

Earlier today on Twitter, I pointed out the bear flag on $IWM (here). That said, I don’t yet have a lot of confidence that it will actually also break down, too. During this rally, so far as I could see, bullish sentiment only just began to try to creep back in to the market, and the volatility we’ve seen over last few days has basically washed most of that right back out again.

And, if sentiment is veering back to fear, I think it is less likely for a big, obvious bear flag like this to break down. And looking closely, the most local price action is forming a little inverse (I’ve drawn red cups under the head and shoulders of that). So, it’s possible for this to surprise to the upside into next week.

IWM

Likewise, the inverse I pointed out on Apple yesterday (here) is also looking tip-top so far. I cannot guarantee these will both break up, but they exist and I think there’s a decent chance they will work out.


Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.


Leave a Reply

Your email address will not be published. Required fields are marked *