One More Final Up-Leg in IWM (iShares Russell 2000 ETF)? - Mid-Day Minute for Fri August 18th 2006

Aug 18

One More Final Up-Leg in IWM (iShares Russell 2000 ETF)?

by Mike Paulenoff, Fri August 18th, 2006

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Although overall post-May price action in the IWM (iShares Russell 2000 ETF) is a messy range-bound sideways pattern, the up-leg that started on 8/10 does not appear to be complete just yet. My work argues for one more new high that tests and likely marginally hurdles that 8/04 high at 71.32 prior to a downside pivot reversal that initiates the next downward traverse across the pattern. We will be looking to enter short positions into the "final" up-leg, should one develop.

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Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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