Has the IWM Started a Correction?

The big picture of the iShares Russell 2000 Index (IWM) shows that the price structure turned sharply lower after it climbed to a marginal new high on Tuesday, Oct 29.

This has compromised my intermediate-term momentum gauges, and increased the likelihood that a correction has started.

The IWM will undergo its first significant test of support upon testing its sharply-rising 50-day EMA, now at 107.78.