IWM to Test Support

Thus far, the iShares Russell 2000 Small-Cap ETF (AMEX: IWM) has retraced 62% of its prior upmove from 68.16 to 72.27 and although the intensity of the sell-off is pressing the hourly RSI into oversold territory, my sense from the way the pattern is unfolding is that the IWM will test the March-April support line, now in the vicinity of 69.40/35 -- prior to my expectation of a potent upside pivot reversal that initiates a new upleg.