One More Final Up-Leg in IWM (iShares Russell 2000 ETF)?
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.
For more of Mike Paulenoff, sign up for a Free August Trial to his ETF Trading Diary.