Russell 2000 (IWM) Biding Time Prior to Retesting Lows

Let's notice the series of lower lows and lower highs off the May 5 high at 78.02 in the iShares Russell 2000 Index (IWM)....If my work proves correct, then the IWM is biding time prior to a plunge towards a test of the June-July lows at 66.55/35.

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