Calling The Breakdown In IWM ... What's Next?

This past Tuesday, January 18, Mike Paulenoff alerted MPTrader subscribers to a developing breakdown in the Russell 2000 Small Cap ETF (IWM).
Mike noted that his Point & Figure chart exhibited an ominous topping formation that threatened to send the IWM nearly 20% lower (downside target near 170) if the Small Cap ETF, which was trading at 209.39 at the time, violated its support plateau and printed 207.50. 
IWM pressed beneath that level on Wednesday, prompting a follow-up by Mike in which he noted his next lower target was in the vicinity of 195.50.
That initial target came close to being reached by week's end, with IWM closing at its lows at 196.99.
Where is IWM headed next? 
Mike's Daily Chart shows the vertically-falling price structure heading for a Fibonacci target zone projected into the 170 to 187 target zone that will amount to a 38% to 50% correction of the post-Pandemic bull phase.
The price action this coming Monday and Tuesday, in particular, will be extremely telling, especially ahead of Wednesday's FOMC Policy Statement and Powell press conference.  Will IWM reach its projected downside targets and possibly reverse ahead of or in reaction to the Fed Meeting?
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