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| Russell 2K IWM Chart Forecast |
I was looking at some other charts during the day and I saw an amazing pattern on Russell 2K Index ETF, IWM. Just like SPY and QQQ it has gapped up on 02/03 and since then (it is 3rd day today), it has been unable to break out. from the price range of 02/03. It has also reached the downward trend-line starting from 05/02/2011, which pushed down the markets also on 07/07/2011, that resulted in the global sell-off.
IS IT GOING TO REPEAT IT AGAIN…??
The 02/03 price is also an 1.618% (golden ratio) extension the leg down which occurred during Oct-Nov 2011. My favorite tweaked momentum indicator, has successfully indicated the top in the past, it is showing that again…
We have the time cycles indicating a reversal zone… Watch out … for correction in this week.
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