Critical Decision Point For IWM
Trader Moe | Feb 21, 2017 10:33AM ET
h3 IWM is Back at the Top of its Red Megaphone/h3
IWM is back at the top of the big red megaphone that it’s been working on since December of 2013.
The ETF is at a critical decision point for whether to remain in this megaphone for years or put in a megaphone top inside the formation that would allow an upwards breakout from it after a retrace to VWAP (green scenario).
If IWM puts in a significant break through the red megaphone top, it is likely to take some time forming a large top (pink scenario) before a plunge to and through the megaphone bottom.
The purple scenario represents the green scenario with a trip to the megaphone bottom before another trip to its top.
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