IWM: Working On A Topping Megaphone
Trader Moe | Jun 23, 2015 12:16AM ET
iShares Russell 2000 (ARCA:IWM) is Working on a Topping Megaphone (Navy Blue) at the Top of its Long-Term Megaphone (Pink)
IWM is forming a topping megaphone (navy blue on chart) at the top of its long-term topping megaphone (pink on chart).
Within the navy blue topping megaphone, IWM is forming a rising megaphone top (gray in chart below) in a rising megaphone top (red in chart below).
You can short on the breakout from the gray rising megaphone for a trip to the bottom of the navy blue megaphone. Then after a retrace to the navy megaphone VWAP, you can short a breakout from that megaphone with a target of the large pink megaphone bottom.
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