IWM - Next Leg Down
Updated
I started a hedge position by buying Sept 16 178 PUTS on July 21 st. I legged into the contracts throughout the day. Average cost 7.01
This was my first buy zone indicated by the first box. I might add a couple of contracts if it wedges up to the second green box, near the 184ish range.
This was my first buy zone indicated by the first box. I might add a couple of contracts if it wedges up to the second green box, near the 184ish range.
- IWM looks to be repeating the same flag pattern it did before, indicated by the pink lines.
- Markets are still in a downward trend, making lower lows and lower highs, as indicated by the orange channel.
- Recent rally has been on declining volume.
- Profit takers are indicated by the blue lines.
- RSI near 60, which marked short-term tops.
Note
Added two contracts at the close today. Cost basis $6.68.Note
Added 3 contracts. Cost basis is $6.11. I finished building it out.
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