Bearish pennant "may be" done here. Above 203 on IWM and the idea is probably INVALID. I've pointed out the SPY/IWM monthly bull flag before (idea is linked below). If correct, it shows IWM losing considerably to the rest of the market. Why? Well I'm still wary of the Banks even though it's been a minute since anyone has really thought they are a problem. Interesting as KRE still looks completely bearish. 
I believe IWM will lead the correction with Tech staying stronger for a short while. IWM bear pennant is hinting at a larger correction for the market, however if it's an ABC it would also be a wonderful buying opportunity when it's finished.
Good luck!
I believe IWM will lead the correction with Tech staying stronger for a short while. IWM bear pennant is hinting at a larger correction for the market, however if it's an ABC it would also be a wonderful buying opportunity when it's finished.
Good luck!
Note
SPY/IWM looks ready for further upside - bearish for IWM. Note
smaller time frame Note
IWM at 18ma weekly, this general area should find support although they may panic sell into the close. Note
IWM outperforming. Even if there is one more low I think the bounce comes next week. Similar head and shoulders pattern forming here. Note
One more low coming I think then a larger bounce. Note
Note
breakdown from bearflag, target looks to be 170-169 area. Note
SPY divided by IWM continues it's march up. Note
channel break on IWM, any bounce is a shorting opportunity IMO. 
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.