IWM is rising as expected. Here are some target zones where the move might end.
I know you have had to endure my cautious optimism over the past three months where I have focused on finding lows versus pounding the table to sell on highs but it has borne fruit in Russell 2000 and its corresponding ETF IWM which has pushed to a new high over that of January this year. While I expect it to attempt to reach higher into at least next month if not into August, it is wise to begin to lock in some profit by some combination of raising stops or taking partial profits on this new high. Next harmonic of the wide base channel is at 166.00.
4th wave correction nearly complete
An overall bullish expectation with some targets to watch
Quite a week in the equity indices last week. Is the end upon us? As you know, my view is no, that we have been expecting a wave (iii) high in the advance up from early 2016 and now should be forming a several month corrective pattern for wave (iv) before an eventual top that should end both the advance from 2016 but also the rise form the 2009 low.
Here’s a quick reference for Bradley siderograph inflection dates and gaps up in the Dow and SPX
Here’s a compilation of the open gaps in the S&P 500 and the Dow 30 since last September.
Signs that this triangle pattern can break downward
The index can climb still higher after a modest correction
The theme from when I posted these remains the same from about a week ago. I just added the next steps up in the charts to keep an I on.