May 26th, 2014: IWM Wave Count Update
Posted by pugsma on May 26, 2014
12:25 pm EST: IWM is likely putting in the right shoulder of a head and shoulders top.
Primary 3 (P3) of Cycle 1 (C1) ended at 120.58 in early March 2014. Major [A]-P4 was a 5-wave drop from 120.58 to 107.28 my mid-April. Major [B]-P4 is 3-wave move up currently underway that should reach the 50% retrace target of 114.01 by mid-July. Once major [B]-P4 completes, major [C]-P4 should be a 5-wave drop to a target of 1000.81 where major [C]=[A] by October 2014. There are also lower targets 97.59 for the 38% retrace of P3 and the Head and Shoulder Target of 93.96.
IWM 60-min chart (5-23-14, EOD):
IWM 4-hr chart (5-23-14, EOD):
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