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February 8th, 2017: IWM Chart Update

Posted by pugsma on February 8, 2017

IWM is still looking to find the minor 4 of major [3]-P5-C1 low.  The recent 133.12 low was at the 23% Fibonacci retrace.  However the more typical wave 4 or previous degree target is at 130.29, which is also near the 38% Fibonacci retrace of 129.12.  Everything since the 133.82 high looks like an overlapping, corrective wave and bull flag that should eventually lead to move up to the major [3]-P5 target at 146.39, where [3]=1.62[1].

IWM 60-min chart:


IWM weekly chart:


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