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September 4th, 2019: IWM Chart Update

Posted by pugsma on September 4, 2019

11:35 am EST:   The IWM (small cap index) peaked for P5-C1 (Cycle 1 top) over a year ago in August 2018 and is right now sitting down -15% from its peak of 173.39.

The primary (red) wave count is that wave Primary W (PW) of Cycle 2 (C2) completed in late December 2018 at 125.81 (a -27% drop).   Since then a Primary X (PX) wave has been unfolding that either completed at 161.11 (Alternate blue count) or is continuing higher to a target near the 88% Fibonacci retracement of 167.68.

IWM Daily Chart:

IWM Technical Analysis

IWM Weekly Chart:

IWM Technical Analysis

3 Responses to “September 4th, 2019: IWM Chart Update”

  1. rat8nine said

    iwm 60 as of now, almost at the blue median line target area, just above where:

    171.29 – 125.03 = .618 at 153.63
    159.23 – 144.25 = .618 at 153.51

  2. rox007 said

    IWM showed strength this week, but now it is contending with a resistance level that appears to be as strong as the 2941 pivot was on SPX. Potential for it to go sideways or even roll over before making a decisive move.

  3. rat8nine said

    iwm 60 – it has woken up, and if it can make it this far, it has a very interesting area where:

    [C]=.62*[A] at 166.27
    171.29 – 125.03 = .886 at 166.02

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