January 28th, 2022: IWM Chart Update
Posted by pugsma on January 28, 2022
11:50 am EST: Clearly the IWM charts are screaming that the P1-C3 wave topped in early November at 244.46. The drop to today’s low at 188.09 is right at the 38% Fibonacci retrace (387.93) of the P1 move up from 95.69 to 244.46. This drop is at -23.1% loss from the highs.
It’s possible that this 38% Fib area is the end of P2-C3 per the alternate (blue) wave count. However, it’s more likely that this is only end major [W]-P2-C3, there will be a significant major [X]-P2 wave bounce and then a lower low for major [Y]-P2 near the 50% Fib retrace of P1 at 370.97.
IWM 60-min chart:
IWM daily chart:
IWM weekly chart:
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