May 19th, 2023: IWM Chart Update
Posted by pugsma on May 19, 2023
6:50 pm EST: The inability of IWM (the soldiers) to rally above its 200-day SMA (180.74) continues to be a big concern for the markets. It has to be considered that IWM will make a new low below its October 2022 low of 162.50 and drag the rest of the market with them. The likely target would be the 62% Fib for P2-C3 at 152.22. The SP-500 and especially the QQQ won’t necessarily need to make new lows in this IWM scenario (alternate red count).
IWM 60-min chart:
IWM daily chart:
IWM weekly chart:
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