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iShares Russell 2000 ETFiShares Russell 2000 ETFiShares Russell 2000 ETF

iShares Russell 2000 ETF

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Analysis of IWM(Russell 2000)Disclaimer - I don't share of IWM ETF. This analysis is not a trading or investment recommendation & is only for educational purpose. 1.IWM has been in a lower high lower low structure after the false break out. 2.The long consolidation support area was broken indicating that the activity during consolidation was distribution. 3.IWM has paused its downtrend & has formed a 1-2-3 structure & also evidenced through positive RSI divergence. 4.However, the current up move from a low of 188.09 is not backed by an increase in volume but a negative volume divergence has been seen which is not desired during a trend reversal. 5. Immediate major points of resistance are: a) around 204 which is point#2 of the 1-2-3 structure. b) followed by the $208 level which is the bottom of the consolidation area that has turned from support into resistance. c) 200DMA around $222 d) Last major lower high around $227 e) Consolidation high around $233 f) False break out high around $245. Those following harmonics would also notice that IWM has formed a 1.618AB = CD pattern Finally, a breakout above $245 starts a brand-new up trend from the Russell. If IWM crosses the $222-$230 area & sustains itself above the 200DMA, we could see a change in the overall trend from negative to positive however it will still face strong headwinds from the resistances above $230. All the best!
AMEX:IWM
by Venkat_014