20 year elliott wave analysis ($iwm)
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someone asked me this evening if i thought iwm was in a phase of distribution right now- so i decided to take a deep dive into the entire history of this chart, and here's what i've come up with.
no, i do not think it is in a phase of distribution, instead it actually looks like a massive bull flag - in elliott wave theory terms, i'll call it a double or triple three - hard to say for now, since it is only halfway through this flat corrective phase.
my low ball long term upside target for iwm is at $335, high ball would be $375
this is in confluence with my 12 year spy analysis, you can view it down below:
ps. flat corrections can take a really long time to resolve, so i'd wait for a definitive break out, and a retest of the entire channel that it's in right now before attempting to play that upside swing.
no, i do not think it is in a phase of distribution, instead it actually looks like a massive bull flag - in elliott wave theory terms, i'll call it a double or triple three - hard to say for now, since it is only halfway through this flat corrective phase.
my low ball long term upside target for iwm is at $335, high ball would be $375
this is in confluence with my 12 year spy analysis, you can view it down below:
ps. flat corrections can take a really long time to resolve, so i'd wait for a definitive break out, and a retest of the entire channel that it's in right now before attempting to play that upside swing.
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there's our bullish retest 🔥
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