50% Retracement Levels to Watch
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(12-15) A couple of useful retracement price levels are indicated at the RED LINES on the chart. The current pullback's (or bear leg's) 50% level, and the 50% retracement of the last bull leg. The current bar could not hold above the 50% level of the current move down.
Odds favor that the current bear leg is a pullback on the daily chart, rather than a reversal. But anything could happen at this point. This could be a buy climax and the market is going to go sideways for a while. By definition, that is what it has been doing for the last few days. More bear bars and sellers will take control.
I have only been day trading this for the last couple of weeks and will continue that strategy until the daily chart clarifies its direction. Intra-day there have been good swings both up and down.
Odds favor that the current bear leg is a pullback on the daily chart, rather than a reversal. But anything could happen at this point. This could be a buy climax and the market is going to go sideways for a while. By definition, that is what it has been doing for the last few days. More bear bars and sellers will take control.
I have only been day trading this for the last couple of weeks and will continue that strategy until the daily chart clarifies its direction. Intra-day there have been good swings both up and down.
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The original post from 20 days ago (given below) was "Pullback, New High, then Sideways & Down" and IWM is in the Sideways & Down phase. Currently in the shape of a triangle, this consolidation is probably a Bull Flag. BUT as stated above, anything could happen (more sideways trading or a drop).
I continue to day trade this index until the daily chart breaks one way or another.
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