IWM the small-cap index ETF, which broke down its 1 year-long distribution area, is looking like the second weakest index in terms of structure (still hasn't made past the fib 0.382 level which indicates weakness)- With 2 weekly rejection candles, the index is looking like it will inevitably test the bottom of the trading range, there's around a 4% downside from the current level.
Personal trade:
Taken shortposition from the 0.382 level
- Entry 201
- first take profit 194, second take profit 191.
- Stop-loss 205.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.