February 8, 2014

  • IWM Daily chart shows resistance at 100 and 50 Day SMA.'s
  • Long shadow of Weekly candle looks bullish But price need to stay above 20 Week SMA for bigger up moves to happen.
  • Last chart shows a convincing breakdown from the daily channel. This bounce should take price back into the channel for resuming the primary trend. Weakness at the broken channel support line may resume the down move.

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore