May 18, 2014

  • IWM Daily chart shows a triangle pattern. Price near the apex of the pattern may soon give bigger direction out of this consolidation.
  • Price for now is below 200 Day SMA
  • Weekly chart shows price managing to close above 50 Week SMA. Bears need a weekly close below 50 Week sma. Bulls need to move back above 200 Day SMA to avoid bigger correction.


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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