Users: Tomb: IWM Daily LOG.png

IWM Daily LOG.png

Here is my current view of the small caps. The weekly chart (not shown) has developed a negative reversal in the RSI . There is now a bearish divergence in the daily RSI (solid black line). A projected target (short up arrows) from the recent positive reversal in the daily RSI is at the level of a 78.6% correction (around 121-122). This also is at the upper channel line. Also at this level c=.62 a. So would be a great spot for a reversal. Will be watching the daily and weekly candles for a "sign" this is correct analysis. Have a great week. Tomb

Comments

DinkDink
Fantastic! I'm still bullish, but I couldn't help but look at this and wonder. It would be quite a surprise to many. 7/14/16
TombTomb
https://www.tradingview.com/x/kCSj30LH/ 7/14/16
TombTomb
Thanks Jonni & Dink for feedback. 7/14/16
TombTomb
Above link is to weekly log chart, channel and RSI of IWM. 7/15/16