The Remarkable IWM/Fib Relationship

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One of the reasons I decided to "back off" my bearishness yesterday was this graph of IWM:

1029-russellFib

In the span of just over a week, the IWM (which is the Russell 2000 ETF) traversed from its 61.8% Fibonacci retracement down to the 50% level.

This is remarkable to me for two reasons – – one, the fact it moved that far, that fast; and two, how beautifully the price moved almost precisely between these two levels.

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