Please note this vitally important retracement level on IWM. We peaked on November 8th, ground our way down lower through June 16th (eight months of bearish deliciousness!) and then have spent the past two months in this hellish, awful, horrific counter-trend rally, which has just about nailed the major Fibonacci level to the penny.
Here’s the bigger picture, showing the enormity of this 13-year (!!!!!!!!) retracement pattern.
One more thing. I was wondering what I was writing about and how I sounded on March 29th, which was the terminus of the last major counter-trend rally. I was pleased to see I was the exact same Tim as is yammering on right now:
