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