iBankCoin
Joined Dec 4, 2012
319 Blog Posts

IWM Line In The Sand Revisited

In doing some work at night on Monday night, I noted that the retracement on IWM from the October 2014 low to the recent high spoke very loudly to me.

Why?

The 100% retracement on IWM for this time is $103.54 and Monday IWM closed at $103.40. Well, we puked that level with today’s action.

However, it is notable that Tuesday IWM closed at $103.71. Wednesday’s intraday high was $104.42.

Today we are well back below that level at $100 at 3:03 p.m. EST.

So $103.54 is not far away. That said there is another retracement I am now following which is the November 2012 low to the June 2015 high. The retracement levels on that time are 38.2% at $108.13, 50% at $101.57 and 61.80% at $95.01.  Let’s see if we can clear the $101.57 level first then get back above $103.54. These are tough times but my gut says we are closer to a near term low than going over the cliff.

iwm new line in the snad

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One comment

  1. nocturne

    The algos will probe the pocket between IWM 95 & low 80s

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