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IWM trade ideas

$IWM - getting close!IWM has been in consolidation since the beginning of the year creating a beautiful flag. The longer a stock or index is in a specific range, the stronger the move can be to the upside. There have been many people talking about how the SPY, QQQ, and DIA have all broken out to new ATH but the IWM has lagged. There are many reasons for this including seasonality. Small/mid cap season is typically November through March. The other speculation is that if the IWM does not break out, it means were heading for a recession. Remember markets do not enter a recession just because. There is usually an unforeseen event that drives fear into the markets and causes a sell off. If this breaks through $232-234 range and into new ATHs, the measured move is close to $300 on the IWM. I will be very pleased with this trade if it "only" reaches $280. Easy and safe play here would be to buy around $233-234 with a $230 stop. You can drop that further if your risk tolerance is higher. $275 would be a good place since there could easily be a retest of the $232 breakout and I could see it reaching $230 to wipe out stops before resuming higher. 1-3% downside risk with 20% (roughly) upside potential over next few months. Good luck and as always this is not a recommendation to buy or sell. It is intended for information purposes only.
AMEX:IWM
by UnknownUnicorn16739272
1
$IWM - half bear countHere is what I call the half bear count. Full bear count is that wave IV bottom isn't in and we could go sub 210, but I just dont see that. This I think is more plausible. We are still looking for minute wave 2 bottom, and we are in a running flat (wave b can be as high as 123.6% of wave A). Now our wave C bottom (which is wave 2 bottom) will be between 61.8 - 100% of A (somewhere between 217 - 221). Note: invalidation for this count would be the 100 extension at that 217. If we break that this count is not valid Note: IWM is one of the hardest out there to count right now. Sideways is terrible and it has been for a year. When this thing does breakout - whether it is up or down - it is going to be a huge move. Bigger the base - bigger the move
AMEX:IWM
by btwice53190