Analysis of IWM(Russell 2000)

Disclaimer - I don't share of IWM ETF. This analysis is not a trading or investment recommendation & is only for educational purpose.
1.IWM has been in a lower high lower low structure after the false break out.
2.The long consolidation support area was broken indicating that the activity during consolidation was distribution.
3.IWM has paused its downtrend & has formed a 1-2-3 structure & also evidenced through positive RSI divergence.
4.However, the current up move from a low of 188.09 is not backed by an increase in volume but a negative volume divergence has
been seen which is not desired during a trend reversal.
5. Immediate major points of resistance are:
a) around 204 which is point#2 of the 1-2-3 structure.
b) followed by the $208 level which is the bottom of the consolidation area that has turned from support into resistance.
c) 200DMA around $222
d) Last major lower high around $227
e) Consolidation high around $233
f) False break out high around $245.
Those following harmonics would also notice that IWM has formed a 1.618AB = CD pattern

Finally, a breakout above $245 starts a brand-new up trend from the Russell.

If IWM crosses the $222-$230 area & sustains itself above the 200DMA, we could see a change in the overall trend from negative to positive however it will still face strong headwinds from the resistances above $230.

All the best!