IWM top is in?

6 Mar 2019

Little late night charting, have a nice naked chart with a couple areas of focus. Very simple and easy on the eye for bears but maybe not so much for the bulls. After a very boring fight performance from the bears since December 24th, they might be sneaking up on the bulls here. Of course this trade deal is still on the horizon but feels like a lot of this could be priced in/buy the rumor sell the news. Now of course just speculation but a possible scenario that could play out or also we could see some downward movement then some consolidation then the news arrives and we head back north. In my eyes I'm keeping it simple and I see a that a trade-able top is in the top yellow box, target would be middle yellow box. From there we bounce or we head for lower yellow box. Very simple. Zoom this daily chart into the weekly chart and you can see a huge head and shoulders pattern. Could be a scary ride from here until April so stay alert, stay safe, hedge your plays if possible, and look into weed stocks in the mean time. Thinking tomorrow will most likely be a very crazy day in the markets. Goodluck everyone.