IWM — Decision Time

I have Fibonacci timing at this last low in IWM, however…..if price can not clear the resistance on the daily chart at the 80.83 – 81.33 area, I WILL look at the short side again.

That is the next big decision in this index.

It includes the 100% projections of the prior swings up along with the .50% and .618% retracements. Right now we have to think that this may only be a corrective rally similar to the others since we are looking at a bearish daily pattern unless the 11/2 high is taken out! Watch what IWM does around this resistance and trade accordingly.