Was that it for $IWM? Do we correct before the real run?

2024년 8월 1일

While I do think that IWM is the place to be over QQQ, I think this run has gotten a little ahead of itself.

I noticed something interesting today on the chart, if you look at it on the 6hr or 4hr, you'll noticed we tried to break above resistance on the 9am candle, and rejected hard back below it.

This leads me to believe that the next move from here is actually down, not up.

If we zoom out, the chart looks extremely similar to how it did before the covid crash. We formed a high, went down and v bottomed up into what looked like a breakout (Feb 2020), but instead formed a double top and then rolled over hard.

Now we've pretty much made the same move, we formed a high in 2021, corrected, v bottomed in Oct 2023 and now we're at the exact level where a double top could take place from the high that was formed in Jan 2022 before price broke down.

So will we have another covid style crash that brings price back to $150 or lower? TBD, but I have that feeling...

2024년 8월 1일

노트

Bought:
100 IWM 09/20/2024 150.00 P

2024년 8월 2일

노트

+174% since yesterday

2024년 8월 7일

노트

Now down 12% from highs, position up 334%