Just a potential heads up about the pattern that is developing in the iShares Russell 2000 Index (IWM), which looks toppy and which can be construed as a “late-stage,” right-shoulder construction.
Forthcoming weakness that breaks and sustains beneath 80.70 will imbue my work with higher confidence that in fact the IWM is rolling over into a press towards a fourth challenge of key support in the vicinity of 78.40/15.
If violated and sustained, this should trigger additional possibly acute selling pressure in the small-cap index.
