IWM 120 minutes - highly likely short term bottom - 1/22/2016
Several signs pointing a short term bottom:
1. volume spike and appears to be peaked.
2. continued RSI improvement that leads to a sustained rising channel, and even better that one accelerates to the upside.
3. MACD healthy look.
4. I need the price to stay above the blue resistance for at least one bar (to avoid fake breakout)
5. Even better I want to see RSI goes above the blue resistance.
6. potential price target: $107 if goes well.
7. potential stop: $99.20
1. volume spike and appears to be peaked.
2. continued RSI improvement that leads to a sustained rising channel, and even better that one accelerates to the upside.
3. MACD healthy look.
4. I need the price to stay above the blue resistance for at least one bar (to avoid fake breakout)
5. Even better I want to see RSI goes above the blue resistance.
6. potential price target: $107 if goes well.
7. potential stop: $99.20