IWM to $170
Recent breakout and retest has formed a bull flag from approximately $150 to $160.
The 20 EMA rose up to meet previous resistance exactly at the retest, with a strong bullish candlestick pattern suggesting confirmation of new daily support.
Daily MACD (not shown) is slightly bearish but most lower and higher time frames are bullish.
If the bull flag holds and fires this week, price target for the breakout would be $160 the following week and $170 a week or two later.
Two potential wrenches:
1) There's a small gap around 151/152 that never got filled. It's possible (but unlikely) that IWM will attempt to fill that gap, canceling the bull flag and breaking momentum. But even if that happens, it would occur within an overall uptrend channel so I'd be bullish as long as that channel holds.
2) Powell's keynote at Jackson Hole this Thursday is a bigger concern, in my opinion... The Fed has been a big driver of recent activity and Powell's speech could send the market quickly in either direction.
The 20 EMA rose up to meet previous resistance exactly at the retest, with a strong bullish candlestick pattern suggesting confirmation of new daily support.
Daily MACD (not shown) is slightly bearish but most lower and higher time frames are bullish.
If the bull flag holds and fires this week, price target for the breakout would be $160 the following week and $170 a week or two later.
Two potential wrenches:
1) There's a small gap around 151/152 that never got filled. It's possible (but unlikely) that IWM will attempt to fill that gap, canceling the bull flag and breaking momentum. But even if that happens, it would occur within an overall uptrend channel so I'd be bullish as long as that channel holds.
2) Powell's keynote at Jackson Hole this Thursday is a bigger concern, in my opinion... The Fed has been a big driver of recent activity and Powell's speech could send the market quickly in either direction.
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