Saturday, 10 September 2016

ISHARES Russell 2000 ETF And Trend Wizard Timing Crossover To The Downside

The long term Trend Wizard timing crossover went to the downside today. Based on the corrective wave ending pattern on the Russell 2000, we had a sell signal when the resistance line was tagged on the 5 wave ending channel and a confirmation on the crossover with the timing tool.
The charts below are of the ISHARES Russell 2000 ETF - IWM and the Trend  Wizard Timer.

The 1st chart shows you the 240 minute chart with the 5 wave ending pattern......from a corrective wave..... within a downward impulse wave (just go to Elliott Wave International for the best education on the subject). If this is correct.... the next wave down should be wave 3..... sharp and fast as well as scary. Wave 3 is usually 1.62 times the length of wave 1, however, has been also 2 or even 3 times the the length of wave 1. I'm not going to get into too much... but I get a bad feeling from the action today.

The 2nd chart shows support resistance lines from the downward impulse wave and today's action blew through what was support.

The 3rd chart is a weekly chart and shows you the possible targets..... Targets are hard  to hit but based on the patterns that have have happened over the past 18 months...... I'm not fooling around. The dark blue vertical line is November 21st. The only reason that date is highlighted is because of W.D Gann's idea that the trader looks for a cycle low on or around November 21st. Don't ask me why but usually around time there's usually a pivot point.

The 4th chart is a zoomed in - long term - Trend Wizard Timer with a crossover.

The 5th chart is a zoomed out - long term - Trend Wizard Timer with a crossover.

I don't screw around with the timer. 

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