In the previous 4 hour chart on IWM, I mentioned how the MACD zero line often acts as resistance (support) when tested from below (above).  It was also pointed out that the pending MACD zero line backtest would come in around the same levels where prices on IWM would approach the previous bearish rising wedge backtest levels (shown in previous chart, first).  As the updated chart (second) shows, prices did reverse just shy of that previous backtest level while the MACD signal line has tested the zero line from below and now appears to be rolling over.  So far, so good and other than the recent bounce slightly exceeding my expectations in scope and duration, the IWM short/TZA long trade is playing out on cue so far.  The Russell 2000 continues to underperform the other key indices and is down about twice the $SPX today in percentage terms, playing out with that impulsive selling that I’ve been looking for.  I’ve redrawn the expected scenario on the updated chart below but I should add that although I show a bounce off of the 88.90 level, I have no intentions of micro-managing my short position off that level as we could just slice right through it.  Previous & updated 4 hour charts below: