IWM 60 minute so far today playing out exactly as expected with a nice gap down today trapping every single bull who chased the breakout yesterday. however, i still want to see prices close below that key resistance level today before adding to the short.
here’s an excerpt from yesterday’s post along with yesterday’s 60 min and today’s updated 60 min chart.
here’s the updated IWM 60 min chart. this is completely an intuitive/anticipatory trade as IWM actually broke out to new highs today (typically bullish) but i believe the odds are good that this breakout will fail today or tomorrow, producing a nice downside reaction once the failure become evident. disregard those stop level annotations, those were from the last short trade after the channel breakdown. although i haven’t had time to update the targets or minor support levels either, they should still be valid.
