I should have included the bigger picture (daily time frame) along with the previous post highlighting the breakdown on the 60-minute chart of IWM. Should today’s downside break of that 60-minute pennant formation spark even just a half-decent sell-off, that would likely have larger implications on the more significant daily time frame; Both a failure at this key resistance zone as well as a break below this most recent very steep uptrend line, which is nearly identical in slope to the previous two uptrend lines which sparked very sharp corrections when taken out back in late April & early June. As with those two previous trendline breaks, should IWM break below this trendline, that breakdown will also have come immediately following a divergent high. IWM daily chart:
IWM daily July 19th