no, nice chart regardless of positioning.

Good point as IWM sure has the look of a big IHS. Although I see a lot of traders using IHS patterns as continuation patterns, which is what this one would be (and I’ve even seen a few on occasion that have played out as such), IHS patterns, by definition, are bottoming/reversal patterns that come after an extended downtrend. I guess the most important thing would be to continue monitoring that potential pattern & watch for an impulsive breakout above the neckline & a negating or ‘burning through” of those potential divergences that are currently forming.

Well I guess that would have to depend on one’s positioning (long or short). ;-)

BTW- Trend indicators on the IWM & MDY 30-minute charts just crossed into bearish territory (but barely) as a result of that IWM breakdown. Both IWM & MDY trading just above gap support now. SPY & QQQ 30 minute trends still bullish & we really need to see all the indexes flip to bearish trends on the 60-minute charts for the first decent sell signal since late June. However, there’s a lot of hot air from the recent overbought rip so I’d think that once it is clear to most that the music has stopped, there will be a rush for the exits (or to grab a chair) & the pullback could come on with a bang, most likely an earnings induced gap down sometime this week would be my guess.