IWM now sitting on the bottom of the wedge where an imminent breakdown looks highly likely. Previous & updated 60-minute charts:
- IWM 60-minute Dec 12th
- IWM 60-minute Dec 13th
- IWM 60-minute Dec 14th
Yesterday afternoon, IWM stopped cold at the upper-most resistance level posted on the 1-minute chart earlier in the day & has since fallen back below the support zone (bearish).
- IWM 1-minute Dec 13th
- IWM 1-minute Dec 14th
Although my expectation remains for a breakdown & continued move below the bearish rising wedge pattern, keep in mind that the markets tend to trade erratically leading up to & especially after an important FOMC announcement, such as the one scheduled for 2pm ET today.