IWM Threatening Rising Wedge Breakdown

IWM now sitting on the bottom of the wedge where an imminent breakdown looks highly likely. Previous & updated 60-minute charts:

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).

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.

2016-12-14T10:07:56+00:00Dec 14, 2016 10:07am|Categories: Equity Market Analysis|Tags: , |Comments Off on IWM Threatening Rising Wedge Breakdown