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Top of IWM Target Zone Hit, More Downside Likely

The top of the initial target zone on IWM has been hit with the impulsive selling that was expected. Although the odds for a reaction (bounce and/or consolidation) start to rise sharply at this point, I favor prices continuing lower towards the bottom of the zone before any meaningful reaction. Previous & updated IWM daily charts below:

Apr 30, 2015 3:34pm|Categories: Equity Market Analysis|Tags: , |Comments Off on Top of IWM Target Zone Hit, More Downside Likely