While I do think that IWM is the place to be over QQQ, I think this run has gotten a little ahead of itself.
I noticed something interesting today on the chart, if you look at it on the 6hr or 4hr, you'll noticed we tried to break above resistance on the 9am candle, and rejected hard back below it.
This leads me to believe that the next move from here is actually down, not up.
If we zoom out, the chart looks extremely similar to how it did before the covid crash. We formed a high, went down and v bottomed up into what looked like a breakout (Feb 2020), but instead formed a double top and then rolled over hard.
Now we've pretty much made the same move, we formed a high in 2021, corrected, v bottomed in Oct 2023 and now we're at the exact level where a double top could take place from the high that was formed in Jan 2022 before price broke down.
So will we have another covid style crash that brings price back to $150 or lower? TBD, but I have that feeling...
I noticed something interesting today on the chart, if you look at it on the 6hr or 4hr, you'll noticed we tried to break above resistance on the 9am candle, and rejected hard back below it.
This leads me to believe that the next move from here is actually down, not up.
If we zoom out, the chart looks extremely similar to how it did before the covid crash. We formed a high, went down and v bottomed up into what looked like a breakout (Feb 2020), but instead formed a double top and then rolled over hard.
Now we've pretty much made the same move, we formed a high in 2021, corrected, v bottomed in Oct 2023 and now we're at the exact level where a double top could take place from the high that was formed in Jan 2022 before price broke down.
So will we have another covid style crash that brings price back to $150 or lower? TBD, but I have that feeling...
Note
Bought:100 IWM 09/20/2024 150.00 P
Note
+174% since yesterdayNote
Now down 12% from highs, position up 334%
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.