IWM … caveat emptor and check out where price hovered today in my P.S below … cool.

I’ve seen the very strong strength shown by IWM (ETF for Russell 2000) but I also see 5 waves and monthly bearish divergence. I’m not ‘sold’ on the bullish aspect of this ETF, yet.  Let’s see how it deals w/ the 2 daily butterfly patterns (bearish) that are present right in the zone of the measured move shown on the monthly …

What I can say is that IF these patterns fail this puppy will, indeed, explode.  But that monthly tells me … not so fast and be careful of the ‘no brainer’ trade being long IWM.

Bart

PS – for those of you who are geeks, like me, notice the close hovered around 161.80’s or the golden mean – 1.618. Note – our subconscious mind doesn’t worry about decimals points.

PS – 1.618 or 161.80  🙂

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