$IWM running triangle count - still valid but not favored

This count is still valid and if the indexes rally this week we could see it. IWM is currently sitting right above the 50 & 200 day MA as well as the last pivot AVWAP. If those hold as support then IWM will look to test the upper trendline ~230-232. If this does occur I think that IWM could get rejected at those levels and then be sent down to retest the lower trendline - putting in wave E which is wave IV bottom. From there IWM will go to ATH's on the next leg up.


Although this count is still valid I do not think it is the most likely scenario given current market conditions. Look for a couple more IWM postings (they likely will be posted as private but accessible from my twitter feed)