Thursday Bounce Into Top of Uptrend Channel

Some very short term upward momentum in IWM should bring it up to around 116 tomorrow. After it reaches the trend channel top it should fall sharply as it continues its negative divergence and moves with the larger downtrend. I very highly doubt that IWM will hit the bottom soon as SPY and QQQ have not quite started to follow down with IWM.

I plan on buying ATM Monthly puts on IWM once it reaches the top of the trendline in order to minimize my risk. I expect the end of the week to be further down from here. If it does not reach the trendline I will wait a while to buy cheaper stocks.