$IWM
Added 2024-08-06 15:23:39 +0000 UTC$IWM showed bullish moves and going against the general market in Julyh but when the sell off came, every position and sector got targeted, some more so than others but $IWM fell in line with $SPY and $QQQ.....which is counter to what Tom Lee has said about the small caps market.
That said, August is only in its 6th day so far and the price is testing the 200 Day MA support level now and its above the blue line at $200
Wave 5's have a habit of completing as an endling diagonal, whereby it moves in waves of 3 and they overlap each other, this is likely what it forming here and also inside an widening channel, which is also commonly found in Wave 5's.
$245 is still possible at the top blue line but some strength needs to be shown now.
