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The previous update showed that the iShares Russell 2000 ETF (IWM) was on track to post a new monthly low during July or early August.
If the new low takes place in July, the IWM will have posted an outside-down or key reversal on the monthly chart.
The monthly chart of IWM is shown below.
Highlighted on the chart are the two previous instances of a monthly key (down) reversal.
Chart by TeleChart
The go-forward plan is to continue to watch for a key reversal in the IWM and then assess possibilities (and targets) for further downside action.
Disclosure: The author is long TZA.
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