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Paul Mosgovoy
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  • Key Reversal Possible In The Russell 2000 0 comments
    Jul 17, 2014 1:14 PM | about stocks: IWM

    The previous update showed that the iShares Russell 2000 ETF (NYSEARCA: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.

    (click to enlarge)IWM Monthly Chart

    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.

    Themes: Small Cap. TZA Stocks: IWM
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