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Paul Mosgovoy
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Truth is timeless: “Markets never change” – Jesse Livermore, 1923 The early masters, Livermore, Wyckoff and Loeb isolated themselves from the crowd and crowd thinking. None of them ever graduated high-school and yet they each became legends in the market. Their techniques have been time-tested.... More
  • Russell 2000: Potential To Accelerate Lower 2 comments
    Jul 24, 2014 10:22 AM | about stocks: IWM

    Moments ago, the iShares Russell 2000 ETF (NYSEARCA:IWM) completed a counter-trend move with a false breakout to the upside.

    Price action is now well back into the previous day's trading range (confirming the false move).

    The target for the next leg of the IWM has already been established to be in the 104 - area.

    (click to enlarge)IWM Hourly

    Chart by TeleChart

    If the IWM continues to adhere to an Elliott Wave structure, then this move is the one that will result in an overall recognition by the public at large that a trend-change has occurred.

    For those that are just joining these updates. This trend change had been previously identified weeks ago in this prior update.

    As can be seen from that July 3rd update, it was nebulous as to if a reversal had really occurred.

    Based on research of Livermore and Wyckoff, this location (July 3rd) is exactly the spot where they would have initiated a short position.

    Disclosure: The author is long TZA.

    Additional disclosure: Illustration only. Not investment advice

    Stocks: IWM
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Comments (2)
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  • zaw77
    , contributor
    Comments (54) | Send Message
     
    Hi Paul, it seems from day to day much better for us. thx for update. Regards, chris
    24 Jul 2014, 03:25 PM Reply Like
  • Paul Mosgovoy
    , contributor
    Comments (119) | Send Message
     
    Author’s reply » Let's see if it gets to 104.

     

    Paul
    24 Jul 2014, 03:28 PM Reply Like
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