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.