Moments ago, the iShares Russell 2000 ETF (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.
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