Art Hill says one should determine the trend. And just as important you should determine what would it take to change your mind about that trend. With that in mind, let's take a look IWM_D via Wyckoff Method.
In the chart below is shown "ACCUMULATION: (1) There is a SPRING. (2) There is a BREAK OUT, but it lasted on 2 days. (3) There is a PULL BACK, but most of it is with in the tan area (ACCUMULATION ) (4) There is also a MARK UP
TRANSLATION: To take the bullish side there as to be another BREAK OUT and prices have to eat away the over head resistance. Can it happen? YES. But the current probability is low.IMHO
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