Do You Trade IWM? Here Is My Projection

  • April 22, 2005
  • Derrick Hobbs

I’ve been
writing about IWM for a few weeks now and to review:

  • Back at point (C) on the
    chart, in February, we were looking at a decline to develop that would take us
    down to the 113 to 116 price zone.

  • We were looking at the
    likelihood for a symmetrical decline with the previous one which was 15
    points/13%. This decline from high to low is 16 points/12.3%…I’d say that’s as
    symmetrical as it needs to be.

So now what? Now, I’m looking
for a minimum rally on IWM up to 123-127. If price pushes strong through that,
my next objective would be new highs, up to 135.

Derrik