Promising Bullish pattern in IWM.

SPX bulls still in control of the trend
December 29, 2014
Happy new Year
January 1, 2015

IWM is the iShares Russell 2000 ETF that seeks to track the investment results of the RUSSELL 2000 index composed of small-capitalization U.S. equities. Recently I posted through twitter the bullish flag pattern that has recently given a buy signal once it broke above 118.35$ level. The target of this bullish flag is equal to the flag pole from October lows at 103.47$ to 118.34$ highs.

iwmD

Price has broken above the sideways consolidation and remains above the Ichimoku cloud. In the short-term we could see a pull back towards the 38% Fibonacci retracement. This pull back I believe will be a great buy opportunity. Why? Because of my longer-term view that I show below.

iwm2h

The inverted Head and Shoulder pattern has given a buy signal since the neckline is broken. A back test of the neckline will be something we would like in order to buy cheaper and confirm the neckline break out. If you would like to see how I trade this ETF, join me and gain access to my trades and signals that I post through my exclusive for members twitter account. For more information do not hesitate to send me an e-mail.

As always, thank you for taking the time to read my new post.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.