What Price Action Says:
After a sharp decline, IWM has experienced a 15% rebound, signaling the end of the bearish trend. However, this doesn't mean the market is ready to shift upward just yet.
For now, the most probable scenario is sideways movement, likely continuing through the end of Q2. A sustained upward move will require confirmation of a clear bottoming process, which has not been seen at this stage.
Key levels to watch are support at 185 and resistance at 200. Until we see more confirmation of a stable base, expect the market to remain in a consolidation phase.
After a sharp decline, IWM has experienced a 15% rebound, signaling the end of the bearish trend. However, this doesn't mean the market is ready to shift upward just yet.
For now, the most probable scenario is sideways movement, likely continuing through the end of Q2. A sustained upward move will require confirmation of a clear bottoming process, which has not been seen at this stage.
Key levels to watch are support at 185 and resistance at 200. Until we see more confirmation of a stable base, expect the market to remain in a consolidation phase.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.