What are the odds?
What are the odds that IWM, the Russell 2000 tracking ETF is going to make it above the resistance level shown?
This resistance area is an exact Fibonacci 38% retrace off the lows.
Other markets such as S&P are doing better in their retrace. Small caps seem to be the worst off.
Using Wyckoff theory, in a bear market we are to focus on the weakest sectors (for shorting).
IWM and its tracking inverse TZA are at the danger point. Upward risk for a short position is low; while downside opportunity as previously stated (in the “Whacked!” update) is near the 2009 lows.