The ‘Coil’ Snaps

Just yesterday, was this:

“When price action gets tight, something’s about to happen.”

So, it did, with this morning’s session; decisively down.

There may also be confirmation of at least one trading channel; shown in the chart.

Russell 2000, ETF, IWM, Daily

Price action didn’t quite make it to a 38.2%, retrace before reversing lower (not advice, not a recommendation).

On the larger, weekly time frame (to be discussed later), there has also been an up-thrust reversal.

So, we have an up-thrust (daily), within an upthrust (weekly).

Stay Tuned

Charts by StockCharts

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The Danger Point®, trade mark: No. 6,505,279