IWM Analysis: Where Should Buyers Look For Next Opportunity?
IWM is bullish on both the weekly and daily charts against the March 2020 and October 2023 lows respectively. Despite the current pullback from the November 2024 high, the ETF remains in a clear bullish trend. Before this pullback, prices completed a corrective cycle in October 2023 after a 5-wave bullish sequence that spanned March 2020 to November 2021. The bullish move from October 2023 is forming a 5-wave sequence that should surpass the November 2021 high. While the 3rd wave of this sequence broke above the November 2021 peak, the 5-wave structure is not yet complete. Thus, the current pullback from the November 2024 high likely represents wave ((4)).
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