IWM: Tracks the Russell2000 and counts best as being close to completing intermediate-iv of (black) major 5. The daily A.I. is giving a buy signal today as price is coming off oversold and holding the 50d SMA. In addition, a nice bullflag is forming (green price pattern), which targets the same upside ($158) as the typical 5=1 relationship (black arrow). Overlap with black major-3 at $144 would tell us something else is going on. Cont’d below.
The zoomed in chart below shows the bull flag pattern better and how price is holding the 50d SMA and 50% retrace. Bit deeper than your standard 38.2% retrace, but it is what it is. That said, below $144 and something else is going on. Thus stops can be placed at that level. That’s a $3 vs $11 risk/reward. Doesn’t get much better than that.